9AT: BLACKROCK ALTERNATIVES MANAGEMENT, LLC

other names

BLACKROCK ALTERNATIVES MANAGEMENT, LLC
GLOBAL ENERGY & POWER INFRASTRUCTURE II ADVISORS, L.L.C. ("RELYING ADVISER")
GLOBAL ENERGY & POWER INFRASTRUCTURE ADVISORS, L.L.C. ("RELYING ADVISER")

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name DELOITTE	Filing Date10/28/2025	Form ADV-E View Report
Accounting Firm Name DELOITTE	Filing Date10/24/2024	Form ADV-E View Report
Accounting Firm Name DELOITTE	Filing Date01/26/2024	Form ADV-E View Report

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count24	GAV$7,440,097,181
Fund TypePrivate Equity Fund	Count60	GAV$15,492,198,216
Fund TypeOther Private Fund	Count6	GAV$195,995,436

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ZEPHYR MANAGEMENT, L.P.	Hedge Fund95.0m	Liquidity Fund-	Private Equity Fund148.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund30.0m	Other Fund-	Total Private Fund GAV303.7m	AUM256.3m	#Funds31
Adviser COOK PINE CAPITAL LLC	Hedge Fund83.8m	Liquidity Fund-	Private Equity Fund257.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV340.8m	AUM490.3m	#Funds3
Adviser MERCED CAPITAL, L.P.	Hedge Fund54.5m	Liquidity Fund-	Private Equity Fund230.4m	Real Estate Fund66.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV351.2m	AUM251.2m	#Funds8
Adviser ROSEMAWR MANAGEMENT LLC	Hedge Fund477.9m	Liquidity Fund-	Private Equity Fund445.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV923.6m	AUM843.6m	#Funds16
Adviser MAK CAPITAL	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund114.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.0b	AUM2.0b	#Funds7
Adviser AMERICAN INDUSTRIAL PARTNERS	Hedge Fund16.7b	Liquidity Fund-	Private Equity Fund748.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV17.5b	AUM17.5b	#Funds11
Adviser TENSILE CAPITAL MANAGEMENT LP	Hedge Fund1.7b	Liquidity Fund-	Private Equity Fund137.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM1.8b	#Funds9
Adviser DARSANA CAPITAL PARTNERS LP	Hedge Fund13.1b	Liquidity Fund-	Private Equity Fund3.6b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV16.7b	AUM16.7b	#Funds5
Adviser BOSTWICK CAPITAL LLC	Hedge Fund59.0m	Liquidity Fund-	Private Equity Fund186.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV245.4m	AUM245.4m	#Funds7
Adviser CORRE PARTNERS MANAGEMENT, LLC	Hedge Fund770.5m	Liquidity Fund-	Private Equity Fund300.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds9

Brochure Summary

Overview

1 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”).

As of Date	04/30/2026
Registration	SEC, Approved, 04/10/2017
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	17,995,819,636 23%
of that, discretionary	17,995,819,636 23%
Private Fund GAV^*	23,128,290,833 4%
Avg Account Size	499,883,879 13%
SMA’s	Yes
Private Funds	90 53

BLACKROCK ALTERNATIVES MANAGEMENT, LLC

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Overview