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Overview of the Advisers
BlackRock Alternatives Management, LLC (“BAMLLC”) is registered as an investment adviser with the Securities
and Exchange Commission (“SEC”) and is an indirect wholly-owned subsidiary of BlackRock, Inc., a publicly traded
company (together with its subsidiaries, “BlackRock”). Global Energy & Power Infrastructure Advisors, L.L.C.
(“GEPIA”) and Global Energy & Power Infrastructure II Advisors, L.L.C. (“GEPIA II”) are affiliated advisers of
BAMLLC organized as separate legal entities. BAMLLC, GEPIA and GEPIA II are permitted to satisfy their obligation
to register with the SEC through the filing of a single Form ADV by BAMLLC, with GEPIA and GEPIA II as relying
advisers. GEPIA and GEPIA II (each, individually, an “Adviser”), and BAMLLC (collectively, the “Advisers”) have been
in business since May 11, 2009, March 29, 2012 and March 6, 2017, respectively. The Advisers’ primary advisory
services focus on alternative investment strategies, including global energy and natural resources industries, as
well as the infrastructure sector. The Advisers generally have common policies and procedures with respect to
investment advisory clients. As of December 31, 2023, the Advisers, in aggregate, managed a total of $14.5 billion
of regulatory assets under management, all of which is managed on a discretionary basis.
Advisory Services
The Advisers provide investment advisory services to a variety of alternative investment vehicles, including
separate accounts and commingled investment vehicles that would be investment companies as defined in the
Investment Company Act of 1940, as amended (the “Investment Company Act”), but for section 3(c)(1) or 3(c)(7)
thereof (collectively, “Private Funds”). Investment services to clients may be provided on a discretionary or non-
discretionary basis. The types of clients to which each Adviser provides investment management services are
disclosed in the Advisers’ Form ADV Part 1 and summarized in Item 7 (“Types of Clients”) of this Brochure.
Depending on the investment strategy or strategies that a client wishes to pursue, the client's ultimate contractual
relationship may be with one or more of the Advisers.
Each Adviser generally provides investment management services in accordance with applicable investment
guidelines and restrictions, including applicable restrictions on investing in certain securities, or types of securities
or other financial instruments, that are developed in consultation with the client, or in accordance with the
mandate selected by the client. Each pooled investment vehicle managed or otherwise advised by an Adviser is
managed in accordance with its investment guidelines and restrictions and generally is not tailored to the
individualized needs of any particular fund shareholder or fund investor, and an investment in such a vehicle does
not, in and of itself, create an advisory relationship between the shareholder or investor and an Adviser.
The
Advisers use both automated and/or manual processes to manage portfolios in accordance with their stated
portfolio investment guidelines and restrictions.
The current primary focus of the Advisers is to manage assets for Private Funds and institutional clients through
separate accounts with mandates that focus on alternative investment strategies and invest in debt and equity
instruments relating to infrastructure, including investing in the energy & environmental, low carbon power,
regulated utilities, transportation & logistics and digital infrastructure sectors. For additional information
regarding the services provided to Private Funds and separate accounts by the Advisers, please refer to Item 7
(“Types of Clients”) of this Brochure.
Services of Affiliates
BlackRock, Inc. operates its investment management business through the Advisers, as well as through multiple
affiliates, some of which are also investment adviser registered with the SEC, one of which is a limited purpose
national banking association chartered by the United States (“U.S”) Department of Treasury's Office of the
Comptroller of the Currency, and some of which are registered only with non-U.S. regulatory authorities and some
of which are registered with multiple regulatory authorities (collectively, “BlackRock Investment Advisers”). The
Item 5. Fees and Compensation
Advisers use the services of their broker-dealer affiliates which are registered under the Securities Exchange Act of
1934, as amended (the “Exchange Act”) and members of the Financial Industry Regulatory Authority (“FINRA”), as
needed. For additional information, please refer to Item 10 (“Other Financial Industry Activities and Affiliations”)
and Item 12 (“Brokerage Practices”) of this Brochure. The Advisers use the services of one or more BlackRock, Inc.
subsidiaries or appropriate personnel of one or more BlackRock, Inc. subsidiaries for investment advice, portfolio
execution and trading, operational support, and client servicing in their local or regional markets or their areas of
special expertise without specific consent by the client, except to the extent explicitly restricted by the client in or
pursuant to its investment management agreement (“IMA”) or inconsistent with applicable law. Arrangements
among affiliates take a variety of forms, including but not limited to dual employee, delegation, participating
affiliate, sub-advisory, sub-agency, or other servicing agreements. This practice is designed to make BlackRock’s
global capabilities available to an Adviser’s clients in as seamless a manner as practical within a varying global
regulatory framework. In these circumstances, the Adviser with which the client has its IMA remains fully
responsible for the account from a legal and contractual perspective. No additional fees are charged for the
affiliates’ services except as set forth in the client’s IMA, governing documents and/or offering memorandum
(“OM”).