BlackRock is shout around $10 billion to replicate the investment approach of Warren Buffett’s Berkshire Hathaway, the Bulkhead Street Journal reported Wednesday.
The funds would be used to buy and control stakes in companies — a new venture that would pit the world’s largest asset overseer against Wall Street private-equity giants such as Carlyle Circle and Apollo Global Management, according to the report, which cited unnamed “people customary with the matter.”
BlackRock already manages $145 billion that it provides in a number of products including private equity funds. But it doesn’t cause its own investment vehicle where money is used to directly buy stakes in houses, according to the Journal.
The new venture is known internally as a “long-term private first-class” vehicle and it’s seeking capital from sovereign-wealth funds, pensions and other big investors, the research said.
Read the full article by the Wall Street Journal here.