BlackRock's Tender Offer Results in Successful Share Repurchase
The offer concluded with an undersubscription, leading to a full acceptance of shares.
September 27, 2024
In a recent update, BlackRock Private Investments Fund announced the results of its issuer tender offer, which aimed to purchase up to 5% of its outstanding common shares. The tender offer, initiated on March 25, 2024, was set to expire on April 24, 2024. However, the offer ended with an undersubscription, as only Institutional Shares were tendered.
A total of 34,184.959 Institutional Shares were validly tendered by shareholders. Given the terms of the offer, all these shares were accepted for repurchase, while no Class D Shares were tendered during the offer period. The net asset value (NAV) for the Institutional Shares was determined to be $11.75, whereas Class D Shares were valued at $11.66 as of the valuation date on June 28, 2024.
To facilitate the repurchase, BlackRock issued promissory notes to shareholders whose shares were accepted. The total amount paid to these shareholders amounted to $361,505.94, which was disbursed on August 12, 2024. The remaining balance of $40,167.32 was subsequently paid out on September 26, 2024.
BlackRock's decision to fully accept all tendered Institutional Shares underscores its commitment to managing shareholder value and providing liquidity in the current investment climate. As market conditions evolve, the firm continues to prioritize shareholder interests and maintain transparency regarding its investment strategies and operations.
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