BlackRock Inc. announced in a regulatory filing that it plans to introduce a portfolio to give high-net-worth investors access to difficult-to-obtain hedge funds.
The fund, the BlackRock Core Alternatives Portfolio, is to let retail customers invest in the same hedge funds that pension funds and endowments do, according to the Thursday filing.
Investors can allocate $50,000 to the portfolio and get a stake in hedge funds that usually require a minimum investment of $1 million to $10 million, the filing said.
BlackRock said investors must leave their money in the fund for at least a year. The New York asset manager, which bought Barclays Global Investments this month to make it the largest money manager in the world, with $3.2 trillion of assets, did not specify a date for the fund's introduction but said it could be in the first quarter.
BlackRock Alternative Advisors is to provide the overall portfolio allocation.