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Report: BlackRock to invest up to $400M with private equity firm Gallatin Point

BlackRock Inc. is committing as much as $400 million on behalf of its clients to private equity firm Gallatin Point Capital LLC, The Wall Street Journal reported, citing unnamed sources.

The commitment, which makes up about 33% of Gallatin Point's approximately $1.2 billion capital, is part of BlackRock's effort to become a bigger player in alternative investments. In particular, the move would give the asset management giant a new foothold in privately held companies, the publication noted.

BlackRock CEO Laurence Fink is also injecting an undisclosed amount of his personal money into a fund managed by Gallatin.

BlackRock's risk analytics group will also help Gallatin Point review some transactions, the sources told the publication.

Greenwich, Conn.-based Gallatin Point was established in 2017 by former BlackRock alternative-investment chief Matthew Botein and former U.S. Treasury official Lee Sachs. The firm targets stakes in lenders, insurers and financial institutions, as well as loan pools and other financial assets.