BlackRock Funds will close the now $1.5 billion BlackRock Small Cap Growth Equity Fund to new investors Aug. 14. The fund, which opened in 1993, will remain open to existing shareholders and participants in 401(k) plans that already offer the fund as an option. The fund invests in companies with a market capitalization of less than $1 billion and high expected earnings growth.
BlackRock also launched the BlackRock Micro-Cap Equity Portfolio, managed by the same team, led by portfolio manager William Wykle. The Micro-Cap fund will invest in U.S. companies with market caps under $300 million with above average revenue and earnings growth potential. The fund will close when it reaches $250 million.