Latest news with #alternativeassets
Bloomberg
a day ago
- Business
- Bloomberg
Japan Pension Shuns Bonds With 57% of Fund in Alternative Assets
Japan's once conservative pension funds are putting more of their cash in alternative assets to push up returns. One corporate money manager has taken that to a whole new level. Daiwa House Industry Co. 's retirement fund has parked a whopping 57% of the company's holdings in alternative assets such as private equity and debt, as well as hedge funds as of the end of March.
Yahoo
3 days ago
- Business
- Yahoo
Beneficient Enters into $1.91 Million GP Primary Capital Transaction
DALLAS, June 24, 2025 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) ('Ben' or the 'Company'), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced it has closed on the financing of a $1.91 million primary capital commitment for Mendoza Ventures Growth Fund III, LP ('Fund'), a fund managed by Mendoza Ventures Growth GP III, L.L.C., LP ('Fund Manager'), an asset manager focused on investing in technology companies where there is an opportunity for innovation, modernization, and disruption. The transaction represents Ben's third GP Primary transaction of the fiscal year and fourth since formally launching the program in late 2024. In exchange for an interest in the Fund, the Fund received approximately $1.91 million in stated value of shares of the Company's Resettable Convertible Preferred Stock (the 'Preferred Stock'), which is convertible at the election of the holder into shares of the Company's Class A common stock, subject to the terms and conditions of the transaction documents. As a result of the transaction, the collateral for the Company's ExAlt loan portfolio is expected to increase by approximately $1.91 million of interests in alternative assets. Concurrently, the Company also entered into a Preferred Liquidity Provider Program Agreement with the Fund, whereby the Company may facilitate ongoing liquidity solutions for the Fund and its limited partners. 'We are excited to continue recent momentum by completing another GP primary capital transaction, our second transaction with a fund managed by the Fund Manager,' said Beneficient management. 'We will continue to pursue additional opportunities that align with our strategic vision and growth objectives.' Beneficient's GP Primary Commitment Program is focused on providing primary capital solutions and financing anchor commitments to general partners during their fundraising efforts while immediately deploying capital into our equity. Through the program, Beneficient seeks to help satisfy the up to $330 billion of potential demand for primary commitments to meet fundraising needs. About Beneficient Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben's AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment. Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas' Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. For more information, visit or follow us on LinkedIn. ContactsMatt Kreps: 214-597-8200, mkreps@ Wetherington: 214-284-1199, mwetherington@ Relations: investors@ Important Information and Where You Can Find ItThis press release may be deemed to be solicitation material in respect of a vote of stockholders to approve the issuance of the Company's Class A common stock upon conversion of the Preferred Stock (the 'Transactions'). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the 'SEC') a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions. INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC's website ( Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@ Participants in the Solicitation of Proxies in Connection with TransactionsBen and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben's directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the Transactions and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph. Not an Offer of SecuritiesThe information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Forward Looking StatementsExcept for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions. The words 'anticipate,' "believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the Transactions, including obtaining the requisite vote of securityholders, and the risks, uncertainties, and factors set forth under 'Risk Factors' in the Company's most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Yahoo
5 days ago
- Business
- Yahoo
Young Investor Demand for Alternative Assets Is Reshaping Wall Street's Playbook
(Bloomberg) -- Wall Street has a new favorite investor. They're young, they're affluent and they're skeptical that traditional markets can deliver wealth over the long haul. Shaped by financial crises and fueled by tech optimism, this well-heeled class of Millennials and Gen Z are moving their money into the buzzy world of alternative assets. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice One Architect's Quest to Save Mumbai's Heritage From Disappearing NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Think pre-IPO unicorns, real estate, crypto, collectibles, and more. From private banks to fintech platforms, the financial industry is rushing to keep up. Firms like Forge Global Holdings Inc. have lowered their minimum investment thresholds, pitching private-market access as aspirational — and attainable. At Bank of America Corp., the number of retail clients holding alternative assets has more than doubled since 2020, and the firm adds about 50 new funds to its platform each year. Nearly three-quarters of wealthy investors under 43 believe a traditional stock-bond portfolio will fail to generate above-average returns, according to BofA's biennial study last year. About 93% plan to increase allocations to alternatives in the coming years. The irony for Wall Street's old guard: many in this alt-loving crowd are turning away from the very public markets that helped build their wealth in the first place. 'Investor preferences are changing at the same time that the markets are evolving,' said Michael Pelzar, head of investments at Bank of America Private Bank. 'Those two dynamics are at play that are feeding off of each other.' The demand is reshaping how Wall Street pitches wealth-generating products. What used to be institutional is now increasingly being redesigned for individuals, albeit the well-connected and well-funded. Blackstone Inc. and Apollo Global Management Inc. are among investment firms repackaging their once-elite strategies for the masses into ETFs and semi-liquid funds. The 60/40 model — allocating 60% to stocks and 40% to bonds — delivered respectable gains over much of the past decade. But its appeal has dimmed since 2022's inflation-driven rout, as both assets began moving in lockstep, eroding the diversification benefit of the strategy. 