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June 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Private Investments Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)

 
Security
 
 Shares/
Par (000)
Value
Private Equity Investments
Direct Investments — 65.5%(a)(b)(c)
Aerospace & Defense — 2.5%
Sierra Space Corp.
 
Series A Preferred Shares (Acquired 12/01/21, Cost:
$1,582,326)
 
157,964
$ 1,702,041
Series B Preferred Shares (Acquired 09/22/23, Cost:
$64,891)
 
5,768
67,827
Yellowstone Ultimate Holdings LP (Acquired 11/08/22,
Cost: $5,095,913)
 
—
(d)
7,200,105
 
 
8,969,973
Automobile Components — 0.9%
PACP Carta Co-Invest, LP (Acquired 05/24/24, Cost:
$2,231,119)
 
—
(d)
3,435,400
Biotechnology — 1.2%
Lotus Co-Invest LP (Acquired 10/31/22, Cost:
$2,659,796)
 
—
(d)
4,466,857
Broadline Retail — 0.9%
Attentive Mobile, Inc.
 
Common Shares (Acquired 04/16/21, Cost:
$2,181,218)
 
74,536
2,646,028
Series A1 Preferred Shares (Acquired 04/16/21, Cost:
$595,026)
 
13,033
462,671
Series B Preferred Shares (Acquired 04/16/21, Cost:
$94,643)
 
2,073
73,592
 
 
3,182,291
Capital Markets — 3.9%
NC Harp Co-Invest Beta, LP (Acquired 03/17/25, Cost:
$12,898,190)
 
—
(d)
13,961,689
Chemicals — 2.0%
PSP AGFS Co-Investment Fund III, LP (Acquired
11/22/23, Cost: $5,708,731)
 
—
(d)
7,344,117
Commercial Services & Supplies — 2.6%
Horizon Co-Investment, LP (Acquired 06/10/22, Cost:
$1,786,032)(e)
 
—
(d)
2,092,535
NP Salon Co-Investment LP I (Acquired 04/08/21, Cost:
$2,000,000)
 
—
(d)
1,346,648
STAR Victor Co-investment LP (Acquired 09/13/24, Cost:
$5,274,054)
 
—
(d)
5,859,700
 
 
9,298,883
Construction & Engineering — 1.5%
Lindsay Goldberg - Torrey Co-Inv. LP (Acquired 08/28/24,
Cost: $4,775,866)
 
—
(d)
5,282,667
Consumer Finance — 1.3%
Campus Co-Investment, LP (Acquired 03/12/24, Cost:
$2,606,042)
 
—
(d)
4,521,727
Diversified Consumer Services — 2.7%
TPG Eternal Co-Invest II, LP (Acquired 11/14/23, Cost:
$4,122,016)(e)
 
—
(d)
5,139,049
Vistria Soliant Holdings, LP (Acquired 07/17/24, Cost:
$4,372,048)
 
—
(d)
4,444,917
 
 
9,583,966
Security
 
 Shares/
Par (000)
Value
Entertainment — 2.4%
Aleph Infinity Investors 2 LP (Acquired 04/28/22, Cost:
$4,792,321)
 
—
(d)
$ 3,793,069
RB Rouge Co-Invest B LP (Acquired 03/30/21, Cost:
$2,995,956)
 
—
(d)
4,996,667
 
 
8,789,736
Financial Services — 1.9%
Aquiline Madonna Co-Invest LP (Acquired 10/18/24, Cost:
$5,964,588)
 
—
(d)
6,798,648
Food Products — 1.5%
IK IX Luxco 15 Sàrl
 
Interest Free Shareholder Loan (Acquired 10/20/23,
Cost: $15,170)
EUR
20
23,307
Preference Shares (Acquired 10/20/23, Cost:
$3,710,476)
 
342,950
5,294,639
 
 
5,317,946
Health Care Providers & Services — 7.2%
Atlas Co-Investment Fund 2 LP (Acquired 06/30/21, Cost:
$946,674)
 
—
(d)
1,129,204
C-Bridge Investment Yaneng Ltd. (Acquired 12/16/21,
Cost: $3,183,687)
 
—
(d)
2,706,244
Charme - Animalia Coinvestment Fund (Acquired
06/27/24, Cost: $3,545,041)
 
—
(d)
3,890,670
Pacific Avenue Emerald Continuation Fund (A) LP
(Acquired 07/30/21, Cost: $2,035,590)
 
—
(d)
3,166,896
Romulus Intermediate Holdings 1, Inc., Series A Preferred
Shares (Acquired 11/15/23, Cost: $11,760,000)
 
12,000
15,033,191
 
 
25,926,205
Health Care Technology — 6.0%
Thirty Madison, Inc.
 
