BlackRock has agreed to acquire Swiss Re Private Equity Partners (SRPEP) AG, the European private equity and infrastructure fund of funds franchise of Swiss Re. SRPEP, which had $7.5 billion as of May 31, will be integrated with BlackRock’s existing private equity fund of funds group, BlackRock Private Equity Partners (BRPEP).

The transaction is expected to be completed by the end of the third quarter, and terms of the all-cash transaction were not disclosed. Russell Steenberg, managing director and head of BRPEP, will continue to lead the combined unit and Christian Hinze, CEO of SRPEP, will join BlackRock as deputy head of the combined business. No changes are expected