Professional Documents
Culture Documents
The “Four P’s” are the core elements of bottom-up decision making in a detailed and robust
investment process
Emphasis is on downside risk protection through manager due diligence and effective portfolio
construction
PEP seeks fund managers that exhibit consistency, skill and execution across the “Four P’s”:
Please note that the above process applies to all investments in underlying funds made by the BlackRock PEP Investment Team, including all strategies discussed herein.
Relative ranking of fund managers based on qualitative and quantitative factor scores
• Performance attributes (50% weighting)
– Track record (20%)
– Unrealized portfolio status (10%)
– Risk management: Investment pace, use of leverage, covenant issues (10%)
– Portfolio value creation: Operational value-add of GP, purchase price discipline, effective use of capital, ability to exit efficiently (10%)