Promissory Note, 2.37%, 07/12/25 (Acquired 08/12/22,
Cost: $1,429,433)(f)
USD
2,038
1,885,225
Warrant, expires 07/12/25, Strike Price USD
0.01 (Acquired 08/12/22, Cost: $608,808)
 
1
1,883,158
VCF Compass Co-Investor Holdings II LP (Acquired
03/19/25, Cost: $1,641,051)
 
—
(d)
2,058,879
VCF Compass Co-Investor Holdings LP (Acquired
04/25/24, Cost: $12,445,968)
 
—
(d)
15,593,611
 
 
21,420,873
Household Durables — 0.6%
SL Riviera Investors 2021 LP (Acquired 04/14/21, Cost:
$2,078,007)
 
—
(d)
2,139,970
IT Services — 3.4%
TPG Arkady Co-Invest, LP (Acquired 08/23/24, Cost:
$3,332,518)(e)
 
—
(d)
3,286,616
Vestar Capital Partners Rainforest, LP (Acquired 04/09/24,
Cost: $6,138,321)
 
—
(d)
9,000,000
 
 
12,286,616
Personal Care Products — 1.4%
Bluegem III Co-Invest A, SCSp (Acquired 06/26/24, Cost:
$1,090,808)
 
—
(d)
1,175,743
PAI MMF Master Sàrl SICAV-RAIF (Acquired 06/18/24,
Cost: $3,332,377)
 
—
(d)
3,723,945
 
 
4,899,688
2
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
 Shares/
Par (000)
Value
Pharmaceuticals — 2.5%
CD&R Opal Co-Investor, LP (Acquired 04/15/25, Cost:
$5,919,535)
 
—
(d)
$ 6,042,111
Epione Co-Investment LP (Acquired 10/10/24, Cost:
$2,932,863)
 
—
(d)
3,057,723
 
 
9,099,834
Semiconductors & Semiconductor Equipment — 1.5%
Groq, Inc., Series D Preferred Shares (Acquired 08/01/24,
Cost: $3,646,517)
 
229,091
5,583,436
Software — 16.6%
16057349 Canada, Inc., Series F-1 Preferred Shares
(Acquired 06/18/24, Cost: $3,347,669)
 
95,986
4,146,997
Angel Lux Holdco II Sàrl (Acquired 05/15/25, Cost:
$844,860)
 
—
(d)
1,048,064
BCP VI Central Co-Invest LP (Acquired 07/05/23, Cost:
$7,902,975)
 
—
(d)
11,998,043
Databricks, Inc., Series J, Preferred Shares (Acquired
01/21/25, Cost: $7,843,908)
 
84,799
9,173,556
Ecovadis S.A.S.
 
Ordinary Shares (Acquired 10/04/22, Cost:
$1,517,650)
 
6,350
3,286,087
Series A Preferred Shares (Acquired 10/04/22, Cost:
$568,820)
 
2,380
1,231,636
Series B Preferred Shares (Acquired 10/04/22, Cost:
$186,420)
 
780
403,647
Flexe, Inc., Series D Preferred Shares (Acquired 06/14/22,
Cost: $1,719,347)
 
84,056
1,600,369
Motive with Co-Investment, LP (Acquired 05/31/24, Cost:
$4,205,976)
 
—
(d)
5,681,595
Project CS Co-Invest Fund, LP (Acquired 02/24/23, Cost:
$2,855,405)
 
—
(d)
4,520,686
Stripe, Inc., Series I Preferred Shares (Acquired 03/20/23,
Cost: $1,962,273)
 
97,460
3,459,830
Vista Equity Partners Hubble, LP (Acquired 03/31/25,
Cost: $13,323,750)
 
—
(d)
13,320,006
 
 
59,870,516
Transportation Infrastructure — 1.0%
BW Phoenix Co-Invest, LP (Acquired 05/17/24, Cost:
$2,932,950)
 
—
(d)
3,494,467
Total Direct Investments — 65.5%
235,675,505
 
 
 
 
Shares
 
Primary Investments — 0.5%(a)(c)
Diversified — 0.5%
Grotech Ventures IV, LP (Acquired 10/11/22, Cost:
$202,574)(b)
 
—
(d)
196,096
Providence Equity Partners IX-A S.C.Sp. (Acquired
01/26/24, Cost: $1,708,972)
 
—
(d)
1,810,369
Total Primary Investments — 0.5%
2,006,465
Secondary Investments — 17.0%(a)(c)
Commercial Services & Supplies — 0.0%
Amberjack Capital Feeder Fund B LP (Acquired 12/01/21,
Cost: $17,014)
 
—
(d)
79,713
Platinum Equity Continuation Fund LP (Acquired 12/16/21,
Cost: $1,717,529)(b)
 
—
(d)
—
 
 
79,713
Security
 
 
Shares
Value
Diversified — 8.9%
GA Atlas, LP (Acquired 03/22/22, Cost: $2,969,987)
 