'Some advisors may have just used the 60/40 portfolio over time and haven't really felt the need to offer something in the way of alternatives,' said Mark Steffen, global alternative investment strategist at Wells Fargo Investment Institute. 'But I think that's probably changing.' Supply is on the rise. A CAIS survey shows 80% of alternative managers plan to launch retail-friendly products and structures, nearly double from three years ago. Morgan Stanley, for instance, just filed to offer a multi-asset vehicle designed to provide exposure to everything from venture capital to private debt, real estate and infrastructure — all in one fund. Many investors are opting into complex, costly, and often illiquid structures — even as the long-term payoff remains uncertain. Compared to tax-efficient ETFs, these alternative products tend to carry higher fees, greater opacity, and less liquidity. Blackstone's flagship real-estate trust, for example, hit withdrawal limits during the 2022 interest-rate spike. With private equity and credit poised to trail public markets for a third year, JPMorgan Chase & Co. strategists recently advised their clients to reduce exposure to both assets. A separate academic study has labeled alts 'costly and wasteful.' And Moody's Corp. warned the push to open private markets to the retail crowd carries 'systemic implications,' such as growing liquidity risks. Yet none of this is deterring industry fans in the era of get-rich-quick antics amplified on social media from TikTok to Reddit. 'I can tell you it's most often easier to convince an entrepreneur to put money into a 1-in-10 shot startup than it is to get them to park money in a conservative, long-term strategy,' said Brian Werner, chief investment officer at Winthrop Partners. Earlier this year, when Forge cut the minimum investment on selected offerings to $5,000, daily sign-ups more than tripled. Executives say the surge largely came from young users riding the AI wave — hoping to access firms like OpenAI before an IPO. Part of the appeal is cultural FOMO — the chance to signal early participation in the next major tech boom. 'A lot of them have a tech background, so they're playing in their own sandbox with stuff that they know,' said Andrew Saeta, co-head of US capital markets at Forge. 'The stocks-and-bonds model of our parents isn't necessarily getting the job done in their eyes, especially with everything being so expensive.' While the trend appears most pronounced among Millennial and Gen Z types, it's pulling in a broader cohort. Chad Blackburn, an accounting executive in Nashville, Tennessee, started buying equities in his teens. Today, the 45-year-old largely avoids stocks and bonds, putting most of his capital into startup firms and — yep — Bitcoin. 'The dotcom bubble and great financial crisis forced me to think more deeply about my investments,' he said. 'Why would I limit myself to just stocks and bonds, especially when a lot of this stuff is not nearly as diversified as you think?' For many, alts aren't just about returns, they're a form of rebellion. Even among those who have benefited from the market's gains, there's a lingering distrust in the institutions that helped deliver them. They view public markets and 60/40 strategies as fragile or even rigged, having coming of age during the crashes of 2008 and 2020. Real estate, digital currencies, and private equity now rank among the top picks for this emerging wealth class, according to BofA. The appeal is both psychological and financial: these assets are seen as detached from government interference and more likely to deliver big upside. 'They think, the system is rigged against me,' said Owen Lamont, a portfolio manager at Acadian Asset Management. 'I have to do something out of the box in order to get rich.' One reason that alternatives are being aggressively repackaged for individuals is that traditional buyers — pensions, endowments, insurers — risk being tapped out. Big institutions allocate about one fifth of their portfolios to alternatives, according to Preqin. By contrast, individuals in the BofA survey show an allocation of only 7%. But painting alternatives with a broad brush can be misleading. According to Chris Toomey, managing director at Morgan Stanley Private Wealth Management, private credit and infrastructure appeal to older investors thanks to the promise of steady cash flows, though for the young cohort, private equity looks more attractive. 'They are at a point in their investment cycle where they have the ability to take on that risk,' Toomey said. 'They're early investors and they've got a much longer time horizon.' Yet even among the younger generation, the shift in taste isn't universal. For every investor chasing unicorns on Forge, there are thousands of Millennial and Gen Z savers. According to Vanguard Group Inc., many in this group are sitting on high cash holdings thanks to cash-default IRAs — at the expense of fully investing their capital in diversified portfolios. There's no monolithic investor and no single truth about alternatives. But the future of wealth management won't resemble the past — and Wall Street is already rushing to profit from the generational shift. 'You've got this mix of investor preferences and product availability evolving in a way that they actually compliment each other to create this procyclical uptake in alternative investments,' said BofA's Pelzar. 'We're probably in the early innings of a real wave.' Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
Bloomberg
5 days ago
- Business
- Bloomberg
Young Investor Demand for Alternative Assets Is Reshaping Wall Street's Playbook
Wall Street has a new favorite investor. They're young, they're affluent and they're skeptical that traditional markets can deliver wealth over the long haul. Shaped by financial crises and fueled by tech optimism, this well-heeled class of Millennials and Gen Z are moving their money into the buzzy world of alternative assets. Think pre-IPO unicorns, real estate, crypto, collectibles, and more. From private banks to fintech platforms, the financial industry is rushing to keep up. Firms like Forge Global Holdings Inc. have lowered their minimum investment thresholds, pitching private-market access as aspirational — and attainable.
