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BlackRock merges capital markets divisions

BlackRock Inc. is combining its global capital markets and private capital markets divisions into a single platform named BlackRock Capital Markets, according to an internal memo seen by LCD.

"The competition for high-quality deals and good allocations remains fierce," wrote Jim Barry, chief investment officer of BlackRock Alternative Investors, and Phil Vasan, deputy head of the portfolio management group, in a memo to employees dated June 30. "We aim to have better access to this flow through the combination of the strong liquid syndicate business of Global Capital Markets with the private and illiquid sourcing of BlackRock Private Capital Markets. BlackRock Capital Markets will serve the entire BlackRock platform — allowing our investors to leverage the scale of the firm to see better deal flow."

In addition to combining the liquid syndicate and private sourcing activities of the two capital markets desks, the new division will also manage corporate solutions, alternatives financing, and alternatives co-investing.

Brent Patry will lead BlackRock Capital Markets globally. He was a founding member of BlackRock's private markets team and has nearly 30 years of experience working in capital markets.

Ed Cook will act as global head of liquid capital markets and corporate solutions, and Mike Dennis will serve as head of Asia BlackRock Capital Markets and will continue as head of alternatives strategy for APAC. John Empson will act as head of EMEA BlackRock Capital Markets and continues as global head of alternatives co-investment, and Tim Vincent will act as global head of alternatives financing.

Other senior members of the team will include Mike Lawton, head of U.S. private sourcing, and Ben Spielman, who will become head of U.S. liquid capital markets. Kamya Somasundaram will return to her role as head of U.S. liquid credit.

"The creation of BCM will facilitate streamlined counterparty coverage, improve conversion of sourced deal flow, further connect investors across the platform and eliminate points of friction," Berry and Vasan wrote.

This article was written by Alexander Saeedy, a Senior Reporter for LCD.

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