—
(d)
$ 2,463,565
Grotech Ventures III, LP (Acquired 09/30/22, Cost:
$1,366,654)(b)
 
—
(d)
1,239,909
Inovia Continuity Fund I, LP (Acquired 09/17/21, Cost:
$2,089,671)(b)
 
—
(d)
2,559,676
Palladium Equity Partners IV CF LP (Acquired 12/12/23,
Cost: $3,843,726)(b)
 
—
(d)
6,268,644
Pamlico Capital III Continuation Fund, LP (Acquired
01/27/23, Cost: $3,074,708)
 
—
(d)
5,002,630
Providence Equity Partners VII LP (Acquired 09/28/23,
Cost: $3,218,082)(b)
 
—
(d)
2,384,879
Providence Equity Partners VII-A LP (Acquired 09/28/23,
Cost: $3,346,985)(b)
 
—
(d)
2,478,322
Roark Capital Partners CF LP (Acquired 08/26/22, Cost:
$2,624,494)
 
—
(d)
4,302,818
STG Alternative Investments SCA SICAV RAIF Sub Fund
E (Acquired 10/01/21, Cost: $2,621,555)(b)
 
—
(d)
5,481,897
 
 
32,182,340
Electronic Equipment, Instruments & Components — 1.5%
Behrman Capital Micross CF LP (Acquired 02/24/22, Cost:
$2,707,702)(b)
 
—
(d)
5,433,665
Energy Equipment & Services — 0.1%
Amberjack Capital Feeder Fund Cayman LP (Acquired
12/01/21, Cost: $72,623)(b)
 
—
(d)
196,195
Food Products(b) — 1.9%
CREO Capital Partners V-A LP (Acquired 09/20/21, Cost:
$2,690,646)
 
—
(d)
2,944,756
Kohlberg TE Investors VII CV LP (Acquired 07/13/21,
Cost: $3,136,994)
 
—
(d)
3,955,130
 
 
6,899,886
Health Care Providers & Services — 2.2%
Zenyth Partners Continuation Fund, LP (Acquired
09/29/22, Cost: $5,056,960)(b)
 
—
(d)
7,929,208
Software — 1.4%
Rubicon Continuation Fund LP (Acquired 11/12/24, Cost:
$4,079,551)(b)
 
—
(d)
4,892,137
Trading Companies & Distributors — 1.0%
Bain Capital Empire Holdings, LP (Acquired 10/27/22,
Cost: $3,423,072)(b)
 
—
(d)
3,473,574
Total Secondary Investments — 17.0%
61,086,718
Total Private Equity Investments — 83.0%
(Cost: $240,775,122)
298,768,688
 
 
 
Par
(000)
 
Asset-Backed Securities
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo.
CME Term SOFR + 1.39%), 5.66%, 10/22/34(g)(h)
$
1,000
1,001,004
Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1,
(3-mo. CME Term SOFR + 1.32%), 5.59%,
04/22/35(g)(h)
 
1,000
1,003,090
Ballyrock CLO Ltd., Series 2024-22A, Class A2, (3-mo.
CME Term SOFR + 1.95%), 6.21%, 04/15/37(g)(h)
 
1,000
1,004,282
Benefit Street Partners CLO XXI Ltd., Series 2020-21A,
Class A1R, (3-mo. CME Term SOFR + 1.43%), 5.69%,
10/15/34(g)(h)
 
1,000
1,001,627
Consolidated Schedule of Investments
3
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
CarVal CLO XI C Ltd., Series 2024-3A, Class A1, (3-mo.
CME Term SOFR + 1.39%), 5.66%, 10/20/37(g)(h)
$
1,000
$ 1,003,965
CIFC Funding Ltd., Series 2021-6A, Class A, (3-mo. CME
Term SOFR + 1.40%), 5.66%, 10/15/34(g)(h)
 
1,000
1,001,202
Diameter Capital CLO Ltd., Series 2025-10A, Class A,
(3-mo. CME Term SOFR + 1.31%), 5.60%,
04/20/38(g)(h)
 
1,000
1,000,891
Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, (3-mo.
CME Term SOFR + 1.52%), 5.79%, 04/20/37(g)(h)
 
1,000
1,003,535
Elmwood CLO Ltd., Series 2025-1A, Class A, (3-mo. CME
Term SOFR + 1.15%), 5.43%, 04/22/38(g)(h)
 
1,000
999,076
Flatiron CLO Ltd., Series 2020-1A, Class BR, (3-mo. CME
Term SOFR + 1.92%), 6.24%, 05/20/36(g)(h)
 
1,000
1,003,005
Generate CLO Ltd.(g)(h)
 
