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BlackRock Science & Technology Trust
BlackRock Science & Technology Trust is a closed-end fund launched in 2014 that holds public and private tech stocks, run by Kyle McClements and Tony Kim.
BlackRock Science & Technology Trust
BlackRock launched the Science & Technology Trust (BST) in October 2014 as a closed-end fund structured to hold both publicly traded and private technology companies. Portfolio managers Kyle McClements and Tony Kim run the strategy, with Kim taking an elevated role from 2018 onward. BlackRock, the sponsor, oversees roughly $10 trillion across all strategies, but BST operates with its own board and a distinct capital base raised through its initial public offering on the NYSE. The trust deploys across at least five stages: late-stage private rounds, IPOs, post-IPO growth, public large-cap tech, and occasional opportunistic credit or pre-IPO convertible notes. Sector coverage spans enterprise software, artificial intelligence, semiconductors, cybersecurity, cloud infrastructure, and fintech. Known portfolio positions have included Snowflake, Samsara, UiPath, SentinelOne, and Datadog. The geographic footprint is concentrated in North America, with selective exposure to European and Israeli technology companies. The vehicle can hold up to 30% of assets in private names, a structural allowance that distinguishes it from open-end mutual funds and most ETFs. Total net assets sit in a range that has varied with market pricing and periodic distributions, reported quarterly under the 1940 Act. No separate philanthropic arm or club-commitment structure operates alongside the vehicle. In November 2023, the trust maintained a managed distribution plan targeting a 6% annual rate of net asset value, signaling a yield posture uncommon among growth-oriented tech funds (per the firm's Section 19(a) notices, November 2023). The structural differentiator is the wrapper itself. A closed-end fund listed on the New York Stock Exchange that holds direct private stakes offers retail and institutional allocators a liquidity profile they cannot get in a traditional venture fund. Shares trade intraday, yet the underlying book includes assets with quarterly or annual valuation marks. That mismatch creates both opportunity and complexity, and it is the defining architecture of BST relative to direct indexing or ETF-based tech exposure.
General information
Firm type
Asset Manager
Year founded
2014
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Wilmington
Corporate office
Wilmington, DE, United States
Principals
Kyle McClements
Portfolio Manager
Tony Kim
Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at BlackRock Science & Technology Trust?
Kyle McClements has led the portfolio since the trust's 2014 launch. Tony Kim was named co-portfolio manager in 2018 and has taken a prominent role in private-market sourcing. The two work within BlackRock's fundamental equity platform but retain discretion over BST's hybrid public-private mandate.
How does BST source private company investments?
BlackRock's technology growth team sources private deals through relationships with venture capital firms, investment banks, and direct company outreach. The trust participates in late-stage rounds where BlackRock's balance-sheet scale can secure allocation. Specific sourcing partnerships are not publicly itemized, but the firm cites access to pre-IPO secondary transactions and crossover rounds as a key advantage.
What is the maximum private-company exposure the trust can hold?
BST's organizational documents cap private and other illiquid holdings at 30% of total assets, a ceiling disclosed in annual and semi-annual shareholder reports. As of late 2023, the trust typically reports private exposure around that threshold, depending on valuation marks and recent exits.
Is BST suitable as a pure-play venture capital vehicle?
No. While a significant portion of the portfolio sits in private names, the majority of assets remain in publicly traded technology equities. Distributions, daily liquidity, and 1940 Act reporting requirements mean the fund behaves more like a concentrated growth-equity taxable CEF with a venture sleeve than a traditional limited partnership.
What investment stages does BST typically target?
The trust focuses on late-stage private rounds — Series D and beyond — alongside crossover financings that bridge a company from private to public. It will hold positions through IPO and for years afterward, and occasionally participates in pre-IPO convertible-note offerings. Early-stage venture and seed investments are outside the mandate.
Which sectors does BST explicitly avoid?
Sector exclusions are not formally published, but holdings and prospectus language show the trust avoids hardware-heavy industrials, commodities, and technology-adjacent sectors where software and data are not the core value driver. The concentration remains in software, data infrastructure, AI, and digital platforms.
How are distributions handled given the mix of public and private assets?
BST operates a managed distribution plan that targets a fixed percentage of net asset value annually, paid monthly. Because the portfolio includes assets that pay no dividends, distributions may include return of capital in addition to investment income and realized gains. The trust issues 19(a) notices monthly to break down the sources of each distribution.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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