# BlackRock Private Equity Partners

BlackRock Private Equity Partners is a Private Equity based in Zurich, Switzerland.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Zurich, Switzerland
- **Region:** Europe
- **Address:** Zurich, Switzerland
- **Founded:** 1999
- **Assets under management:** $40B+ (Altss estimate)
- **Website:** blackrock.com

## Regulatory record

- **Reports private funds:** No

## About

BlackRock Private Equity Partners is a private equity fund of funds manager based in New York. The firm focuses on Buyout investments. It oversees $46 billion in assets, with $2.1 billion in available capital.

## Sectors

- Private Equity
- Secondaries & Special Situations
- Venture Capital

## Offices

- London
- New York
- Hong Kong

## People

- Edwin Conway — Global Head of BlackRock Alternative Investors
- Russ Steenberg — Global Head of BlackRock Private Equity Partners

## Questions

### Who runs investment decisions at BlackRock Private Equity Partners?

Russ Steenberg holds the title of Global Head of BlackRock Private Equity Partners and leads the group's investment activities. He reports into Edwin Conway, Global Head of BlackRock Alternative Investors, who oversees the firm's $320 billion alternatives platform. While Conway sets the strategic direction, Steenberg and PEP's regional teams in Zurich, London, New York, and Hong Kong execute fund commitments, co-investments, and secondary purchases.

### Does BlackRock PEP participate in fund commitments or only direct deals?

PEP does both. The group commits as a limited partner to private equity funds managed by external GPs, and it also co-invests directly in individual portfolio companies alongside those same managers. It operates a dedicated secondaries business that buys LP stakes in established private equity funds. This three-pronged approach — primary fund commitments, direct co-investments, and secondary purchases — defines its deployment model.

### How is BlackRock PEP related to BlackRock's public-market operations?

PEP operates as a dedicated unit within BlackRock's alternatives division, completely separate from the firm's index and active public-market businesses. It reports into the Global Head of BlackRock Alternative Investors and does not commingle capital between public and private strategies. However, PEP does benefit from BlackRock's centralized risk analytics, legal infrastructure, and corporate relationships, creating a hybrid structure unlike most standalone fund-of-funds.

### Does BlackRock PEP disclose its assets under management publicly?

BlackRock does not break out a precise AUM figure for PEP as a standalone entity in its public filings. The broader alternatives platform reports approximately $320 billion in total AUM. Industry estimates place PEP's private equity commitments at over $40 billion, ranking it among the largest private equity LPs globally. Official figures beyond those disclosed in periodic public filings are not available.

### What is BlackRock PEP's posture on co-investments alongside external GPs?

Co-investment is a core part of PEP's strategy. When a GP in which PEP holds a fund commitment identifies a transaction requiring additional equity beyond the fund's capacity, PEP can invest directly in the company. This structure allows PEP to increase exposure to specific assets, reduce blended fee loads by bypassing fund-level management fees on co-investment capital, and build deeper relationships with its most important GPs.

## Related profiles

- [DuPont Capital Management](https://altss.com/profile/dupont-capital-management-dcm)

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Last updated: 2026-06-03T20:00:00.000Z

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