Series 2023-13A, Class A1, (3-mo. CME Term SOFR +
1.80%), 6.07%, 01/20/37
 
1,000
1,004,354
Series 7A, Class A1R, (3-mo. CME Term SOFR +
1.62%), 5.89%, 04/22/37
 
1,000
1,003,825
Golub Capital Partners CLO Ltd., Series 2021-55A,
Class A, (3-mo. CME Term SOFR + 1.46%), 5.73%,
07/20/34(g)(h)
 
1,000
1,000,945
Midocean Credit CLO XV Ltd., Series 2024-15A,
Class A1, (3-mo. CME Term SOFR + 1.53%), 5.80%,
07/21/37(g)(h)
 
1,000
1,003,454
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA,
Class AR2, (3-mo. CME Term SOFR + 1.13%), 5.40%,
04/20/38(g)(h)
 
1,000
999,104
OCP CLO Ltd., Series 2021-21A, Class AR, (3-mo. CME
Term SOFR + 1.18%), 5.45%, 01/20/38(g)(h)
 
1,000
999,768
OHA Credit Funding Ltd., Series 2024-17A, Class A, (3-
mo. CME Term SOFR + 1.48%), 5.75%, 04/20/37(g)(h)
 
1,000
1,003,176
Palmer Square CLO Ltd., Series 2020-3ARR, Class A1R2,
(3-mo. CME Term SOFR + 1.65%), 5.98%,
11/15/36(g)(h)
 
1,000
1,004,102
Rad CLO Ltd., Series 2023-22A, Class A1, (3-mo. CME
Term SOFR + 1.83%), 6.10%, 01/20/37(g)(h)
 
1,000
1,004,261
Sandstone Peak II Ltd., Series 2023-1A, Class C, (3-mo.
CME Term SOFR + 3.50%), 7.77%, 07/20/36(g)(h)
 
1,000
1,000,000
Silver Point CLO Ltd., Series 2024-4A, Class A1, (3-mo.
CME Term SOFR + 1.63%), 5.89%, 04/15/37(g)(h)
 
1,000
1,003,957
Sycamore Tree CLO Ltd.(g)(h)
 
Series 2023-3A, Class A1R, (3-mo. CME Term SOFR +
1.65%), 5.92%, 04/20/37
 
1,000
1,005,773
Series 2024-5A, Class A1, (3-mo. CME Term SOFR +
1.42%), 5.69%, 04/20/36
 
1,000
1,002,234
Series 2024-5A, Class B, (3-mo. CME Term SOFR +
2.25%), 6.52%, 04/20/36
 
1,000
1,002,001
Warwick Capital CLO Ltd., Series 2023-1A, Class B, (3-
mo. CME Term SOFR + 2.80%), 7.07%, 10/20/36(g)(h)
 
1,000
1,006,849
Total Asset-Backed Securities — 7.0%
(Cost: $24,912,127)
25,065,480
Corporate Bonds
Building Materials — 0.1%
Standard Industries, Inc., 4.75%, 01/15/28(h)
 
324
320,400
Commercial Services & Supplies — 0.2%
Block, Inc., 2.75%, 06/01/26
 
210
205,597
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Clarivate Science Holdings Corp., 3.88%, 07/01/28(h)
$
82
$ 78,599
Prime Security Services Borrower LLC/Prime Finance,
Inc., 5.75%, 04/15/26(h)
 
120
120,622
United Rentals North America, Inc., 6.00%, 12/15/29(h)
 
132
135,192
 
 
540,010
Diversified REITs — 0.1%
Iron Mountain, Inc., 7.00%, 02/15/29(h)
 
162
167,703
SBA Communications Corp., 3.13%, 02/01/29
 
225
212,507
 
 
380,210
Diversified Telecommunication Services — 0.0%
Level 3 Financing, Inc., 11.00%, 11/15/29(h)
 
7
7,852
Electric Utilities — 0.0%
Pattern Energy Operations LP/Pattern Energy Operations,
Inc., 4.50%, 08/15/28(h)
 
163
157,924
Financial Services — 0.0%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
2.88%, 10/15/26(h)
 
154
150,192
Food Products(h) — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC, 5.88%, 02/15/28
 
137
136,863
Lamb Weston Holdings, Inc., 4.13%, 01/31/30
 
133
126,828
 
 
263,691
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc., 4.63%, 07/15/28(h)
 
163
160,059
Health Care Providers & Services — 0.1%
IQVIA, Inc., 5.00%, 10/15/26(h)
 
208
207,787
Hotel & Resort REITs — 0.0%
RHP Hotel Properties LP/RHP Finance Corp., 4.50%,
02/15/29(h)
 
81
79,168
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Operating LLC, 4.75%, 03/15/28(h)
 
347
342,866
Internet Software & Services(h) — 0.1%
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
5.25%, 12/01/27
 
