BlackRock is taking a note from Warren Buffett’s Berkshire Hathaway Inc. with its newest endeavor.
The world’s largest fund manager — which has more than $23B in assets under management — will reportedly be raising an estimated $10B to launch a venture, BlackRock Long-Term Private Capital, that will employ the investment strategies of Berkshire Hathaway by using funds raised to buy and hold stakes in companies, the Wall Street Journal reports.
The news comes during a time when private-equity firms have been experiencing success with fundraising. Last year saw a record $453B raised.
BlackRock is turning to sovereign-wealth funds, pensions and other large investors to raise the capital it seeks, but will additionally be contributing its own money. If it manages to raise the $10B, it would mark the largest amount raised by the company to date and could set it up to rival private equity firms such as Carlyle Group L.P., Blackstone Group and Apollo Global Management, according to the WSJ.
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