BlackRock’s private pivot is grinding away in beta. CEO Larry Fink’s ambitions demand a bigger splash, writes tombuerkle.
BlackRock said on Aug. 11 that its new private equity fund led an $875 million investment in Authentic Brands, the privately owned parent company for dozens of retail brands as well as Sports Illustrated magazine. The Long Term Private Capital fund invested $625 million and related entities and co-investors chipped in another $250 million. The deal values Authentic Brands at more than $4 billion including debt, according to the Wall Street Journal, and makes the fund the largest shareholder.
Authentic Brands owns the casual teen fashion brand Aeropostale, shoe and boot makers Nine West and Frye, and licenses celebrity brands including Marilyn Monroe, Elvis Presley and Shaquille O’Neal. It claims its brands generate annual revenue of close to $10 billion. The investment is the first by the BlackRock fund, a vehicle intended to make long-term investments that launched earlier this year with $2.75 billion in commitments.
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