BlackRock banks $3bn for first dedicated secondary strategy Thursday, April 01, 2021 Laxman Pai, Opalesque Asia: The world's largest asset manager BlackRock Inc. has raised $3 billion to invest in the private equity secondary market to expand its presence in illiquid alternative investments. The capital raised by BlackRock Private Equity Partners included $2.4 billion for its debut Secondaries and Liquidity Solutions Fund, which exceeded an initial target of $1.5 billion. The Fund is among the largest debut funds ever raised to buy secondhand private equity stakes. According to WSJ, secondary funds have been one of the fastest-growing parts of the private-equity industry over the past year, with investor demand surging even after the pandemic hit.