Financial ServicesProviders Company Schemes Public Sector Third Party Administrators

BlackRock Long Term Private Capital to Acquire Industry Leading UK Pensions Software Provider Aquila Heywood

February 2021

London, February 11, 2021 – BlackRock Long Term Private Capital (LTPC) announces it has reached an agreement to acquire Aquila Heywood, a UK based market leader in pensions administration software and services.

The investment will enable Aquila Heywood to further grow its highly innovative suite of software solutions, supporting the current and future needs of a fast-growing customer base within the Pensions sector.

The existing management team, led by CEO Andy Ross, remain fully committed to leading the business and driving the next phase of the company’s growth.

The partnership with Aquila Heywood is BlackRock LTPC’s third investment overall and second in Europe. It reflects the fund’s unique proposition to founder-driven companies who value a longer-term investment horizon.

Andy Ross, CEO of Aquila Heywood said:
“I am very excited to have the opportunity to develop a strategic partnership with BlackRock Long Term Private Capital. Through this relationship we will be able to enhance the value we offer to our customers by making further strategic investments in our software and technology platforms, as well as growing our highly skilled team of people. BlackRock LTPC are ideal partners given their sustainable and long-term approach and we look forward to working closely together on the next phase of our growth.”

Dag Skattum, Head of European office, Long Term Private Capital, said:
“It is a privilege to be partnering with the management team of Aquila Heywood to continue to grow this market-leading and differentiated business. LTPC focuses on partnerships with best-in-class businesses and uses a longer-term investment duration and a prudent approach to capital structure in an effort to generate sustainable growth across our portfolio on behalf of our investors. We see great potential in the strategy, product offering and leadership team driving Aquila Heywood and we look forward to a long and fruitful partnership.”

Terms of the transaction were not disclosed.

About BlackRock LTPC
BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy’s flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. LTPC’s team of 17 professionals are based in New York and London and invest across North America and Western Europe. LTPC is backed by BlackRock, Inc., which manages $259 billion in alternative investments and commitments on behalf of clients worldwide as of December 31, 2020. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About Aquila Heywood
Aquila Heywood builds modern software solutions for pension schemes, pension administrators and employers to help transform how their members manage their lifelong financial journeys. The company’s aim is to inspire members, customers and policymakers, and together create an environment that enables everyone to make more informed decisions to improve their financial security. Deep sector experience ensures that as the UK pensions sector continues to evolve through legislative and regulatory change, pension administrators are fully supported by our complementary solutions and consultancy services.

Media Contacts
BlackRock Emma Phillips +44 7841220365 Emma.Phillips@blackrock.com
Venetia Hendy +44 7776496563 Venetiaceleste.hendy@blackrock.com
Christopher Beattie +1 (646) 231-8518 christopher.beattie@blackrock.com

Risk Warnings
Capital at Risk

The value of investments and the income from them can fall as well as rise and are not guaranteed. The investor may not get back the amount originally invested.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

An investment in the Partnership is speculative and includes a high degree of risk, including the risk of a total loss of capital. Any investment decision with respect to the Partnership must be based solely on the most current version of each of the offering memorandum, the Partnership’s governing documents and each limited partner’s subscription agreement. There is no assurance that the Partnership, any of the strategies described herein or any investment will achieve its objectives.

Valuation Risk

The Partnership will be exposed to securities and other assets that will not have readily assessable market values. In such instances, the AIFM will determine the fair value of such securities and assets in its reasonable judgment based on various factors and may rely on internal pricing models.

The valuation of illiquid securities and other assets is inherently subjective and subject to increased risk that the information utilised to value such assets or to create the price models may be inaccurate or subject to other error. Due to a wide variety of market factors and the nature of the securities and assets to which the Partnership will be exposed, there is no guarantee that any value determined will represent the value that will be realised on the eventual disposition of the Partnership’s investments or that would, in fact, be realised upon an immediate disposition of such investment.

The Partnership Does Not Have a Fixed Term and Withdrawals Generally Will Not Be Permitted

The Partnership is not intended to be a short-term investment and has no certainty of returns. The Partnership is intended only for long-term investors able to accept the risks associated with an illiquid investment.

The Partnership does not have a fixed term and is generally expected to retain and reinvest proceeds from Investments. Additionally, even if an LP Termination Event or a Dissolution Event occurs (as defined in the Private Offering Memorandum), the Representative may cause the Partnership to continue to hold some or all Investments until at least the two year or five year anniversary of the relevant LP Termination Event provided that such date may be extended by the General Partner by up to two terms of one year each with the prior consent of all of the Cornerstone Investors. Investors should ensure that they have read and understand the Private Offering Memorandum and the operation of the Partnership following an LP Termination Event.

