BlackRock plans to raise $10 billion for equity investments - source [Reuters (UK)]
BlackRock, Inc. (BLK)
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Source: Reuters
BlackRock plans to raise $10 billion for equity investments - source | Reuters Reuters Staff 2 Min Read (Reuters) - BlackRock Inc plans to raise about $10 billion as part of a new business that would take direct stakes in companies, according to a person familiar with the matter. The move marks a new strategy for the company that manages more than $6 trillion (£4.3 trillion) for investors through publicly offered mutual funds and exchange-traded funds, many of which own broad swaths of the market. A multibillion-dollar fund could put the world’s largest asset manager in more direct competition to own promising private companies with the likes of Berkshire Hathaway Inc’s Warren Buffett and private-equity firms, including Blackstone Group LP, from which it was initially spun out. The approach would likely be to take minority stakes in companies and hold them for a relatively long period of time, the person said. BlackRock was not immediately available for comment. The company’s plan to
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