118
117,839
Match Group Holdings II LLC, 4.63%, 06/01/28
 
333
324,950
 
 
442,789
Machinery — 0.0%
Regal Rexnord Corp., 6.05%, 04/15/28
 
135
139,115
Media(h) — 0.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%,
02/01/28
 
291
288,319
Sirius XM Radio LLC, 5.00%, 08/01/27
 
148
146,732
 
 
435,051
Metals & Mining(h) — 0.2%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27
 
215
213,302
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29
 
165
166,332
Novelis Corp., 3.25%, 11/15/26
 
209
205,651
 
 
585,285
Oil, Gas & Consumable Fuels — 0.0%
Antero Midstream Partners LP/Antero Midstream Finance
Corp., 5.75%, 03/01/27(h)
 
25
24,969
4
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Passenger Airlines — 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%,
04/20/26(h)
$
22
$ 22,391
Semiconductors & Semiconductor Equipment — 0.1%
Entegris, Inc., 4.75%, 04/15/29(h)
 
218
215,582
Technology Hardware, Storage & Peripherals — 0.0%
Seagate HDD Cayman, 8.25%, 12/15/29
 
150
159,750
Total Corporate Bonds — 1.3%
(Cost: $4,603,970)
4,635,091
Floating Rate Loan Interests(g)
Aerospace & Defense — 0.1%
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.33%, 10/31/31
 
97
97,494
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.33%, 10/31/31
 
38
37,754
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.05%,
11/05/28
 
70
69,822
TransDigm, Inc.
 
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 02/28/31
 
262
262,933
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 01/19/32
 
37
36,772
 
 
504,775
Automobile Components — 0.1%
Allison Transmission, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.06%, 03/13/31
 
48
47,889
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.83%, 05/06/30
 
96
96,153
2025 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.08%, 01/28/32
 
25
25,016
Gates Corp.
 
2022 Term Loan B4, (1-mo. CME Term SOFR +
1.75%), 6.08%, 11/16/29
 
73
72,818
2024 Term Loan B5, (1-mo. CME Term SOFR +
1.75%), 6.08%, 06/04/31
 
97
97,186
 
 
339,062
Beverages — 0.0%
Sazerac Co., Inc., Term Loan B, 06/25/32(a)(i)
 
61
60,924
Broadline Retail — 0.0%
Fanatics Commerce Intermediate Holdco LLC, Term Loan
B, (1-mo. CME Term SOFR + 3.36%), 7.69%,
11/24/28(a)
 
20
19,565
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.35%), 6.67%,
07/31/26
 
52
51,713
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31
 
38
37,763
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.83%, 05/13/29
 
19
19,631
 
 
109,107
Security
 
Par
(000)
Value
Capital Markets — 0.1%
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 6.05%, 12/20/29
$
79
$ 78,901
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31
 
89
89,440
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31
 
32
31,880
 
 
200,221
Chemicals — 0.1%
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR + 1.75%), 6.08%, 12/18/30
 
86
86,424
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30
 
35
35,569
INEOS U.S. Finance LLC
 
2021 USD Term Loan B, (1-mo. CME Term SOFR +
2.60%), 6.93%, 11/08/28
 
47
45,479
2023 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.58%, 02/18/30
 
57
54,665
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
8.58%, 10/07/31
 
35
31,771
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.33%,
11/26/31
 
45
44,719
 
 
298,627
Commercial Services & Supplies — 0.3%
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30
 
166
166,104
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.18%,
09/07/27
 
90
89,954
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28
 
94
94,350
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31
 
163
161,199
MX Holdings U.S., Inc., 2025 USD Term Loan B,
03/17/32(a)(i)
 
15
15,056
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32
 
47
46,941
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.32%, 10/13/30
 
53
53,462
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32
 
20
19,759
Reworld Holding Corp , Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28
 
74
74,150
Reworld Holding Corp.
 
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.25%), 6.57%, 11/30/28
 
51
50,985
2025 Term Loan C, (1-mo. CME Term SOFR at 0.50%
Floor + 2.25%), 6.57%, 11/30/28
 
3
2,808
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.56%, 11/30/28
 
6
5,725
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
08/31/28
 
138
137,383
Vestis Corp., Term Loan, (3-mo. CME Term SOFR +
2.25%), 6.58%, 02/22/31
 
23
22,209
 
 
940,085
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Communications Equipment — 0.0%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30
$
90
$ 90,823
Construction & Engineering — 0.0%
Pike Corp., 2021 Incremental Term Loan B, 01/21/28(i)
 
30
30,154
Construction Materials — 0.1%
Quikrete Holdings, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.58%, 03/19/29
 
83
82,675
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.58%, 02/10/32
 
170
169,278
Smyrna Ready Mix Concrete LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR + 3.00%), 7.32%, 04/02/29
 
