Accelerates growth of BlackRock’s Credit platform with a complementary acquisition providing clients with
access to growth and venture debt lending strategies
BlackRock, Inc. to Acquire Private Debt Manager Kreos CapitalBlackRock, Inc. to Acquire Private Debt Manager Kreos Capital
LONDON – June 8, 2023 – BlackRock Inc. (NYSE: BLK) and Kreos Capital (“Kreos”) today announced a definitive
agreement under which BlackRock will acquire full control of Kreos, a leading provider of growth and venture
debt financing to companies in the technology and healthcare industries.
The acquisition of Kreos adds to BlackRock’s position as a leading global credit asset manager and advances its
ambitions to provide clients with a diverse range of private market investment products and solutions. Kreos
complements BlackRock’s Global Credit business with a seasoned investment team and successful long-term
track record, while the adjacent asset class unlocks additional private debt capabilities for BlackRock’s clients to
access a larger proportion of the risk/return spectrum.
James Keenan, CIO and Global Head of BlackRock Private Credit, commented: “Over the past 20 years,
BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by
aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class
investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth
and venture lending will figure prominently in the expansion of the global direct lending opportunity set going
forward, we believe this is an opportune time to welcome the Kreos team to BlackRock.”
Stephan Caron, Head of EMEA Private Debt at BlackRock, commented: “Private debt investing has become an
increasingly important component of investors’ portfolios. BlackRock’s recent Global Private Market Survey found
that more than half of respondents plan to increase their private credit holdings in 2023. Current market dynamics
have made private credit an attractive asset class as investors focus on its income generation, low volatility,
portfolio diversification and its low defaults versus public markets. The addition of this high-quality team, with an
excellent track record across multiple market cycles, creates an opportunity for BlackRock to offer a larger
proportion of the risk/return spectrum to investors globally.”
Mårten Vading, Co-founder and General Partner at Kreos Capital, commented: “As a pioneer of private debt
solutions for high growth technology and healthcare companies in Europe and Israel, Kreos is now taking the next
step by accelerating the business and partnering with BlackRock. The transaction enables us to leverage
BlackRock’s scale, resources, and technology to create a holistic product offering that serves innovative companies
Raoul Stein and Ross Ahlgren, Co-founders, and General Partners at Kreos Capital, commented: “We are
excited to see BlackRock’s continued commitment to private debt in general, and growth lending specifically. The
combination of BlackRock and Kreos will provide a wide range of credit solutions to the growth ecosystem. The
acquisition of Kreos by BlackRock is a testimony to the strength and importance of the innovation and technology
sectors to the world’s leading asset manager.”
Since its inception in 1998, Kreos Capital has committed more than €5.2 billion across more than 750
transactions in 19 countries, to more than 550 pan-European and Israeli high-growth companies in the
technology and healthcare sectors. In technology, the firm has invested across fintech, enterprise software,
cybersecurity, semiconductors, digital marketing, AI, and other sub-sectors. In healthcare, it has backed
companies in areas such as drug and treatment development, medical products and devices, and healthcare
Kreos is headquartered in London and its 45-person team, which will join BlackRock as part of the transaction,
has demonstrated strong performance over a 24-year track record. Kreos’ investment team will integrate into
BlackRock’s European Private Debt platform and current Kreos leadership will continue to be responsible for
executing on the firm’s proven investment strategies.
The transaction, which is expected to close in Q3 2023, is subject to customary regulatory and closing conditions.
The financial impact of the transaction is not material to BlackRock earnings.
Moelis & Company acted as exclusive financial adviser and Goodwin Procter London provided legal advice to
Kreos Capital. Skadden, Arps, Slate, Meagher & Flom provided legal advice to BlackRock.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors
and a leading provider of financial technology, we help millions of people build savings that serve them
throughout their lives by making investing easier and more affordable. For additional information on BlackRock,
please visit www.blackrock.com/corporate
About Kreos Capital
Kreos Capital is the leading venture and growth debt provider in Europe and Israel, backing high-growth
companies through every stage of their lifecycle. Kreos targets investments in all areas of the Technology and
Healthcare sectors, and, to date, has committed €5.2 billion in more than 750 transactions, across 19 countries.
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