Yahoo
17-06-2025
- Business
- Yahoo
BlackRock Study: Family Offices are in Risk-Management Mode, Focused on Increasing Diversification and Idiosyncratic Sources of Return
Alternative assets are more important than ever to family offices, making up 42% of their portfolios, up from 39% from BlackRock's previous survey. NEW YORK, June 17, 2025--(BUSINESS WIRE)--BlackRock today launched its 2025 Global Family Office Survey, which revealed that current geopolitical uncertainty is the most important issue for family offices (84%) and is a critical factor in their capital allocation decisions. The survey results also showed that concern around disruptions to trade and the increasing fragmentation in geopolitics turned overall sentiment negative for the first time since the survey began in 2020. Armando Senra, Head of the Americas Institutional Business for BlackRock, said, "Family offices, globally, entered 2025 with caution - a stance expected to continue through 2026 - as geopolitical tensions, policy shifts, and market fragmentation weigh on sentiment. With 60% of family offices pessimistic about the global outlook, confidence has been further shaken by new U.S. tariffs. Family offices are now prioritizing diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios." While there is a pervasive sense that we are witnessing a fundamental rewriting of the rules that have long shaped markets, many family offices are hopeful that the negative implications to the global economy will be limited. Family offices are in risk-management mode, with more than two-thirds (68%) focused on increasing diversification, and nearly half (47%) increasing their use of a variety of sources of return, including illiquid alternatives, ex-US equities, liquid alternatives, and cash. The survey further revealed that: Allocations to private credit and infrastructure are on the rise Alternative assets are more important than ever to family offices, making up 42% of their portfolios, up from 39% in our 2022-2023 survey1. Looking ahead, private credit and infrastructure are the most-favored alternative assets. Nearly one-third (32%) of family offices intend to increase their allocations to private credit (32%) and infrastructure (30%) in 2025-2026, with allocations to private credit marking the highest figure for any alternative asset class. When it comes to choosing a particular strategy within private credit, respondents have a clear preference for special situations/opportunistic and direct lending. Infrastructure is gaining strong momentum with family offices, with three-quarters (75%) of respondents feeling positive about the prospects for the asset class. Family offices are particularly attracted to infrastructure's ability to generate stable cash flows, its role as a portfolio diversifier and its perceived resilience. Over the following year, respondents intend to increase their infrastructure allocations to both opportunistic (54%) and value-add strategies (51%) driven by a combination of higher return potential, tailwinds and flexibility — qualities that are increasingly important in today's volatile market environment. Lili Forouraghi, Head of Family Office, Healthcare, Endowment and Foundations for BlackRock in the U.S., said, "The sustained demand and interest in private credit and infrastructure from family offices is a testament to the illiquidity premia and differentiated return opportunity in the current investment landscape. Access to opportunities and the right strategies continue to rise in importance as these asset classes evolve from niche strategies to the cornerstone of client portfolios." Seeking collaboration and closer partnerships To complement their in-house talent, many family offices are seeking to collaborate with external partners, especially when it comes to private markets. More than half of respondents noted gaps in their internal expertise around reporting (57%), deal-sourcing (63%), and private-market analytics (75%). Around one-quarter (22%) of family offices have used an Outsourced Chief Investment Officer (OCIO) or would consider doing so, and many look to third-party partners for expertise in both investments and technology. Mireille Abujawdeh, Head of Family Offices, Endowments, and Foundations for BlackRock in EMEA, said, "As family offices navigate increasing complexity across investment strategies, risk management and private markets, they are turning to select partners who can deliver more than just products. They need tailored solutions, data driven insights, deal sourcing and due diligence support, particularly in private markets where over half of respondents recognise gaps in internal expertise." Open to AI, but there are barriers to adoption A strong majority of family offices indicated that they would consider using AI for a variety of tasks from risk management to cash-flow modeling. However, there are technical and organizational barriers to greater adoption. Currently, family offices are far more likely to invest in tech firms building AI solutions (45%), or in investment opportunities that they believe will benefit from the growth in AI (51%), than they are to deploy AI tech internally to improve the investing process (33%). About the BlackRock Family Office Survey BlackRock partnered with Illuminas to conduct a research survey of family offices between 17 March and 19 May 2025, we spoke to 175 single-family offices that collectively oversee assets of more than US $320 billion, via a combination of surveys and a series of in-depth interviews with chief investment officers (CIOs) and key decision-makers at family offices around the world. This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) and qualified investors only and should not be relied upon by any other persons. About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. 