Consolidated Schedule of Investments (unaudited) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Shares/ Par (000) | Value | ||||||
Private Equity Investments | ||||||||
Direct Investments — 34.8%(a)(b)(c) | ||||||||
Aerospace & Defense — 4.3% | ||||||||
Sierra Space Corp., Preferred A Shares (Acquired 12/01/21, Cost: $1,581,748) | 157,964 | $ | 1,579,640 | |||||
Yellowstone Ultimate Holdings LP (Acquired 11/08/22, Cost: $5,095,482) | — | (d) | 5,095,671 | |||||
|
| |||||||
6,675,311 | ||||||||
Biotechnology — 1.9% | ||||||||
Lotus Co-Invest LP (Acquired 10/31/22, Cost: $2,659,796) | — | (d) | 2,983,782 | |||||
|
| |||||||
Broadline Retail — 2.7% | ||||||||
Attentive Mobile, Inc. | ||||||||
Common Shares (Acquired 04/16/21, Cost: $2,181,218) | 74,536 | 3,495,738 | ||||||
Preferred A1 Shares (Acquired 04/16/21, Cost: $595,026) | 13,033 | 611,248 | ||||||
Preferred B Shares (Acquired 04/16/21, Cost: $94,643) | 2,073 | 97,224 | ||||||
|
| |||||||
4,204,210 | ||||||||
Capital Markets — 0.0% | ||||||||
FTX Trading Ltd. | ||||||||
B-1 Shares (Acquired 10/20/21, Cost: $224,692) | 6,171 | — | ||||||
Common Shares (Acquired 10/20/21, Cost: $583,990) | 24,685 | — | ||||||
Series C Preferred Shares (Acquired 02/08/22, Cost: $212,801) | 4,591 | — | ||||||
West Realm Shires Services, Inc. | ||||||||
Common Shares (Acquired 11/05/21, Cost: $20,147) | 132,000 | — | ||||||
Series A Preferred Shares (Acquired 02/08/22, Cost: $212,795) | 93,127 | — | ||||||
|
| |||||||
— | ||||||||
Commercial Services & Supplies — 2.4% | ||||||||
Horizon Co-Investment, LP (Acquired 06/10/22, Cost: $1,784,128)(e) | — | (d) | 1,824,884 | |||||
NP Salon Co-Investment LP I (Acquired 04/08/21, Cost: $2,000,000) | — | (d) | 1,797,910 | |||||
|
| |||||||
3,622,794 | ||||||||
Entertainment — 5.5% | ||||||||
Aleph Infinity Investors 2 LP (Acquired 04/28/22, Cost: $4,792,321) | — | (d) | 4,435,446 | |||||
RB Rouge Co-Invest B LP (Acquired 03/30/21, Cost: $2,995,913) | — | (d) | 4,089,999 | |||||
|
| |||||||
8,525,445 | ||||||||
Health Care Equipment & Supplies — 1.3% | ||||||||
Chiaro Technology Ltd. | ||||||||
Class C Ordinary Shares (Acquired 07/28/21, Cost: $2,033,660) | 295,449 | 1,635,979 | ||||||
Class CC Ordinary Shares (Acquired 10/25/22, Cost: $225,900) | 39,792 | 283,506 | ||||||
|
| |||||||
1,919,485 |
Security | Shares/ Par (000) | Value | ||||||
Health Care Providers & Services — 5.1% | ||||||||
Atlas Co-Investment Fund 2 LP (Acquired 06/30/21, Cost: $946,674) | — | (d) | $ | 1,043,700 | ||||
C-Bridge Investment Yaneng Ltd. (Acquired 12/16/21, Cost: $3,183,687) | — | (d) | 3,562,653 | |||||
Pacific Avenue Emerald Continuation Fund (A) LP (Acquired 07/30/21, Cost: $2,035,590) | — | (d) | 3,219,451 | |||||
|
| |||||||
7,825,804 | ||||||||
Health Care Technology — 1.5% | ||||||||
Thirty Madison, Inc. (Promissory Note(f), 2.37%, 07/15/24 & Warrant, expires 07/15/24, Strike Price USD 0.01) (Acquired 08/12/22, Cost: $2,037,966) | 2,038 | 2,343,447 | ||||||
|
| |||||||
Household Durables — 1.5% | ||||||||
SL Riviera Investors 2021 LP (Acquired 04/14/21, Cost: $2,078,007) | — | (d) | 2,233,012 | |||||
|
| |||||||
IT Services — 1.4% | ||||||||
OwnBackup Ltd. | ||||||||
Ordinary Shares (Acquired 07/23/21, Cost: $1,022,514) | 91,427 | 1,096,050 | ||||||
Preferred A Shares (Acquired 07/23/21, Cost: $816,170) | 72,977 | 874,867 | ||||||
Preferred A1 Shares (Acquired 07/23/21, Cost: $19,896) | 1,779 | 21,327 | ||||||
Preferred B1 Shares (Acquired 07/23/21, Cost: $75,424) | 6,744 | 80,849 | ||||||
Preferred C Shares (Acquired 07/23/21, Cost: $48,192) | 4,309 | 51,657 | ||||||
Preferred C1 Shares (Acquired 07/23/21, Cost: $17,805) | 1,592 | 19,085 | ||||||
|
| |||||||
2,143,835 | ||||||||
Software — 7.2% | ||||||||
Acronis AG, Preferred E Shares (Acquired 04/06/22, Cost: $1,687,277) | 20,378 | 1,838,715 | ||||||
Ecovadis S.A.S. | ||||||||
Ordinary Shares (Acquired 10/04/22, Cost: $1,517,650) | 6,350 | 1,822,648 | ||||||
