# BlackRock Technology & Private Equity Term Trust BlackRock Technology & Private Equity Term Trust is an Asset Manager based in Wilmington, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Wilmington, United States - **Region:** North America - **Address:** Wilmington, DE, United States - **Founded:** 2020 - **Assets under management:** Undisclosed - **Website:** blackrock.com ## Regulatory record - **Reports private funds:** No ## About BlackRock Technology & Private Equity Term Trust (BTX) began trading on the NYSE in October 2020 after raising $1.8 billion in the largest closed-end fund IPO the firm had ever executed (per the firm's SEC filings, 2020). Larry Fink and the BlackRock Alternatives team structured BTX as a term trust with a planned 12-year life, offering retail and institutional investors access to late-stage venture and growth-equity companies that would otherwise remain out of reach. The vehicle marks a deliberate push by the world's largest asset manager to productize private markets for a broader investor base, mirroring structures pioneered by firms like SoftBank Vision Fund but with BlackRock's risk-management overlay. The trust pursues a dual-mandate strategy: a technology growth sleeve targeting pre-IPO companies with clear paths to public markets, and a private equity sleeve focused on control or minority investments in mid-market technology and services businesses. Holdings drawn from publicly available 13F filings and the firm's semi-annual reports include known names such as UiPath, which went public in 2021 after being a core pre-IPO position, alongside unlisted stakes in enterprise software, cybersecurity, and fintech platforms. BlackRock sources these deals through its global alternatives platform, which advises over $300 billion in total alternatives assets (per BlackRock, 2023), giving BTX access to co-investments alongside the firm's institutional limited partners. Geographic concentration skews heavily toward North American companies, with selective exposure to European and Israeli tech ecosystems. BTX operates with a lean dedicated management team within BlackRock's alternatives division, drawing on the firm's centralized research and investment infrastructure. The trust's optionality includes the ability to hold positions through IPO, sell in secondary transactions, or distribute shares to investors once a portfolio company lists, creating a flexible exit channel uncommon in traditional closed-end funds. In May 2023, BTX reported navigating the valuation reset that hit late-stage venture broadly, with the trust's public share price trading at a significant discount to its net asset value — a mark of the liquidity mismatch that has defined the vehicle's post-IPO trading history. Tony Kim and the BlackRock Technology Equity team lead day-to-day portfolio management, with oversight from the BlackRock Closed-End Fund board. Structurally, BTX sits at an unusual intersection: it is a publicly traded permanent-capital vehicle that behaves like a growth-equity fund, with BlackRock's scale and distribution network shaping inflows and liquidity. Unlike traditional venture firms that call capital over time, BTX deployed the bulk of its IPO proceeds within roughly 18 months, front-loading the portfolio and leaving shareholders exposed to vintage-concentration risk. The trust's board can extend the term by two one-year extensions at the end of the 12-year window, a governance feature designed to avoid forced selling in adverse market conditions — a structural differentiator that distinguishes it from both open-end mutual funds and finite-life private equity partnerships. ## Sectors - Enterprise Software - AI/ML - Cybersecurity - FinTech - Digital Health - Industrial Tech ## People - Larry Fink — Chairman and CEO of BlackRock, Inc. ## Questions ### Who runs investment decisions at BlackRock Technology & Private Equity Term Trust? Portfolio management is led by Tony Kim, who heads the Fundamental Active Equity Technology group at BlackRock, with support from the broader BlackRock Alternatives team. The trust's board of trustees provides governance oversight, while BlackRock's institutional deal-sourcing network identifies co-investment opportunities. Ultimate accountability for the BlackRock Alternatives platform rests with the firm's Global Head of Alternatives, though day-to-day investment calls are delegated to the specialist technology equity team. ### Which sectors does BTX explicitly avoid? BTX does not publicly disclose a formal exclusion list, but its prospectus defines the investable universe as technology-related companies — specifically software, data, cybersecurity, fintech, and digital health. The trust does not invest in traditional energy, real estate, consumer packaged goods, or non-technology financial services. Hard-tech categories like semiconductor manufacturing and materials science are largely absent from the portfolio based on published holdings, though they are not explicitly prohibited. ### Where does the underlying capital come from? BTX's capital base is entirely public-market sourced: the trust raised $1.8 billion from institutional and retail investors in its October 2020 initial public offering (per the firm's SEC filing, 2020). Unlike private equity funds that draw committed capital over an investment period, BTX deployed the bulk of its IPO proceeds within the first 18 to 24 months. There is no single anchor investor, family, or proprietary capital behind the trust — it is a widely held, publicly traded vehicle with BlackRock as the sponsor and adviser. ## Related profiles - [InnovAge Holding Corp.](https://altss.com/profile/innovage-holding-corp) - [LuxExperience](https://altss.com/profile/luxexperience-bv) --- Updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/blackrock-technology-and-private-equity-term-trust Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology