BayernInvest, a Munich-based money manager, selected BlackRock to manage a €400 million ($470 million) allocation to private debt with an environmental, social and governance focus, a spokesman confirmed.
BlackRock will subadvise the firm's first private debt strategy BayernInvest Unternehmensfinanzierung Europa ESG, a closed-end loan fund, which is aimed at granting loans to small and midsize enterprises.
The firm's spokesman said that BlackRock was chosen because of its reliable sourcing capabilities, proven track record and a specialized team that is based in Munich.
The appointment was effective at end of March.