Series A Preferred Shares (Acquired 10/04/22, Cost: $568,820) | 2,380 | 683,134 | ||||||
Series B Preferred Shares (Acquired 10/04/22, Cost: $186,420) | 780 | 223,886 | ||||||
Flexe, Inc., Series D Preferred Shares (Acquired 06/14/22, Cost: $1,714,289) | 84,056 | 1,754,012 | ||||||
Project CS Co-Invest Fund, L.P. (Acquired 02/24/23, Cost: $2,825,429) | — | (d) | 2,806,592 | |||||
Stripe, Inc., Series I Preferred Shares (Acquired 03/20/23, Cost: $1,962,273) | 97,460 | 1,962,273 | ||||||
|
| |||||||
11,091,260 | ||||||||
|
| |||||||
Total Direct Investments — 34.8% | 53,568,385 | |||||||
|
|
1 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Primary Investments — 0.1% | ||||||||
Diversified — 0.1% | ||||||||
Grotech Ventures IV, LP (Acquired 10/11/22, Cost: $134,247)(a)(b)(c)(g) | — | (d) | $ | 127,532 | ||||
|
| |||||||
Secondary Investments — 26.7%(a)(c) | ||||||||
Commercial Services & Supplies — 0.9% | ||||||||
Amberjack Capital Feeder Fund B LP (Acquired 12/01/21, Cost: $302,363) | — | (d) | 354,949 | |||||
Platinum Equity Continuation Fund LP (Acquired 12/16/21, Cost: $1,717,529)(b) | — | (d) | 1,040,749 | |||||
|
| |||||||
1,395,698 | ||||||||
Diversified(b) — 10.4% | ||||||||
GA Atlas, LP (Acquired 03/22/22, Cost: $2,907,594) | — | (d) | 2,567,822 | |||||
Grotech Ventures III, LP (Acquired 09/30/22, Cost: $1,481,704)(g) | — | (d) | 1,671,781 | |||||
Inovia Continuity Fund I, LP (Acquired 09/17/21, Cost: $1,893,420) | — | (d) | 1,782,030 | |||||
Pamlico Capital III Continuation Fund, L.P. (Acquired 01/27/23, Cost: $2,905,832) | — | (d) | 3,276,177 | |||||
Roark Capital Partners CF LP (Acquired 08/26/22, Cost: $2,893,541) | — | (d) | 3,725,865 | |||||
STG Alternative Investments SCA SICAV RAIF Sub Fund E (Acquired 10/01/21, Cost: $1,805,183) | — | (d) | 2,935,146 | |||||
|
| |||||||
15,958,821 | ||||||||
Electronic Equipment, Instruments & Components — 2.1% | ||||||||
Behrman Capital Micross CF LP (Acquired 02/24/22, Cost: $2,700,156)(b) | — | (d) | 3,248,158 | |||||
|
| |||||||
Energy Equipment & Services — 2.7% |
| |||||||
Amberjack Capital Feeder Fund Cayman LP (Acquired 12/01/21, Cost: $2,230,792) | — | (d) | 4,210,957 | |||||
|
| |||||||
Food Products(b) — 4.7% | ||||||||
CREO Capital Partners V-A LP (Acquired 09/20/21, Cost: $3,009,511) | — | (d) | 3,350,729 | |||||
Kohlberg TE Investors VII CV LP (Acquired 07/13/21, Cost: $3,168,964) | — | (d) | 3,893,472 | |||||
|
| |||||||
7,244,201 | ||||||||
Health Care Providers & Services — 3.7% | ||||||||
Zenyth Partners Continuation Fund, LP (Acquired 09/29/22, Cost: $4,610,124)(b) | — | (d) | 5,755,002 | |||||
|
| |||||||
Trading Companies & Distributors — 2.2% |
| |||||||
Bain Capital Empire Holdings, LP (Acquired 10/27/22, Cost: $3,405,933)(b) | — | (d) | 3,336,389 | |||||
|
| |||||||
Total Secondary Investments — 26.7% |
| 41,149,226 | ||||||
|
| |||||||
Total Private Equity Investments — 61.6% |
| 94,845,143 | ||||||
|
| |||||||
Par (000) | ||||||||
Asset-Backed Securities | ||||||||
AIG CLO LLC, (3-mo. LIBOR US + 1.16%), 6.42%, 04/15/34 | $ | 1,000 | 988,408 | |||||
Apidos CLO XVIII, Series 2018-18A, Class A1, (3-mo. LIBOR US + 1.14%), 6.41%, 10/22/30(h)(i) | 1,000 | 996,081 | ||||||
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. LIBOR US + 1.13%), 6.40%, 10/22/34(h)(i) | 1,000 | 988,218 |
Security | Par (000) | Value | ||||||
Asset-Backed Securities (continued) | ||||||||
Battalion CLO XIX Ltd., Series 2021-19A, Class B, (3- mo. LIBOR US + 1.60%), 6.86%, 04/15/34(h)(i) | $ | 1,000 | $ | 965,767 | ||||
CIFC Funding Ltd. | ||||||||
(3-mo. LIBOR US + 1.33%), 6.59%, 01/16/33 | 1,000 | 993,250 | ||||||
Series 2021-6A, Class A, (3-mo. LIBOR US + 1.14%), 6.40%, 10/15/34(h)(i) | 1,000 | 981,000 | ||||||
Dryden 58 CLO Ltd., Series 2018-58A, Class B, (3-mo. LIBOR US + 1.50%), 6.76%, 07/17/31(h)(i) | 750 | 734,748 | ||||||
Elmwood CLO II Ltd., Series 2019-2A, Class AR, (3-mo. LIBOR US + 1.15%), 6.40%, 04/20/34(h)(i) | 1,000 | 984,732 | ||||||
Elmwood CLO X Ltd., Series 2021-3A, Class A, (3-mo. LIBOR US + 1.04%), 6.29%, 10/20/34(h)(i) | 1,000 | 989,115 | ||||||
Galaxy XXVII CLO Ltd., Series 2018-27A, Class C, (3-mo. LIBOR US + 1.80%), 7.12%, 05/16/31(h)(i) | 700 | 672,336 | ||||||
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, (3-mo. LIBOR US + 1.12%), 6.37%, 07/20/31(h)(i) | 1,000 | 996,210 | ||||||
Madison Park Funding XXXII Ltd., Series 2018-32A, Class A1R, (3-mo. LIBOR US + 1.00%), 6.27%, 01/22/31(h)(i) | 1,000 | 991,449 | ||||||
Neuberger Berman Loan Advisers CLO 33 Ltd., Series 2019-33A, Class AR, (3-mo. LIBOR US + 1.08%), 6.34%, 10/16/33(h)(i) | 1,000 | 989,952 | ||||||
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, (3-mo. LIBOR US + 1.06%), 6.32%, 04/16/33(h)(i) | 1,000 | 989,675 | ||||||
Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class A, (3-mo. LIBOR US + 1.13%), 6.39%, 07/17/35(h)(i) | 1,000 | 984,739 | ||||||
Palmer Square CLO Ltd.(h)(i) | ||||||||
Series 2018-1A, Class A2, (3-mo. LIBOR US + 1.45%), 6.71%, 04/18/31 | 1,000 | 991,008 | ||||||
Series 2020-3A, Class A1AR, (3-mo. LIBOR US + 1.08%), 6.40%, 11/15/31 | 1,000 | 992,000 | ||||||
Series 2021-2A, Class A, (3-mo. LIBOR US + 1.15%), 6.41%, 07/15/34 | 1,000 | 986,326 | ||||||
Series 2022-1A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.85%, 04/20/35 | 1,000 | 974,132 | ||||||
RR 19 Ltd., Series 2021-19A, Class A1, (3-mo. LIBOR US + 1.14%), 6.40%, 10/15/35(h)(i) | 1,000 | 980,169 | ||||||
Signal Peak CLO 8 Ltd., Series 2018-8A, Class C, (3-mo. LIBOR US + 2.00%), 7.25%, 04/20/33(h)(i) | 750 | 731,342 | ||||||
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, (3-mo. LIBOR US + 1.22%), 6.49%, 10/24/34(h)(i) | 500 | 492,283 | ||||||
|
| |||||||
Total Asset-Backed Securities — 13.2% | 20,392,940 | |||||||
|
| |||||||
Corporate Bonds | ||||||||
Automobiles — 0.8% | ||||||||
Mercedes-Benz Finance North America LLC, 5.50%, 11/27/24(i) | 1,185 | 1,182,618 | ||||||
|
| |||||||
Banks — 1.3% | ||||||||
Danske Bank A/S, (1-year CMT + 2.10%), 6.47%, 01/09/26(h)(i) | 2,000 | 1,995,231 | ||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Standard Industries, Inc., 4.75%, 01/15/28(i) | 324 | 301,721 | ||||||
|
| |||||||
Building Products — 0.1% | ||||||||
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(i) | 215 | 203,540 | ||||||
|
|
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 2 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals — 0.2% | ||||||||
WESCO Distribution, Inc., 7.13%, 06/15/25(i) | $ | 240 | $ | 242,528 | ||||
|
| |||||||
Commercial Services & Supplies — 0.1% | ||||||||
United Rentals North America, Inc., 6.00%, 12/15/29(i) | 132 | 131,675 | ||||||
|
| |||||||
Consumer Staples Distribution & Retail(i) — 0.2% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28 | 137 | 133,128 | ||||||
Lamb Weston Holdings, Inc., 4.13%, 01/31/30 | 133 | 118,864 | ||||||
|
| |||||||
251,992 | ||||||||
Electric Utilities — 0.1% | ||||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(i) | 163 | 148,873 | ||||||
|
| |||||||
Electrical Equipment — 0.1% | ||||||||
Regal Rexnord Corp., 6.05%, 04/15/28(i) | 135 | 134,016 | ||||||
|
| |||||||
Environmental, Maintenance & Security Service — 0.2% | ||||||||
GFL Environmental, Inc., 5.13%, 12/15/26(i) | 273 | 263,387 | ||||||
|
| |||||||
Financial Services — 4.5% | ||||||||
Bank of America Corp., (1-day SOFR + 1.11%), 3.84%, 04/25/25(h) | 4,000 | 3,920,768 | ||||||
Morgan Stanley, (1-day SOFR + 0.51%), 0.79%, 01/22/25(h) | 3,000 | 2,907,202 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(i) | 154 | 136,290 | ||||||
|
| |||||||
6,964,260 | ||||||||
Health Care Equipment & Supplies — 0.9% | ||||||||
Avantor Funding, Inc., 4.63%, 07/15/28(i) | 163 | 151,089 | ||||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/24 | 1,265 | 1,258,795 | ||||||
|
| |||||||
1,409,884 | ||||||||
Health Care Technology — 0.1% | ||||||||
IQVIA, Inc., 5.00%, 10/15/26(i) | 208 | 200,839 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure(i) — 0.2% | ||||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 3.88%, 01/15/28 | 104 | 95,074 | ||||||
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/28 | 282 | 277,689 | ||||||
|
| |||||||
372,763 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
Clearway Energy Operating LLC, 4.75%, 03/15/28(i) | 347 | 320,149 | ||||||
|
| |||||||
Internet Software & Services(i) — 0.3% | ||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27 | 118 | 112,100 | ||||||
Match Group Holdings II LLC, 4.63%, 06/01/28 | 333 | 305,894 | ||||||
|
| |||||||
417,994 | ||||||||
IT Services — 0.1% | ||||||||
Gartner, Inc., 4.50%, 07/01/28(i) | 161 | 150,408 | ||||||
|
| |||||||
Media(i) — 0.3% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 | 291 | 265,127 | ||||||
Sirius XM Radio, Inc., 5.00%, 08/01/27 | 148 | 137,313 | ||||||
|
| |||||||
402,440 | ||||||||
Metals & Mining(i) — 0.1% | ||||||||
Arconic Corp. | ||||||||
6.00%, 05/15/25 | 101 | 101,803 | ||||||
6.13%, 02/15/28 | 138 | 139,712 | ||||||
|
| |||||||
241,515 |
Security | Par (000) | Value | ||||||
Offshore Drilling & Other Services — 0.1% | ||||||||
Entegris Escrow Corp., 4.75%, 04/15/29(i) | $ | 218 | $ | 202,375 | ||||
|
| |||||||
Semiconductors & Semiconductor Equipment(i) — 0.3% | ||||||||
Sensata Technologies BV | ||||||||
5.63%, 11/01/24 | 187 | 185,589 | ||||||
5.00%, 10/01/25 | 277 | 271,190 | ||||||
|
| |||||||
456,779 | ||||||||
Software(i) — 0.2% | ||||||||
Open Text Corp., 6.90%, 12/01/27 | 201 | 204,624 | ||||||
PTC, Inc., 3.63%, 02/15/25 | 140 | 135,190 | ||||||
|
| |||||||
339,814 | ||||||||
Textiles, Apparel & Luxury Goods(i) — 0.2% | ||||||||
Hanesbrands, Inc., 4.88%, 05/15/26 | 119 | 111,091 | ||||||
William Carter Co., 5.63%, 03/15/27 | 142 | 137,787 | ||||||
|
| |||||||
248,878 | ||||||||
|
| |||||||
Total Corporate Bonds — 10.8% |
| 16,583,679 | ||||||
|
| |||||||
Floating Rate Loan Interests(h) | ||||||||
Aerospace & Defense — 0.1% | ||||||||
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. LIBOR US + 2.00%), 7.54%, 11/05/28 | 139 | 138,851 | ||||||
|
| |||||||
Automobile Components — 0.0% | ||||||||
Allison Transmission, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.93%, 03/29/26 | 49 | 48,632 | ||||||
|
| |||||||
Broadline Retail — 0.1% | ||||||||
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/24/28 | 39 | 39,269 | ||||||
Sally Holdings LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.60%, 02/28/30(a) | 39 | 38,854 | ||||||
|
| |||||||
78,123 | ||||||||
Building Products — 0.1% | ||||||||
Advanced Drainage Systems, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.51%, 07/31/26 | 35 | 35,558 | ||||||
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 04/28/29 | 46 | 45,408 | ||||||
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 07/28/28 | 51 | 50,419 | ||||||
|
| |||||||
131,385 | ||||||||
Capital Markets — 0.2% | ||||||||
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.24%, 12/20/29 | 39 | 38,794 | ||||||
Castlelake Aviation Ltd., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.30%, 10/22/26 | 58 | 58,003 | ||||||
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.00%, 10/22/27 | 19 | 18,795 | ||||||
Greenhill & Co., Inc., Term Loan B, (3-mo. LIBOR US + 3.25%), 8.73%, 04/12/24 | 177 | 176,465 | ||||||
|
| |||||||
292,057 | ||||||||
Chemicals — 0.3% | ||||||||
Element Solutions, Inc., 2019 Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.10%, 01/31/26 | 68 | 68,011 |
3 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 02/15/30 | $ | 26 | $ | 26,004 | ||||
INEOS U.S. Finance LLC | ||||||||
2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 11/08/28 | 99 | 97,251 | ||||||
2023 USD Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.70%, 02/18/30 | 58 | 57,617 | ||||||
Messer Industries GmbH, 2018 USD Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.00%, 03/02/26 | 78 | 78,372 | ||||||
PQ Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.65%, 06/09/28 | 58 | 57,881 | ||||||
|
| |||||||
385,136 | ||||||||
Commercial Services & Supplies — 0.4% | ||||||||
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.72%, 06/22/30(a) | 115 | 114,491 | ||||||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.95%, 09/07/27 | 72 | 71,584 | ||||||
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 10/08/28 | 73 | 73,271 | ||||||
Covanta Holding Corp. | ||||||||
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 | 6 | 5,662 | ||||||
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 | 75 | 74,643 | ||||||
GFL Environmental, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.15%, 05/28/27 | 37 | 36,664 | ||||||
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 2.75%), 7.94%, 09/23/26 | 55 | 54,749 | ||||||
Tempo Acquisition LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.10%, 08/31/28 | 147 | 147,381 | ||||||
|
| |||||||
578,445 | ||||||||
Communications Equipment — 0.0% | ||||||||
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.59%, 01/18/30 | 14 | 13,965 | ||||||
|
| |||||||
Construction & Engineering — 0.0% | ||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.41%, 06/21/24 | 1 | 1,511 | ||||||
|
| |||||||
Consumer Staples Distribution & Retail — 0.1% | ||||||||
BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.89%, 02/03/27 | 98 | 97,650 | ||||||
U.S. Foods, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.22%, 09/13/26 | 119 | 118,997 | ||||||
|
| |||||||
216,647 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 11/24/28 | 136 | 135,307 | ||||||
|
|
Security | Par (000) | Value | ||||||
Diversified REITs — 0.1% | ||||||||
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.85%, 05/18/30 | $ | 100 | $ | 99,604 | ||||
|
| |||||||
Diversified Telecommunication Services — 0.1% | ||||||||
Iridium Satellite LLC, 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 11/04/26 | 103 | 102,779 | ||||||
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 03/01/27 | 88 | 82,106 | ||||||
|
| |||||||
184,885 | ||||||||
Energy Equipment & Services — 0.0% | ||||||||
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.54%, 10/05/28 | 6 | 5,951 | ||||||
|
| |||||||
Entertainment — 0.2% | ||||||||
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 05/24/29 | 23 | 22,556 | ||||||
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30 | 86 | 85,765 | ||||||
Playtika Holding Corp., 2021 Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 03/13/28 | 73 | 72,963 | ||||||
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.33%, 01/20/28 | 184 | 183,343 | ||||||
|
| |||||||
364,627 | ||||||||
Financial Services — 0.3% | ||||||||
Belron Finance U.S. LLC | ||||||||
2019 USD Term Loan B3, (3-mo. LIBOR US + 2.25%), 7.56%, 10/30/26 | 64 | 63,463 | ||||||
2021 USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.43%), 7.80%, 04/13/28 | 28 | 28,291 | ||||||
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 03/24/25 | 187 | 185,668 | ||||||
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/31/28 | 118 | 118,061 | ||||||
|
| |||||||
395,483 | ||||||||
Food Products — 0.1% | ||||||||
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. LIBOR US + 2.50%), 7.65%, 10/10/26 | 11 | 10,418 | ||||||
Hostess Brands LLC, 2023 Term Loan B, 06/21/30(j) | 45 | 45,200 | ||||||
Nomad Foods U.S. LLC, 2022 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.56%, 11/12/29 | 48 | 48,335 | ||||||
|
| |||||||
103,953 | ||||||||
Ground Transportation — 0.2% | ||||||||
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 08/06/27 | 100 | 98,421 | ||||||
Genesee & Wyoming, Inc., Term Loan, (3-mo. CME Term SOFR + 2.00%), 7.34%, 12/30/26 | 182 | 182,232 | ||||||
