# EDGAR Filing Document

**Accession Number:** 0001816389
**File Stem:** 0001193125-26-216764
**Filing Date:** 2026-5
**Character Count:** 17853
**Document Hash:** cc521644cce7a15c514a4d44d0611aa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-216764.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-216764

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Private Investments Fund
- **CENTRAL INDEX KEY:** 0001816389

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94022
- **FILM NUMBER:** 26963253

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Private Investments Fund
- **CENTRAL INDEX KEY:** 0001816389

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**TENDER OFFER STATEMENT** 

**Under Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

**(Amendment No. 1)** 

## BlackRock Private Investments Fund
**(Name of Subject Company (Issuer))** 

**(Names of Filing Person(s) (Issuer))** 

**Common Shares of Beneficial Interest, Par Value $0.001 per Share** 

**(Title of Class of Securities)** 

**Institutional Shares – 09260N105** 

**Class D Shares – 09260N303** 

**Class S Shares – 09260N402** 

**Class T Shares – 09260N501** 

**(CUSIP Number of Class of Securities)** 

**John M. Perlowski** 

**BlackRock Private Investments Fund** 

**50 Hudson Yards** 

**New York, New York 10001** 

**(800) 882-0052** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Person(s))** 

***Copies to:***

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| | |
|:---|:---|
| **Margery K. Neale, Esq.**<br> **Jay Spinola, Esq.** | **Janey Ahn, Esq.** |
| **Willkie Farr & Gallagher LLP** | **BlackRock Advisors, LLC** |
| **787 Seventh Avenue** | **50 Hudson Yards** |
| **New York, New York 10019** | **New York, New York 10001** |

---

**April 30, 2026** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which this statement relates:

☐ third party tender offer subject to Rule 14d-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4

☐ going-private transaction subject to Rule 13e-3

☐ amendment to Schedule 13D under Rule 13d-2

Check the following box if the filing is a final amendment reporting the results of the tender offer. ☐

------

This Amendment No. 1 (this "Amendment") amends and supplements the Issuer Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission (the "SEC") by BlackRock Private Investments Fund, a Delaware statutory trust (the "Trust"), on April 30, 2026 (the "Schedule TO") and relates to the Trust's offer to purchase up to 5% of its issued and outstanding common shares of beneficial interest, par value $0.001 per share (including Institutional, Class D, Class S and Class T common shares, the "Shares"), as of March 31, 2026, in exchange for cash at a price equal to the net asset value ("NAV") per Share determined as of June 30, 2026, or a later date determined by the Trust if the Offer is extended (the "Valuation Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated April 30, 2026 (the "Original Offer to Purchase"), and in the related Letter of Transmittal, copies of which were previously filed as exhibits to the Schedule TO, and in the Supplement No. 1 to the Offer to Purchase, dated May 11, 2026 (the "Supplement" and together with the Original Offer to Purchase, the "Offer to Purchase"), a copy of which is filed as an exhibit to this Amendment.

This Amendment is being filed in satisfaction of the requirements of Rule 13e-4(c)(1) and (c)(3) promulgated under the Securities Exchange Act of 1934, as amended. Except as specifically provided herein, the information contained in the Schedule TO remains unchanged and this Amendment does not modify any of the information previously reported on the Schedule TO. Capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Offer to Purchase or the Schedule TO. This Amendment should be read together with the Schedule TO and the Offer to Purchase.

The Schedule TO is hereby amended and supplemented as follows:

**Item 6.** **Purposes of the Transaction and Plans or Proposals** <br>

Item 6 of the Schedule TO, to the extent such Item incorporates by reference the information contained in Section 3, "Plans or Proposals of the Trust," of the Offer to Purchase, is hereby amended and supplemented with the following information:

On May 7, 2026, the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee") approved the nomination of seven nominees (the "Board Nominees") for election to the Board at a special meeting of shareholders of the Trust scheduled to be held on July 22, 2026 (the "Shareholder Meeting"). Two of the Board Nominees are current Trustees of the Trust who were previously appointed to the Board. The remaining five Board Nominees have been proposed to be added to the Board to align the composition of the Board with the boards of directors/trustees of the other closed-end funds in the BlackRock Fixed-Income Complex. If all of the Board Nominees are elected by shareholders, the Board will consist of nine members.

**Item 11.** **Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares** <br>

Item 11 of the Schedule TO, to the extent such Item incorporates by reference the information contained in Section 10, "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares," of the Offer to Purchase, is hereby amended and supplemented with the following information:

On May 7, 2026, the Board, including a majority of the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended, approved a Second Amended and Restated Investment Management Agreement by and between the Trust and BlackRock Advisors, LLC, effective as of August 1, 2026 (the "Amended Investment Management Agreement"). The Amended Investment Management Agreement reduces the management fee payable by the Trust to the Investment Advisor from an annual rate of 1.75% of the Trust's net assets determined monthly to an annual rate of 1.50% of the Trust's net assets determined monthly. The Amended Investment Management Agreement does not reduce or modify the nature or level of services provided by the Investment Advisor to the Trust. Accordingly, effective as of August 1, 2026, the management fee payable by the Trust will be the contractual management fee rate of 1.50% under the Amended Investment Management Agreement.

