BlackRock Infrastructure Investment Strategy
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 3 - A transformational opportunity: BlackRock to acquire GIP for $3B cash and approximately 12M BlackRock shares
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Source: Preqin. Ranking based on aggregate capital raised via closed-end commingled funds over the past 15 years, including interim and final closes, as of January 9, 2024.
BlackRock client assets as of December 31, 2023 and GIP client assets as of September 30, 2023. Client assets include assets across AUM and non-fee-paying committed
capital for each strategy. GIP AUM includes $17 billion of non-fee-paying capital.
Subject to completion of customary onboarding procedures, BlackRock has agreed to appoint Bayo Ogunlesi to the Board of Directors at the next regularly scheduled board
meeting following the closing of the transaction.
4. Source: BlackRock and GIP forecasts. Metrics shown on an as-adjusted basis and exclude certain transaction-related costs.
5. Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
Pro-forma management fees as of 2025E, first full year post-closing.
45678
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7. Source: BlackRock and GIP forecasts. IRR shown for illustrative purposes only. Actual results could differ materially from those anticipated in forward-looking statements.
8. Based on analyst price targets and 2024E FRE for selected publicly traded alternative peers as of January 9, 2024.
Slide 4 Infrastructure is forecasted to be one of the fastest-growing segments of private markets
Source: McKinsey. Figures as of June 30, 2022 and include natural resources AUM.
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Source: Global Infrastructure Hub (gihub.org), Deloitte. Infrastructure needs defined as new investment, replacement investment and spending on maintenance where the
investment will substantially extend the lifetime of an asset, but excluding land purchases. Needs determined on the basis that countries match the performance of their best
performing peers in terms of the resources they dedicate to infrastructure investment.
Source: Preqin investor survey as of November 2022.
Source: Bloomberg, Barclays (Global Fixed Income), MSCI (Global Equities), GREFI (Global Direct Real Estate), EDHEC (Infrastructure: all equity); as of June 30, 2022 (data
since 2000). High growth periods defined as when U.S. GDP > 2.5% and high inflation periods defined as when U.S. CPI > 2.5%.
Slide 5 - Global Infrastructure Partners overview
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Source: GIP. Data reflects all realized proceeds to equity and debt strategies as of September 30, 2023. Excludes SMAs and co-investments. There can be no guarantee that
other GIP strategies will be able to exit consistent with this amount, or that any announced exits will close. Past performance is not indicative of future results.
Ranking via IPE Real Assets and Preqin. Ranking includes fee-paying AUM as of year-end 2022 and dry powder metrics as of most recent disclosure on January 9, 2024.
Excludes public markets assets. BlackRock client assets as of December 31, 2023 and GIP client assets as of September 30, 2023. Client assets include assets across AUM
and non-fee-paying committed capital for each strategy. GIP AUM includes $17 billion of non-fee-paying capital.
Source: GIP. Data as of September 30, 2023. Past performance is not indicative of future results.
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Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
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Reflects unrealized value of investments as of September 30, 2023, across all GIP funds, SMAS and co-investments based on GIP's valuation policies.
Deal examples reflect recent, publicly disclosed investments. Deal examples are not indicative of all sourced or funded deals. There is no guarantee BlackRock, GIP or any
portfolio investment will be able to generate any additional material deal flow.
Slide 6 - BlackRock's existing infrastructure platform
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Source: BlackRock. AUM data as of December 31, 2023. Client assets include assets across AUM and non-fee-paying committed capital for each strategy.
Source: BlackRock. Headcount data as of December 15, 2023. Client and commitment data as of March 31, 2023. Revenue as of full year 2023 and includes performance fees
where applicable.
Deal examples reflect recent, publicly disclosed investments. Deal examples are not indicative of all sourced or funded deals. There is no guarantee BlackRock, GIP or any
portfolio investment will be able to generate any additional material deal flow.
BlackRock.
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