23
23,628
 
 
275,581
Consumer Staples Distribution & Retail — 0.0%
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31
 
93
93,239
Containers & Packaging — 0.0%
Colossus Acquireco LLC, Term Loan B, 06/11/32(i)
 
85
84,384
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.08%, 03/04/32
 
20
20,016
 
 
104,400
Diversified Consumer Services — 0.0%
Bright Horizons Family Solutions LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.08%, 11/24/28
 
115
115,263
Diversified REITs — 0.0%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.33%, 05/20/30
 
58
58,083
Electric Utilities — 0.0%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31
 
100
99,942
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo.
CME Term SOFR + 1.75%), 6.08%, 12/20/30
 
30
29,833
 
 
129,775
Electronic Equipment, Instruments & Components — 0.0%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(a)
 
36
35,640
Entertainment — 0.1%
Delta 2 Lux SARL
 
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.30%, 09/30/31
 
66
65,969
2024 Term Loan B2, 09/30/31(i)
 
33
32,914
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME
Term SOFR + 2.86%), 7.19%, 03/13/28
 
75
74,000
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31
 
82
81,858
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31
 
191
191,180
 
 
445,921
Financial Services — 0.2%
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29
 
106
106,451
Security
 
Par
(000)
Value
Financial Services (continued)
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31
$
195
$ 195,444
Boost Newco Borrower LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.30%, 01/31/31
 
143
143,579
CPI Holdco B LLC
 
2024 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31
 
44
43,945
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%),
6.33%, 05/19/31
 
106
106,005
WEX, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 6.08%, 03/31/28
 
60
59,540
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32
 
25
24,860
 
 
679,824
Food Products — 0.0%
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29
 
47
47,373
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28
 
96
95,820
 
 
143,193
Ground Transportation — 0.1%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo.
CME Term SOFR + 1.86%), 6.19%, 08/06/27
 
46
45,588
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31
 
166
164,763
 
 
210,351
Health Care Equipment & Supplies — 0.0%
Insulet Corp., 2025 Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.33%, 08/04/31
 
27
26,947
Health Care Providers & Services — 0.1%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27
 
8
8,060
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.33%, 07/26/31
 
54
53,865
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.30%,
07/03/28
 
36
36,054
Medline Borrower LP, 2024 USD Add-on Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.58%, 10/23/28
 
254
254,486
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME
Term SOFR + 2.25%), 6.58%, 10/27/28
 
52
52,819
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.30%,
07/03/28
 
9
8,983
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 6.08%, 08/01/31
 
39
38,980
 
 
453,247
Hotels, Restaurants & Leisure — 0.4%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.08%, 09/20/30
 
149
147,955
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.58%, 02/06/31
 
67
67,024
6
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc. (continued)
 
Term Loan B, (1-mo. CME Term SOFR + 2.25%),
6.58%, 02/06/30
$
123
$ 122,792
Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term
SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27
 
5
5,542
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32
 
45
44,744
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30
 
67
66,870
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.30%,
06/04/32(a)
 
30
29,962
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.08%, 11/30/29
 
78
78,651
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30
 
201
201,597
Life Time, Inc., 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.53%, 11/05/31
 
13
12,961
Light & Wonder International, Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.56%, 04/14/29
 
106
106,137
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29
 
94
94,465
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.33%, 12/04/31
 
73
72,417
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.33%,
05/01/31
 
22
21,835
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31
 
113
112,711
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
05/24/30
 
181
181,548
 
 
1,367,211
Household Durables — 0.0%
Somnigroup International, Inc., Term Loan B, 10/24/31
 
6
6,010
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 2.00%), 6.33%, 07/31/30
 
106
106,521
Talen Energy Supply LLC, 2024-1 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.81%, 12/15/31
 
73
72,783
 
 
179,304
Industrial Conglomerates — 0.1%
Beach Acquisition Bidco LLC, USD Term Loan B,
06/25/32(a)(i)
 
31
30,923
EMRLD Borrower LP
 
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.83%, 08/04/31
 
54
53,471
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.50%), 6.83%, 05/31/30
 
108
108,252
 
 
192,646
Insurance — 0.0%
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31
 
99
99,334
Security
 
Par
(000)
Value
Interactive Media & Services — 0.0%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 7.08%, 01/31/31
$
59
$ 57,905
IT Services — 0.2%
ASGN, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
+ 1.75%), 6.08%, 08/30/30
 
12
11,808
Asurion LLC
 
2023 Term Loan B11, (1-mo. CME Term SOFR at
0.00% Floor + 4.35%), 8.68%, 08/19/28
 
115
113,375
2024 Term Loan B12, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.58%, 09/19/30
 
70
68,013
2025 Term Loan B13, 09/19/30(i)
 
