BlackRock Chooses Clifford Chance to Advise on First European Private Equity Investment
The mandate could be significant given the size of the asset management giant, which manages more than $7.4 trillion.
March 02, 2020 at 05:03 AM
2 minute read
American flags fly at BlackRock Inc. headquarters in New York, U.S, on Wednesday, June 11, 2018. BlackRock Inc. is scheduled to release earnings figures on July 16. Photographer: Bess Adler/Bloomberg
Clifford Chance has been selected by asset management giant BlackRock to handle its first international private equity investment.
The company's new private equity fund, Long Term Private Capital (LTPC), made its entrance in European private equity with the acquisition of luxury fragrance-maker the House of Creed. The deal value remains undisclosed.
The Clifford Chance team advising LTPC was led by London corporate partners Christopher Sullivan and Nicholas Hughes, according to several people with knowledge of the matter.
The mandate could be significant for the firm given the size of BlackRock, which manages more than $7.4 trillion on behalf of investors worldwide, and LTPC which has reportedly raised several billion dollars.
Last summer, the new fund purchased New York City-based brand management company Authentic Brands Group for $875 million. A Simpson Thacher & Bartlett team based in the U.S. advised the investment giant on the deal at the time.
On this deal, King & Spalding advised the seller, Olivier Creed, with lead corporate partner Derek Meilman in London, who was supported by Paris-based corporate partner Laurent Bensaid.
Creed was established in 1760 in London by James Henry Creed, and has been managed by his direct descendants ever since. The company moved its headquarters to Paris in 1854, according to the company's website.
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