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.01%, 03/03/30 | 23 | 22,924 | ||||||
|
| |||||||
303,577 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 4 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care Providers & Services — 0.0% | ||||||||
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 10/27/28 | $ | 54 | $ | 53,534 | ||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26 | 98 | 96,879 | ||||||
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.20%, 03/17/28 | 74 | 73,713 | ||||||
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.75%, 07/22/28 | 21 | 20,857 | ||||||
Four Seasons Hotels Ltd., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/30/29 | 27 | 26,898 | ||||||
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 6.94%, 06/22/26 | 177 | 176,731 | ||||||
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.95%, 05/03/29 | 67 | 67,078 | ||||||
Scientific Games International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.25%, 04/14/29 | 106 | 105,508 | ||||||
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 08/25/28 | 25 | 24,772 | ||||||
Station Casinos LLC, 2020 Term Loan B, (1-mo. LIBOR US at 0.25% Floor + 2.25%), 7.45%, 02/08/27 | 73 | 72,485 | ||||||
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 05/24/30 | 165 | 164,911 | ||||||
|
| |||||||
829,832 | ||||||||
Interactive Media & Services — 0.0% | ||||||||
Adevinta ASA, USD Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.29%, 06/26/28 | 54 | 53,689 | ||||||
|
| |||||||
IT Services — 0.1% | ||||||||
Go Daddy Operating Co. LLC, 2022 Term Loan B5, 11/09/29(j) | 100 | 100,705 | ||||||
World Wide Technology Holding Co. LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.52%, 03/01/30 | 40 | 39,950 | ||||||
|
| |||||||
140,655 | ||||||||
Life Sciences Tools & Services — 0.3% | ||||||||
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.45%, 11/08/27 | 106 | 105,508 | ||||||
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 02/22/28 | 36 | 34,905 | ||||||
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 | 146 | 146,189 |
Security | Par (000) | Value | ||||||
Life Sciences Tools & Services (continued) | ||||||||
IQVIA, Inc., 2018 USD Term Loan B3, (1-mo. LIBOR US + 1.75%), 7.29%, 06/11/25 | $ | 109 | $ | 108,613 | ||||
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 | 36 | 36,423 | ||||||
|
| |||||||
431,638 | ||||||||
Machinery — 0.1% | ||||||||
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 04/20/29 | 18 | 17,764 | ||||||
Emerald Debt Merger Sub LLC, Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.26%, 05/31/30 | 41 | 40,870 | ||||||
Generac Power Systems, Inc., 2019 Term Loan B, (1- mo. CME Term SOFR + 1.75%), 7.01%, 12/13/26 | 33 | 33,096 | ||||||
Zurn LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 10/04/28 | 47 | 47,348 | ||||||
|
| |||||||
139,078 | ||||||||
Media — 0.2% | ||||||||
Cogeco Communications USA II LP, Term Loan B, (1- mo. CME Term SOFR + 2.00%), 7.20%, 01/03/25 | 37 | 36,897 | ||||||
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 09/01/28 | 119 | 117,490 | ||||||
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.69%, 04/15/27 | 19 | 16,289 | ||||||
Midcontinent Communications, 2019 Term Loan B, (1- mo. CME Term SOFR + 1.75%), 6.85%, 08/15/26(a) | 97 | 95,476 | ||||||
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR + 2.50%), 7.72%, 09/18/26 | 54 | 54,223 | ||||||
|
| |||||||
320,375 | ||||||||
Oil, Gas & Consumable Fuels — 0.1% | ||||||||
Murphy USA, Inc., Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 1.75%), 6.92%, 01/31/28 | 35 | 35,156 | ||||||
Whitewater Whistler Holdings LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.49%, 02/15/30 | 53 | 52,921 | ||||||
|
| |||||||
88,077 | ||||||||
Passenger Airlines — 0.2% | ||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 | 43 | 43,860 | ||||||