55
53,755
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.28%, 06/12/31
 
45
44,337
Go Daddy Operating Co. LLC
 
2024 Term Loan B7, (1-mo. CME Term SOFR +
1.75%), 6.08%, 05/30/31
 
29
28,732
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 6.08%, 11/09/29
 
139
139,396
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(i)
 
56
56,437
World Wide Technology Holding Co. LLC, 2024 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.56%, 03/01/30(a)
 
15
15,463
 
 
531,316
Machinery — 0.1%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
08/16/29
 
31
30,710
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR + 2.50%), 6.79%, 03/15/30
 
55
54,742
Generac Power Systems, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.07%,
07/03/31
 
33
32,999
JBT Marel Corp., Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.10%), 6.43%, 01/02/32
 
11
11,000
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27
 
90
90,243
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR +
2.11%), 6.44%, 10/04/28
 
48
48,528
 
 
268,222
Media — 0.0%
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.30%, 12/07/30
 
35
35,299
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.55%, 12/15/31
 
25
24,910
 
 
60,209
Oil, Gas & Consumable Fuels — 0.1%
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%,
10/04/30
 
29
28,735
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30
 
23
22,943
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 6.07%, 04/07/32
 
43
43,299
Oryx Midstream Services Permian Basin LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.57%, 10/05/28
 
84
84,263
Consolidated Schedule of Investments
7
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
WhiteWater DBR HoldCo LLC, 1st Lien Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.56%, 03/03/31
$
27
$ 26,798
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.57%, 06/16/32
 
16
15,977
Whitewater Whistler Holdings LLC, 2024 Refinancing
Term Loan, (3-mo. CME Term SOFR at 0.00% Floor +
1.75%), 6.05%, 02/15/30
 
60
60,291
 
 
282,306
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B,
05/28/32(i)
 
76
76,418
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 03/21/31
 
105
104,672
American Airlines, Inc., 2023 1st Lien Term Loan, (6-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.51%,
06/04/29
 
86
85,269
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.28%,
02/22/31
 
81
81,247
 
 
347,606
Pharmaceuticals — 0.1%
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME
Term SOFR + 1.85%), 6.17%, 08/01/27
 
106
105,994
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28
 
122
122,112
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29
 
53
52,970
 
 
281,076
Professional Services — 0.2%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31
 
102
101,984
CACI International, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 10/30/31
 
20
19,838
Corpay Technologies Operating Co. LLC, Term Loan B5,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.08%, 04/28/28
 
181
181,174
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(a)
 
62
62,372
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29
 
102
101,625
Trans Union LLC, 2024 Term Loan B8, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31
 
232
232,161
 
 
699,154
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche
2 Incremental Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.58%, 01/31/30
 
15
15,217
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment — 0.0%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29
$
20
$ 19,726
MKS Instruments, Inc., 2025 USD Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.32%, 08/17/29
 
124
124,676
 
 
144,402
Software — 0.2%
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR + 2.00%), 6.33%, 01/23/32
 
56
55,838
Gen Digital, Inc.
 
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%),
6.08%, 09/12/29
 
163
162,848
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 6.08%, 04/16/32
 
21
20,953
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28
 
169
169,342
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.00%), 7.30%, 04/30/32
 
20
20,141
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.33%,
05/09/31
 
126
126,937
ZoomInfo LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 02/28/30
 
10
9,834
 
 
565,893
Textiles, Apparel & Luxury Goods — 0.0%
Crocs, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 6.58%, 02/19/29
 
48
47,912
Trading Companies & Distributors — 0.1%
Core & Main LP, 2024 Term Loan E, (6-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31
 
83
83,062
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME
Term SOFR + 2.25%), 6.58%, 05/12/30
 
128
127,594
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32
 
38
38,111
 
 
248,767
Wireless Telecommunication Services — 0.0%
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
01/25/31
 
119
119,067
Total Floating Rate Loan Interests — 3.0%
(Cost: $10,874,381)
10,878,364
Total Long-Term Investments — 94.3%
(Cost: $281,165,600)
339,347,623
 
8
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.20%(j)(k)
 
1,710,472
$   1,710,472
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 4.7%
U.S. Treasury Bills(l)
 
4.28%, 07/01/25
$
14,000
14,000,000
4.18%, 07/15/25
 
3,000
2,995,156
 
16,995,156
Total Short-Term Securities — 5.2%
(Cost: $18,705,677)
18,705,628
Total Investments — 99.5%
(Cost: $299,871,277)
358,053,251
Other Assets Less Liabilities — 0.5%
1,620,804
Net Assets — 100.0%
$ 359,674,055
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $298,768,688, representing 83.1% of its net assets as of
period end, and an original cost of $240,775,122.
(d)
Investment does not issue shares.
(e)
Investment is held by a wholly-owned subsidiary.
(f)
Convertible security.
(g)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(h)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(i)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
(l)
Rates are discount rates or a range of discount rates as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
03/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares
Held at
06/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 2,528,142
$ —
$ (817,670
)(a)
$ —
$ —
$ 1,710,472
1,710,472
$ 39,751
$ —
 
