BlackRock to Wind Down Fund That Invested in Tricolor: FT

BlackRock is winding down a social impact fund that invested in collapsed car lender Tricolor, the Financial Times reports, citing people familiar with the matter.

• Employees told that BlackRock Impact Opportunities fund would be closed to new investments after Tricolor filed for bankruptcy in September
• BlackRock to continue to manage the portfolio through a one- to two-year period in which it will look to sell the fund’s investments, before closing the strategy fully
• Tricolor’s bankruptcy a catalyst for decision; BlackRock held discussions in recent months with fund investors
• BlackRock declined to comment to the FT
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