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In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration number: 200010143N). In Korea, this information is issued by BlackRock Investment (Korea) Limited. This material is for distribution to the Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations) and for information or educational purposes only, and does not constitute investment advice or an offer or solicitation to purchase or sells in any securities or any investment strategies. In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party. In Argentina, only for use with Qualified Investors under the definition as set by the Comisión Nacional de Valores (CNV). In Brazil, this private offer does not constitute a public offer, and is not registered with the Brazilian Securities and Exchange Commission, for use only with professional investors as such term is defined by the Comissão de Valores Mobiliários. In Chile, The securities if any described in this document are foreign securities, therefore: i) their rights and obligations will be subject to the legal framework of the issuer's country of origin, and therefore, investors must inform themselves regarding the form and means through which they may exercise their rights; and that ii) the supervision of the Commission for the Financial Market (Comisión para el Mercado Financiero or "CMF") will be concentrated exclusively on compliance with the information obligations established in General Standard No. 352 of the CMF and that, therefore, the supervision of the security and its issuer will be mainly made by the foreign regulator; In the case of a fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF. In Colombia, the promotion of each product discussed herein is carried out through the Representative Office of BlackRock Fund Advisors, authorized by the Colombian Financial Superintendence. The transmission of this information does not constitute a securities public offering in Colombia. The products discussed herein may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. With the receipt of these materials, and unless the Client contacts BlackRock with additional requests for information, the Client agrees to have been provided the information for due advisory required by the marketing and promotion regulatory regime applicable in Colombia. IN MEXICO, FOR INSTITUTIONAL AND QUALIFIED INVESTORS USE ONLY. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THIS MATERIAL IS PROVIDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SHARES OF ANY FUND OR SECURITY. This information does not consider the investment objectives, risk tolerance or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/her best judgment in making investment decisions or investment recommendations. It is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of Mexico. If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have not been registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the "CNBV") and thus, may not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services ("Investment Services") is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV. These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that the addressee is an Institutional or Qualified investor as defined under Mexican Securities (Ley del Mercado de Valores). Each potential investor shall make its own investment decision based on their own analysis of the available information. Please note that by receiving these materials, it shall be construed as a representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión ("BlackRock México Operadora") is a Mexican subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual Fund Manager (Operadora de Fondos), and as such, authorized to manage Mexican mutual funds, ETFs and provide Investment Advisory Services. For more information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in This material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion. BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico. For more information on BlackRock México, please visit: BlackRock receives revenue in the form of advisory fees for our advisory services and management fees for our mutual funds, exchange traded funds and collective investment trusts. Any modification, change, distribution or inadequate use of information of this document is not responsibility of BlackRock or any of its affiliates. Pursuant to the Mexican Data Privacy Law (Ley Federal de Protección de Datos Personales en Posesión de Particulares), to register your personal data you must confirm that you have read and understood the Privacy Notice of BlackRock México Operadora. For the full disclosure, please visit and accept that your personal information will be managed according with the terms and conditions set forth therein. In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP. In Uruguay, the securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law N° 18.627 and Decree 322/011). In Canada, this material is intended for institutional investors, is for educational purposes only, does not constitute investment advice and should not be construed as a solicitation or offering of units of any fund or other security in any jurisdiction. If you are an intermediary or third-party distributor, you must only disseminate this material to other Professional Investors as permitted in the above specified jurisdictions and in accordance with applicable laws and regulations. THE INFORMATION CONTAINED HEREIN, TOGETHER WITH THE PERFORMANCE RESULTS PRESENTED, IS PROPRIETARY IN NATURE AND HAS BEEN PROVIDED TO YOU ON A CONFIDENTIAL BASIS, AND MAY NOT BE REPRODUCED, COPIED OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 1 Published 25 May 2023 View source version on Contacts Americas Reem (+1) 646 357 6135 EMEA Emma (+44) 20 7743 2922 APAC Cecilia (+852) 39032595