(a)
Represents net amount purchased (sold).
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Reference
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
DoubleVerify
Holdings, Inc.
At Termination
1-day SOFR minus
0.07%, 4.45%
At Termination
BNP Paribas SA
N/A
07/16/25
USD
1,256
$ 370,377
$ —
$ 370,377
Topgolf Callaway
Brands Corp.
At Termination
1-day SOFR minus
0.07%, 4.45%
At Termination
BNP Paribas SA
N/A
07/16/25
USD
473
239,425
—
239,425
Consolidated Schedule of Investments
9
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
 
OTC Total Return Swaps (continued)
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Reference
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
DoubleVerify
Holdings, Inc.
At Termination
1-day SOFR minus
0.05%, 4.45%
At Termination
BNP Paribas SA
N/A
08/22/25
USD
79
$ 22,151
$ —
$ 22,151
Topgolf Callaway
Brands Corp.
At Termination
1-day SOFR minus
0.05%, 4.45%
At Termination
BNP Paribas SA
N/A
08/22/25
USD
190
66,470
—
66,470
 
 
 
 
 
 
 
$ 698,423
$ —
$ 698,423
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Private Equity Investments
Direct Investments
$ —
$ —
$ 235,675,505
$ 235,675,505
Primary Investments
—
—
2,006,465
2,006,465
Secondary Investments
—
—
61,086,718
61,086,718
Asset-Backed Securities
—
25,065,480
—
25,065,480
Corporate Bonds
—
4,635,091
—
4,635,091
Floating Rate Loan Interests
—
10,608,459
269,905
10,878,364
Short-Term Securities 
Money Market Funds
1,710,472
—
—
1,710,472
U.S. Treasury Obligations
—
16,995,156
—
16,995,156
 
$1,710,472
$57,304,186
$299,038,593
$358,053,251
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ —
$ 698,423
$ —
$ 698,423
 
(a)
Derivative financial instruments are swaps contracts. Swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument.
10
Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Private Investments Fund
 
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Direct
Investments
Primary
Investments
Secondary
Investments
Floating
Rate Loan
Interests
Total
Assets
Opening balance, as of March 31, 2025
$ 211,919,649
$ 1,553,657
$ 59,346,426
$ 428,415
$ 273,248,147
Transfers into Level 3
—
—
—
35,685
35,685
Transfers out of Level 3
—
—
—
(197,498
)
(197,498
)
Other(a)
(194,833
)
—
(31,964
)
—
(226,797
)
Accrued discounts/premiums
—
—
—
(2
)
(2
)
Net realized gain (loss)
203,133
—
—
(2,085
)
201,048
Net change in unrealized appreciation (depreciation)(b)
18,408,678
63,028
1,604,708
1,538
20,077,952
Purchases
7,231,732
389,780
167,548
136,506
7,925,566
Sales
(1,892,854
)
—
—
(132,654
)
(2,025,508
)
Closing balance, as of June 30, 2025
$ 235,675,505
$ 2,006,465
$ 61,086,718
$ 269,905
$ 299,038,593
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b)
$ 18,806,637
$ 63,028
$ 1,604,708
$ 816
$ 20,475,189
 
(a)
Includes return of capital and/or capitalized expenses from Portfolio Companies and/or Portfolio Funds investments.
(b)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $269,905. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Direct Investments
$235,675,505
Market
EBITDA Multiple
3.25x - 29.56x
12.62x
 
 
EBIT Multiple
20.00x
—
 
 
Revenue Multiple
1.35x - 18.00x
9.05x
 
 
Volatility
39% -52%
45%
 
 
Time to Exit
0.3 - 3.0 years
1.8 years
 
 
Liquidity Discount
5%
—
 
 
Book Value Multiple
3.01x
—
 
Income
Discount
16%
—
 
 
Yield
100%
—
 
 
 
 
 
Primary Investments
2,006,465
Market
Market Adjustment Factor
1.01x - 1.04x
1.01x
 
 
 
 
 
Secondary Investments
61,086,718
Market
Market Adjustment Factor
0.99x - 1.04x
1.01x
 
 
 
 
 
 
$298,768,688
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
AUD
Australian Dollar
EUR
Euro
GBP
British Pound
USD
United States Dollar
 
Portfolio Abbreviation 
CLO
 Collateralized Loan Obligation
DAC
 Designated Activity Company
GO
 General Obligation Bonds
SCA
 Societe en Commandite par Actions
SOFR
 Secured Overnight Financing Rate
Consolidated Schedule of Investments
11