Limited Partners will not be allowed to voluntarily withdraw their Interests. Accordingly, the only manner in which Limited Partners may be able to realise a return on their investments in the Partnership, or even receive a return of capital, is to transfer their Interests. Interests, however, will be subject to restrictions on transfer and there can be no assurance that a market for the purchase or sale of the Interests will develop.

No Assurance of Investment Return

There can be no assurance that the Partnership will be able to generate returns for the Limited Partners. Even if the Investments prove successful, returns realised by the Partnership are expected to be reinvested in Investments and accordingly the Partnership will likely not produce a realised return to a Limited Partner unless such Limited Partner transfers its Interests in connection with a Liquidity Pool or otherwise. There can be no assurance, however, that a market for the purchase or sale of Interests will develop. Accordingly, Limited Partners may not be able to generate returns in connection with their investments in the Partnership. Additionally, even if such returns are generated, there can be no assurance that the returns will be commensurate with the risks of investing in the type of companies and transactions targeted by the Partnership.

Difficulty of Locating Suitable Investment

There can be no assurance that there will be a sufficient number of suitable investment opportunities to enable the Partnership to invest all of its committed capital in opportunities that satisfy the Partnership’s investment objectives or that such investment opportunities will lead to completed investments by the Partnership. The availability of investment opportunities generally will be subject to market conditions as well as, in some cases, the prevailing regulatory or political climate.

Please refer to the Private Offering Memorandum XI. INVESTMENT CONSIDERATIONS AND CERTAIN RISK FACTORS for a complete list of fund specific risk details.

Important Information

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) and Qualified Investors only and should not be relied upon by any other persons.

From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Economic Area, the issuer of this material is:

(i) BlackRock Investment Management (UK) Limited for all outside of the European Economic Area; and (ii) BlackRock (Netherlands) B.V. for in the European Economic Area,

BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.

BlackRock Long Term Private Capital, SCSp (the “Partnership”) has been formed as a special limited partnership (société en commandite spéciale) under the laws of the Grand Duchy of Luxembourg and qualifies as an unregulated Alternative Investment Fund (an “AIF”) within the meaning of the AIFMD.

For distribution in the European Economic Area (EEA): This material has been created for use by prospective Professional Investors in Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden. As at the date of this document, the Fund has been notified, registered or approved (as the case may be and howsoever described) in accordance with the local law/regulations implementing the AIFMD for marketing to professional investors into the above mentioned member state(s) of the EEA (each a “Member State”).

For investors in Germany: Shares of the Fund may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).

For Investors in the UK: In the UK this document is directed only at persons who are professional clients or eligible counterparties for the purposes of the Financial Conduct Authority’s Conduct of Business Sourcebook. The opportunity to invest in the Fund is only available to such persons in the UK and this document must not be relied or acted upon by any other persons in the UK.

For Investors in Switzerland: for Qualified Investors only. This document is marketing material. This document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA"). The The BlackRock Long Term Private Capital, SCSp is domiciled in Luxembourg. The Fund has not been registered with the Swiss Financial Market Supervisory Authority (FINMA). Representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, CH-8001 Zurich and the Paying Agent in Switzerland is State Street Bank International GmbH, München, Zweigniederlassung Zürich, Beethovenstrasse 19, CH -8002 Zürich. The Fund’s confidential Private Placement Memorandum and/or any other offering materials and the annual and semi-annual reports, if applicable, of the Fund/s are available free of charge from the representative in Switzerland. Investors should read the fund specific risks in the Prospectus and any other offering material.

For the U.S. and Canada: This material is provided for informational purposes only and does not constitute an offer to sell nor a solicitation to invest in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement. No recipient is permitted to use this information in any way that would violate U.S. securities laws, rules or regulations. Any reference herein to any security and/or a particular issuer shall not constitute a recommendation to buy or sell, offer to buy, offer to sell, or a solicitation of an offer to buy or sell any such securities issued by such issuer. Historical performance information depicted herein is not indicative of future performance or investment returns, and actual events or conditions may not be consistent with, and may differ materially from, those depicted.

In Canada, for Permitted Clients Only.

This material contains “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and proposed or expected portfolio composition. No representation is made that the projections or forecasts presented will be achieved, or that every assumption made in calculating or presenting either the forward-looking information or the historical information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the results presented herein by way of example. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date of this presentation and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Reliance upon information in this material is at the sole discretion of the reader.

This document contains general information only and is not intended to represent general or specific investment advice. The information does not take into account your financial circumstances. An assessment should be made as to whether the information is appropriate for you having regard to your objectives, financial situation and needs. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. THIS MATERIAL IS HIGHLY CONFIDENTIAL AND IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT. Issued in the United States by BlackRock Investments, LLC, a member of FINRA.

© 2020 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.