BlackRock Private Equity Fund at Scalable Capital: The Only ELTIF on Offer

Introduction

This article kicks off our series "Buying ELTIFs at Neobrokers," in which we show where and how retail investors in Germany can acquire European Long-Term Investment Funds. We're starting with Scalable Capital – Germany's largest neobroker by customer count. Further analyses of Trade Republic, NAO, and Liqid will follow in the coming weeks.

Scalable Capital and ELTIFs: The Status Quo

Scalable Capital currently offers a single ELTIF: the BlackRock Private Equity Fund (share class C1). While other neobrokers like NAO already list four ELTIFs, Scalable focuses on this established product from the world's largest asset manager.

The BlackRock Private Equity Fund in Detail

Basic Information

• ISIN: LU2970811951 (Class C1 Accu)
• WKN: A410GZ
• Fund Manager: BlackRock (Luxembourg) S.A.
• Minimum Investment: €10,000 (one-time)
• Recommended Holding Period: 5 years
• Risk Indicator: 4 out of 7
• Launch Date: October 2024

Investment Strategy: Private Equity for Retail Investors

The BlackRock Private Equity Fund provides access to non-listed companies. The fund invests in private equity assets that are typically accessible only to professional investors.

The Strategy in Detail:

• Co-Investments: BlackRock invests side-by-side with leading private equity firms in selected companies. Advantage: Direct access without the double fee structure of a fund-of-funds
• Secondary Market Investments: Purchase of existing PE fund stakes, often at attractive valuations
• Selective Approach: From 800-1,000 annual investment opportunities, BlackRock selects only the best
• Broad Diversification: Across sectors, regions, and strategies

Geographic Focus: No restrictions – global investments possible

Example Investments from the Portfolio

The fund has already invested in several notable companies:

OpenAI (Q4 2025)

• Sector: Information Technology (AI)
• Region: North America
• Strategy: PE-Growth
• Founded in 2015, the company has established itself as a leading AI company through ChatGPT and reaches hundreds of millions of users worldwide.

Belron Group (Q2 2025)

• Sector: Industrials (Automotive Services)
• Region: Europe
• Strategy: Buyout
• Sponsor: Clayton, Dubilier & Rice (CD&R), GIC
• Known through brands like Carglass, Autoglass, and Safelite. Market leader in vehicle glass repair and replacement with over 1,800 service centers in 40 countries.

Opella Healthcare (Q2 2025)

• Sector: Healthcare
• Region: Global
• Strategy: Buyout
• Sponsor: Clayton, Dubilier & Rice (CD&R)
• Global healthcare company focused on over-the-counter medications and self-care solutions. Manufacturer of well-known brands like Allegra, Buscopan, and Dulcolax.

These examples demonstrate the portfolio's diversification across different sectors, regions, and investment strategies.

Cost Breakdown (Class C1)

Performance Fee Structure:

• Only on outperformance above 5% p.a. (Hurdle Rate)
• High-Water-Mark: Performance fee only on new highs
• Medium scenario estimate: approx. 1.50% p.a.

Performance Scenarios (BlackRock Projections)

After 5 years with €10,000 investment:

Scenarios already include all costs

Liquidity and Redemption Conditions

What investors need to know:

• No Stock Exchange Listing: Purchase and sale run directly through BlackRock, not tradable daily
• Lock-up Period: No redemptions possible until June 30, 2027 (protects investment strategy)
• After Lock-up: Quarterly redemptions possible
• Redemption Limit: Max. 5% of NAV per quarter or 20% over 12 months
• Notice Period: 30 days before the respective redemption date

Semi-liquid structure: The fund is neither tradable daily (like ETFs) nor completely illiquid (like closed-end funds). The quarterly redemption windows offer a middle ground.

How to Buy the ELTIF at Scalable Capital?

• Open an account at Scalable Capital (if you don't have one yet)
• Search ISIN: Enter LU2970811951 or WKN A410GZ in the search function
• One-time investment: Minimum €10,000 (savings plans not possible for ELTIFs)
• Enhanced risk assessment: Confirmation that ELTIF-specific risks are understood
• Place order: Execution occurs on the next trading day (monthly)

Trading dates: The fund is tradable monthly at month-end.

Conclusion

The BlackRock Private Equity Fund offers Scalable Capital customers an entry into the private equity world. With a mid-range total cost ratio, moderate risk, and a 24-month lock-up period, the fund positions itself as a balanced option.

Advantages:

• Access to BlackRock's private equity expertise
• Broad diversification across regions, sectors, and strategies
• Moderate costs for a PE-ELTIF
• Relatively short lock-up period (24 months)

Disadvantages:

• Only one share class available (no choice)
• Other BlackRock classes are cheaper (but not accessible through neobrokers)
• Lock-up until June 2027 limits flexibility

Who is it suitable for?

The fund is suitable for investors seeking an established manager with a moderate risk-return profile who can forego liquidity until at least mid-2027.

Frequently Asked Questions

Can I sell the ELTIF at any time?

No. Until June 30, 2027, the fund is completely closed (lock-up). After that, quarterly redemptions are possible, though with quantity restrictions (max. 5% NAV per quarter).

Is €10,000 minimum investment a lot for an ELTIF?

No, this is standard for retail investors. Institutional classes start only at €500,000.

What happens if more investors want to sell than the limit allows?

Redemptions are proportionally reduced (pro-rata basis). Investors then receive only a portion of their desired redemption.

Is Class C1 the cheapest BlackRock share class?

No. Class ZD (1.20% TER, €1,460 costs over 5 years) is significantly cheaper, but only accessible through wealth managers. Class C1 is the cheapest class available through neobrokers.

How does this ELTIF differ from a private equity fund-of-funds?

This ELTIF primarily invests through co-investments directly alongside established PE firms, not as a classic fund-of-funds. This reduces the fee structure (no double management fees).