US-listed asset management giant BlackRock has entered a definitive agreement to acquire Swiss Re Private Equity Partners, the European private equity and infrastructure fund of funds franchise of insurer and reinsurer Swiss Re.
Financial terms of the all-cash acquisition were not disclosed. The deal will create a private equity business with combined client commitments of $15 billion.
Operating from Zurich, Hong Kong, New York and Bratislava, SRPEP had $7.5 billion in total commitments at 31 May, including a significant commitment from Swiss Re as it invested alongside its clients.
Under the acquisition, SRPEP will be integrated with BlackRock’s existing private equity fund of funds group – BlackRock Private Equity Partners.
“The transaction extends BRPEP’s investment capabilities into infrastructure investing, expands its European and Asian footprint, and establishes the unit’s presence in Switzerland where BlackRock has a long-standing presence and history of service through employees in Zurich and Geneva,” BlackRock said.