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28 | 158 | 157,877 | ||||||
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28 | 126 | 125,579 | ||||||
|
| |||||||
327,316 | ||||||||
Pharmaceuticals — 0.2% | ||||||||
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.01%, 08/01/27 | 178 | 174,763 | ||||||
Jazz Financing Lux SARL, USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 05/05/28 | 134 | 133,270 |
5 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.45%, 04/20/29 | $ | 45 | $ | 44,958 | ||||
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 07/03/28 | 25 | 24,586 | ||||||
|
| |||||||
377,577 | ||||||||
Professional Services — 0.3% | ||||||||
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.95%, 04/28/28 | 184 | 182,845 | ||||||
Maximus, Inc., Term Loan B, (2-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.23%, 05/28/28 | 75 | 74,363 | ||||||
Trans Union LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.95%, 11/16/26 | 183 | 182,753 | ||||||
|
| |||||||
439,961 | ||||||||
Real Estate Management & Development — 0.1% | ||||||||
Cushman & Wakefield U.S. Borrower LLC | ||||||||
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 08/21/25 | 36 | 35,374 | ||||||
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 01/31/30(a) | 59 | 57,252 | ||||||
|
| |||||||
92,626 | ||||||||
Semiconductors & Semiconductor Equipment — 0.0% | ||||||||
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 12/02/28 | 70 | 68,746 | ||||||
|
| |||||||
Software — 0.3% | ||||||||
Informatica LLC, 2021 USD Term Loan B, (1-mo. LIBOR US + 2.75%), 8.00%, 10/27/28 | 138 | 137,775 | ||||||
NortonLifeLock, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.20%, 09/12/29 | 165 | 164,408 | ||||||
SS&C Technologies, Inc., 2018 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.97%, 04/16/25 | 150 | 149,202 | ||||||
ZoomInfo LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.95%, 02/28/30 | 21 | 20,856 | ||||||
|
| |||||||
472,241 | ||||||||
Specialty Retail — 0.1% | ||||||||
Leslie’s Poolmart, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 03/09/28 | 93 | 92,657 | ||||||
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/11/28 | 61 | 61,017 | ||||||
Restoration Hardware, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 10/20/28 | 52 | 50,488 | ||||||
|
| |||||||
204,162 | ||||||||
Textiles, Apparel & Luxury Goods — 0.0% | ||||||||
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 02/20/29 | 41 | 41,305 | ||||||
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30(a) | 34 | 34,000 | ||||||
|
| |||||||
75,305 |
Security | Par (000) | Value | ||||||
Trading Companies & Distributors — 0.2% | ||||||||
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. LIBOR US + 2.25%), 7.44%, 05/19/28 | $ | 155 | $ | 154,520 | ||||
GYP Holdings III Corp., 2023 Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.10%, 05/12/30 | 99 | 99,426 | ||||||
|
| |||||||
253,946 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. LIBOR US + 1.75%), 6.95%, 04/11/25 | 136 | 135,653 | ||||||
|
| |||||||
Total Floating Rate Loan Interests — 5.2% |
| 7,982,550 | ||||||
|
| |||||||
Total Long-Term Investments — 90.8% |
| 139,804,312 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 8.4% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(k)(l) | 12,889,354 | 12,889,354 | ||||||
|
| |||||||
Total Short-Term Securities — 8.4% |
| 12,889,354 | ||||||
|
| |||||||
Total Investments — 99.2% |
| 152,693,666 | ||||||
Other Assets Less Liabilities — 0.8% |
| 1,240,046 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 153,933,712 | |||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $94,845,143, representing 61.6% of its net assets as of period end, and an original cost of $85,205,236. |
(d) | Investment does not issue shares. |
(e) | Investment is held by a wholly-owned subsidiary. |
(f) | Convertible security. |
