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On this website, Intermediaries are investors that qualify as both a Professional Client and a Qualified Investor.
In summary, a person who can both be classified as a professional client under the Markets in Financial Instruments Directive II (2014/65/EU, “MiFID”) and a qualified investor in accordance with the Prospectus Regulation (EU) 2017/1129) will generally need to meet one or more of the following requirements:
(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
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Where are private markets headed? What will they look like in 2030?
Everywhere we see clients seeking long-dated, profitable assets to match their long-dated liabilities. Industry estimates project private markets growing from $13 trillion today to more than $20 trillion by 2030.*
Here are a few trends we see:
The race to develop next generation AI technology continues to accelerate. To support this rapid growth in AI adoption, substantial investment in supporting infrastructure, particularly data centers and power, is crucial.
Given the massive investment required to meet growing AI data center demand and the complexity of integrating power and data center development capabilities, we believe this is an opportunity set ripe for experienced infrastructure investors across digital infrastructure and energy.
Source: 1: McKinsey Data Center Demand Models, RBC BlackRock Investment Institute, BNEF, Grid Strategies, Goldman Sachs Research. Note: There can be no assurances that any forecasts or estimates will materialize.
Private debt continues to grow and cement its status as a sizable and scalable asset class for a wide range of long-term investors. Totaling more than US$1.6 trillion1 in global AUM, it represents roughly 10% of the US$16.4 trillion alternative investment universe.
Private debt is taking on more fundings previously executed in the public markets, which increasingly focus on deals that are prohibitively large for most middle-market companies. Companies are also relying on private lenders more for financing as they stay private for longer.
The definition of private debt continues to expand as private debt investors start to participate more in asset-backed finance, a US$5.5 trillion segment in the U.S. alone, according to Oliver Wyman.2
Source: 1. Preqin, September 2024. 2. “Private Credit's Next Act,” April 2024 by Huw van Steenis and colleagues, Oliver Wyman. The Oliver Wyman analysis and estimates were aggregated from a range of sources including, but not limited to: Federal Reserve Board (Z1 tables, G19, G20 and H8); Federal Reserve Bank of New York; Federal Reserve Bank of Dallas; Bureau of Transportation Statistics (BTS); Dealogic; Conning, Inc., Conning Esoteric ABS Strategy Fact Sheet — used with permission; Finsight.com; Structured Finance Association; Boeing (Commercial Aircraft Finance Market Outlook); Secured Finance Network; Equipment Leasing and Finance Association; Morgan Stanley Research; CACIB Research; company reports and disclosures.
We see the tide turning for private equity in 2025, spurred by a more supportive rate environment and a restart of M&A and IPO activity.
A more active exit market, coupled with an increased focus from GPs on returning capital, is offering relief to investors seeking distributions. Last year saw a turning point with distributions overtaking capital calls for the first time in eight years.1
To manage the slower exit environment of recent years, both LPs and GPs have turned to alternative liquidity structures to meet their liquidity objectives. New structures will continue to rapidly evolve, as new investors enter the market, notably in wealth. These investors are largely accessing private assets through evergreen fund structures and ELTIFs.
Source: 1. Preqin, Annual Capital Called and Distributed. Accessed on 31 October 2024. 2. FRED Economic Data, Pitchbook Q3 2024 Global PE Report. Pre-pandemic average : Q2 2017-Q4 2019. Post-pandemic average : Q1 2022 – Q3 2024.
After a challenging two-year downturn, we believe the real estate sector is now poised to benefit from a number of economic tailwinds, with both cyclical and structural trends at play in the sector.
Being a levered asset class, real estate performance is heavily influenced by interest rate movements and debt availability. The start of the easing cycle has marked an inflection point, though pricing will not respond immediately to last year’s rate cuts.
We have already started to observe improved valuations across our high-conviction sectors, especially in residential, industrial and logistics. The U.S. office sector is still the most uncertain with the highest level of negative sentiment, though many European and APAC cities are largely returning to pre-pandemic occupancy levels.
Source: MSCI. US, UK, Europe, and Australia value decline figures based on September 2022 = 100%, data as of September 2024.
Source: *Preqin, September 2024, Carne Atlas, August 2024. There is no guarantee that any forecasts made will come to pass.
FOR PROFESSIONAL, INSTITUTIONAL, WHOLESALE AND QUALIFIED INVESTORS/PROFESSIONAL, QUALIFIED AND PERMITTED CLIENT USE ONLY
RISKS
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
IMPORTANT INFORMATION
This material is provided for educational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are subject to change. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Reliance upon information in this material is at the sole risk and discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any investor.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. No representation is made that any performance presented will be achieved by any BlackRock Funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or any historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all- inclusive and are not guaranteed as to accuracy.
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For more information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in . This material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico.
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For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them.
These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk.
This is an individual and private offer which is made in Costa Rica upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market.
If any recipient of this documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon his request and instructions, and on a private placement basis.
In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. With the receipt of these materials, and unless the Client contacts BlackRock with additional requests for information, the Client agrees to have been provided the information for due advisory required by the marketing and promotion regulatory regime applicable in Colombia.
In Argentina, only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV).
In Brazil, this private offer does not constitute a public offer, and is not registered with the Brazilian Securities and Exchange Commission, for use only with professional investors as such term is defined by the Comissão de Valores Mobiliários.
In Chile, the securities if any described in this document are foreign securities, therefore: i) their rights and obligations will be subject to the legal framework of the issuer's country of origin, and therefore, investors must inform themselves regarding the form and means through which they may exercise their rights; and that ii) the supervision of the Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) will be concentrated exclusively on compliance with the information obligations established in General Standard No. 352 of the CMF and that, therefore, the supervision of the security and its issuer will be mainly made by the foreign regulator; In the case of a fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF.
In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP.
In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011).
In the EEA and UK, this material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
In the UK and Non-European Economic Area (EEA) countries, this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
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For Qualified Investors in Switzerland:
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For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
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