BlackRock Impact Opportunities

BlackRock’s flagship social impact investment platform, enabling clients to invest in direct private market opportunities that accelerate positive economic outcomes for undercapitalized communities. BIO seeks to generate strong risk-adjusted market-rate returns by focusing on investment themes that are drivers for economic growth.

Read the BIO Impact Report Read the BIO Impact Report

Launched in 2021, BIO is a return-seeking strategy that seeks to uncover compelling investment opportunities in undercapitalized companies and communities. BIO aspires to change how institutional capital flows to communities of color by collaborating with mission-aligned partners to accelerate the growth of high potential companies and projects.

BlackRock’s purpose is to help more and more people experience financial well-being. We designed BIO to pursue opportunities that have historically been undercapitalized and, as a result, may offer differentiated sources of return. We are committed to being part of the solution, and a force for change – on behalf of our clients, our employees, our shareholders, and our communities.

Larry Fink

CEO, BlackRock

Portfolio

The BIO strategy takes a dynamic approach to addressing the issue of racial inequity through direct investments across alternative asset classes - Private Equity, Private Credit, Real Assets, and other niche private markets strategies and across sectors.

Acelero & BlackRock Impact Opportunities

Acelero, an early childhood education platform, supports the growth and development of head start education centers across the United States. Since 2001, the company has been transforming childhood education and producing break-through learning gains to close the achievement gap for children of color.

Recent Investments³

Conexon

Builder and operator of Fiber-to-the-Home networks in rural America

Industry: Digital Infrastructure
Headquarters: Kansas City, MO
Invested: 2023
Impact Theme(s): Digital Connectivity
Asset Class: Structured Infrastructure Equity

conexon.us conexon.us

Lone Peak Dental Group

Medicaid-focused pediatric Dental Service Organization

Industry: Dental Care
Headquarters: Englewood, CO
Invested: 2023
Impact Theme(s): Health & Wellness
Asset Class: Buyout

Read the press release

lonepeakdentalgroup.com lonepeakdentalgroup.com

Heritage Grocers Group

Hispanic-focused grocery retailer

Industry: Grocery Retail
States of Operation: AZ, CA, IL, KS, NV, TX
Invested: 2023
Impact Theme(s): Health & Wellness
Asset Class: Buyout

heritagegrocersgroup.com heritagegrocersgroup.com

Indian Energy

Utility-Scale Solar Micro-Grid and Storage on Tribal Lands

Industry: Renewable Energy
Headquarters: Alpine, CA
Invested: 2023
Impact Theme(s): Inclusive Transition
Asset Class: Real Asset Debt

Read the press release

indianenergy.com indianenergy.com

MACRO

Award winning, diverse media company

Industry: Media & Entertainment
Headquarters: Los Angeles, CA
Invested: 2022
Impact Theme(s): Inclusive Media, Financial Inclusion
Asset Class: Structured Growth Equity

Read the press release

staymacro.com staymacro.com

Acelero Learning

Leading early childhood education platform

Industry: Education
Headquarters: New York, NY
Invested: 2022
Impact Theme(s): Education & Workforce Development
Asset Class: Structured Growth Equity

Read the press release

acelero.net acelero.net

Synergy Infrastructure

Diverse-owned & - led infrastructure solutions company

Industry: Industrial Machinery
Headquarters: Tampa, FL
Invested: 2022
Impact Theme(s): Financial Inclusion
Asset Class: Buyout

synergyequip.com synergyequip.com

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Investment criteria

BIO focuses on direct investments in companies and/or projects. We combine a singular impact objective with a flexible, multi-alternative investment approach.

Investment Size	Asset Class	Return Target	Geography
Up to $100 million Smaller investments may be contemplated on a programmatic basis¹.	Multi-Asset Private Equity, Private Credit, Real Estate, Infrastructure, and Niche/Other.	Market Returns Expected risk-adjusted return will be at least commensurate with market returns.	U.S. Investments Only

Impact criteria

Investments must meet at least one of the below initial screens to be considered for BIO. An impact thesis that is intentional, material, additional, and measurable is also required for each prospective investment to proceed through diligence.

Criterion 1	Criterion 2
Businesses/projects founded, or led, by people of color	Businesses/projects that serve communities of color

The strategy focuses on a diverse range of themes that align with both impact and investment objectives. These core themes are not exclusive, and the strategy will consider other expressions of impact.

Impact

Read our 2022 Impact Report

BIO’s singular impact objective is to accelerate positive economic outcomes and create collective wealth for undercapitalized racial and ethnic groups. We utilize the Impact Management Project (“IMP”)’s Dimensions of Impact framework to evaluate whether and how each proposed investment advances BIO’s impact objective².

What?

What outcome is the investment contributing to?

Who?

Which stakeholders are experiencing the outcome? How are they undercapitalized in relation to the outcome?

How Much?

How many stakeholders experienced the outcome? What was the degree of change?

Contribution

Did the investment result in outcomes that were likely better than what would happen otherwise?

Risk

What is the likelihood the impact will be different than expected?

The BIO investment team applies the IMP framework to articulate and document how the proposed investment achieves the BIO impact objective, in a way that is intentional, material, additional, and measurable.
For every investment, we identify key performance indicators (KPIs) that correspond to the impact objective, and measure and track these KPIs over the life of BIO’s investments. In selecting KPIs, we consult with established measurement frameworks such as GIIN IRIS+, or other relevant KPIs - including proprietary ones - to quantify and report on the impact.
Finally, we identify and report when there is explicit alignment with global, industry recognized impact reporting frameworks.

At BlackRock, not only are we committed to our clients’ needs but also to the communities in which we operate. As investors, fiduciaries, and members of society, we believe it is our duty to combine our investment expertise with this focus to generate long-term prosperity. We are committed to being part of the solution. Reach out to learn more.

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