(g) | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(h) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(i) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(j) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7-day yield as of period end. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 6 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund
|
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 03/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/23 | Shares Held at 06/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 2,144,534 | $ | 10,744,820 | (a) | $ | — | $ | — | $ | — | $ | 12,889,354 | 12,889,354 | $ | 175,492 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Private Equity Investments | ||||||||||||||||
Direct Investments | $ | — | $ | — | $ | 53,568,385 | $ | 53,568,385 | ||||||||
Primary Investments | — | — | 127,532 | 127,532 | ||||||||||||
Secondary Investments | — | — | 41,149,226 | 41,149,226 | ||||||||||||
Asset-Backed Securities | — | 20,392,940 | — | 20,392,940 | ||||||||||||
Corporate Bonds | — | 16,583,679 | — | 16,583,679 | ||||||||||||
Floating Rate Loan Interests | — | 7,642,477 | 340,073 | 7,982,550 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 12,889,354 | — | — | 12,889,354 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 12,889,354 | $ | 44,619,096 | $ | 95,185,216 | $ | 152,693,666 | |||||||||
|
|
|
|
|
|
|
|
7 |
Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 | BlackRock Private Investments Fund
|
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
Direct Investments | Primary Investments | Secondary Investments | Floating Rate Loan Interests | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Opening balance, as of March 31, 2023 | $ | 51,955,994 | $ | 109,344 | $ | 40,007,468 | $ | 337,334 | $ | 92,410,140 | ||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | — | (126,424 | ) | (126,424 | ) | |||||||||||||
Accrued discounts/premiums | — | — | — | — | — | |||||||||||||||
Net realized gain (loss) | — | — | — | 1 | 1 | |||||||||||||||
Net change in unrealized appreciation (depreciation)(a) | 774,726 | (6,501 | ) | 1,062,414 | (996 | ) | 1,829,643 | |||||||||||||
Purchases | 5,788,074 | 24,689 | 172,105 | 130,594 | 6,115,462 | |||||||||||||||
Sales | (4,950,409 | ) | — | (92,761 | ) | (436 | ) | (5,043,606 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Closing balance, as of June 30, 2023 | $ | 53,568,385 | $ | 127,532 | $ | 41,149,226 | $ | 340,073 | $ | 95,185,216 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(a) | $ | 774,726 | $ | (6,501 | ) | $ | 1,062,414 | $ | (996 | ) | $ | 1,829,643 | ||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $340,073. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
Value | | Valuation Approach |
| | Unobservable Inputs |
| | Range of Unobservable Inputs Utilized |
(a) | | Weighted Average of Unobservable Inputs Based on Fair Value |
| ||||||||
Assets | ||||||||||||||||||||
Direct Investments | $ | 53,568,385 | Market | EBITDA Multiple | 4.00x - 19.00x | 10.93x | ||||||||||||||
EBIT Multiple | 11.50x | — | ||||||||||||||||||
Revenue Multiple | 1.78x - 23.00x | 8.57x | ||||||||||||||||||
Primary Investments | 127,532 | Market | Market Adjustment Factor | 1.07x | — | |||||||||||||||
Secondary Investments | 41,149,226 | Market | Market Adjustment Factor | 0.97x - 1.07x | 1.02x | |||||||||||||||
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$ | 94,845,143 | |||||||||||||||||||
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(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
Portfolio Abbreviation | |||
CLO | Collateralized Loan Obligation | ||
CMT | Constant Maturity Treasury | ||
DAC | Designated Activity Company | ||
LIBOR | London Interbank Offered Rate | ||
SCA | Societe en Commandite par Actions | ||
SOFR | Secured Overnight Financing Rate |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 8 |