BlackRock raises over $3 billion for first secondary market strategy

March 31 (Reuters) - BlackRock Inc’s Private Equity Partners has raised more than $3 billion, it said on Tuesday, as the world’s largest asset manager looks to provide liquidity to private equity secondary market.

The fund raised included $2.4 billion for its debut Secondaries and Liquidity Solutions Fund, which exceeded an initial target of $1.5 billion.

This represents the largest fundraise for an inaugural private equity secondaries strategy globally to date, it said.

Contributors to the fund included more than 70 institutional investors, including public and private pension funds, insurance companies, sovereign wealth funds, endowments and high-net-worth individuals.

Reporting by Sohini Podder in Bengaluru; Editing by Arun Koyyur