Blackrock Private Investments Fund

BlackRock Private Investments Fund represents the main private equity fund from BlackRock which enables qualified investors to participate in exclusive private equity deals that normally go to institutional investors.

The fund enables investors to access a wide range of private equity assets through direct investments and secondaries which can lead to better investment outcomes. The fund works to achieve long-term capital growth by actively managing its investments throughout various market segments.

BlackRock established the BlackRock Private Investments Fund in 2021 to make private equity investments available to qualified investors through a registered fund structure. The fund enables qualified individual investors to access institutional-grade private equity investments through a registered fund structure which provides better liquidity than standard private equity vehicles.

XPIFX / BPIF operates as a registered closed-end fund which invests in both direct private equity deals and secondary market assets instead of functioning as a traditional (closed end) private equity fund. The fund structure enables investors to gain instant diversification while avoiding J-curve effects and providing quarterly liquidity options which are essential benefits for investors who want private equity access that was previously restricted to institutional investors.

The fund functions as a US 1940 Act registered diversified closed-end fund which operates as a "tender offer" fund. The fund enables investors to subscribe monthly while offering quarterly tender offers for up to 5% of NAV that depend on Board approval for liquidity beyond typical private equity vehicles.

The share class minimum investment requirement for Institutional Shares stands as the lowest among all share classes. The fund operates with a 1.75% management fee which will decrease to 1.10% until December 31, 2025 and it does not charge performance fees. The fund imposes a 2% early repurchase fee when investors attempt to sell their shares within one year after purchasing them.

The fund invests in private equity assets through primary and secondary market transactions to build a diverse portfolio. The portfolio consists of two main components which represent:

The fund works to achieve its goals by using:

• ✓ BlackRock's private equity platform with 25+ years of experience provides the fund with extensive access.
• ✓ The fund distributes its investments across 60+ private market deals to achieve diversification.
• ✓ The fund grants investors instant access to established cash-generating assets.
• ✓ The fund benefits from 450+ GP relationships for secondaries through its professional management team.
• ✓ The fund distributes its assets across 65% North American and 25% European markets with software (29%) and financial services (19%) and healthcare (18%) sectors leading the way to deliver extensive private markets exposure.

BlackRock Private Equity Partners (PEP) manages the fund through its $50+ billion AUM which includes direct investments and secondary assets. The private equity team at BlackRock PEP brings extensive experience to the market.

• • The fund enables investors to access institutional-grade private equity through a registered investment vehicle.
• • The fund allows investors to subscribe monthly and to access their funds through quarterly tender offers.
• • The fund does not charge carried interest or performance fees to investors.
• • The fund demonstrates multiple years of performance history through quarterly reports instead of monthly reports for periods before 2024.
• • The fund provides investors with spread-out exposure to different sectors and geographic regions and multiple investment types.
• • The fund receives management from a global asset management company with extensive expertise.
• • The fund requires lower investment amounts than standard private equity funds do.