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| | |
|:---|:---|
| **Item 12(a).** | **Exhibits**  |

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Item 12 of the Schedule TO is hereby amended and supplemented to add the following exhibit:

[(a)(1)(vi) Supplement No. 1 to the Offer to Purchase, dated May 11, 2026, is filed herewith.](d101765dex99a1vi.htm)

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| | |
|:---|:---|
| **Item 12(c).** | **Filing Fees**  |

---

[Filing Fee Exhibit is filed herewith.](d101765dexfilingfees.htm)

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **BlackRock Private Investments Fund** | **BlackRock Private Investments Fund** |
| By: | /s/ John M. Perlowski |
|  | Name: John M. Perlowski |
|  | Title: President and Chief Executive Officer |
|  | Dated: May 11, 2026 |

---

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**<u>Exhibit Index</u>**

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| | |
|:---|:---|
| (a)(1)(vi) | [Supplement No. 1 to the Offer to Purchase](d101765dex99a1vi.htm) |
|  | [Filing Fee Exhibit.](d101765dexfilingfees.htm) |

---

## Ex-99.(A)(1)(Vi)

**Exhibit (a)(1)(vi)** 

**BLACKROCK PRIVATE INVESTMENTS FUND** 

**c/o BlackRock Advisors, LLC** 

**50 Hudson Yards** 

**New York, New York 10001** 

**Supplement No. 1 to the Offer to Purchase** 

**Up to 5% of the Issued and Outstanding Common Shares** 

**of Beneficial Interest of BlackRock Private Investments Fund** 

**May 11, 2026** 

**THE OFFER TO PURCHASE AND WITHDRAWAL RIGHTS** 

**WILL EXPIRE AT 11:59 P.M., EASTERN TIME, ON MAY 29, 2026,** 

**UNLESS THE OFFER IS EXTENDED.** 

To the Common Shareholders of BlackRock Private Investments Fund:

This Supplement No. 1 (this "Supplement") hereby supplements and amends the information previously provided in the Offer to Purchase, dated April 30, 2026 (the "Original Offer to Purchase" and, together with this Supplement, as the same may be further amended or supplemented from time to time, the "Offer to Purchase"), and the related Letter of Transmittal of BlackRock Private Investments Fund, a Delaware statutory trust (the "Trust"). This Supplement should be read in conjunction with the Original Offer to Purchase. To the extent there are any conflicts between the information in this Supplement and the information in the Original Offer to Purchase, the information in this Supplement hereby replaces and supersedes such information. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Original Offer to Purchase.

On May 7, 2026, the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee") approved the nomination of seven nominees (the "Board Nominees") for election to the Board at a special meeting of shareholders of the Trust scheduled to be held on July 22, 2026 (the "Shareholder Meeting"). Two of the Board Nominees are current Trustees of the Trust who were previously appointed to the Board. The remaining five Board Nominees have been proposed to be added to the Board to align the composition of the Board with the boards of directors/trustees of the other closed-end funds in the BlackRock Fixed-Income Complex. If all of the Board Nominees are elected by shareholders, the Board will consist of nine members.

Accordingly, Section 3, "Plans or Proposals of the Trust," in the Original Offer to Purchase is hereby supplemented and amended to include the foregoing information regarding the Board Nominees and the Shareholder Meeting.

In addition, on May 7, 2026, the Board, including a majority of the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended, approved a Second Amended and Restated Investment Management Agreement by and between the Trust and BlackRock Advisors, LLC, effective as of August 1, 2026 (the "Amended Investment Management Agreement"). The Amended Investment Management Agreement reduces the management fee payable by the Trust to the Investment Advisor from an annual rate of 1.75% of the Trust's net assets determined monthly to an annual rate of 1.50% of the Trust's net assets determined monthly. The Amended Investment Management Agreement does not reduce or modify the nature or level of services provided by the Investment Advisor to the Trust. Accordingly, effective as of August 1, 2026, the management fee payable by the Trust will be the contractual management fee rate of 1.50% under the Amended Investment Management Agreement.

Accordingly, Section 10, "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares," in the Original Offer to Purchase is hereby supplemented and amended to include the foregoing information regarding the Amended Investment Management Agreement.

------

Except for the foregoing amendments, all other terms of the Offer, as described in the Original Offer to Purchase and related Letter of Transmittal, remain the same. Shareholders who have previously tendered (and not withdrawn) their Shares are not required to take any further action as a result of this Supplement. **If you are not interested in selling your Shares at this time, no action is necessary.**

**Neither the Trust nor its Board nor the Investment Advisor makes any recommendation to any shareholders as to whether to tender Shares for purchase or to refrain from tendering Shares in the Offer. No person has been authorized to make any recommendation on behalf of the Trust, its Board or the Investment Advisor as to whether shareholders should tender Shares for purchase pursuant to the Offer or to make any representation or to give any information in connection with the Offer other than as contained herein or in the Original Offer to Purchase. If made or given, any such recommendation, representation or information must not be relied upon as having been authorized by the Trust, its Board or the Investment Advisor. Shareholders are urged to carefully evaluate all information in the Offer, consult their own investment and tax advisers and make their own decisions whether to tender their Shares for purchase or refrain from participating in the Offer.** 

**Neither the SEC nor any state securities commission has approved or disapproved of the Offer, passed upon the fairness or merits of the Offer, or determined whether this Supplement is accurate or complete. Any representation to the contrary is a crime.** 

If you have any questions, please refer to the Original Offer to Purchase and related Letter of Transmittal or contact your financial adviser, broker/dealer or other financial intermediary which holds your shares. If your account is held directly at BlackRock, you may contact the Transfer Agent at (888) 204-3956.

\* \* \* \* \*

**Additional Information Regarding the Shareholder Meeting and Where to Find It.** 

As described above, on May 7, 2026, the Board approved the nomination of seven Board Nominees for election to the Board at the Shareholder Meeting. A proxy statement relating to the Shareholder Meeting (the "Proxy Statement") is expected to be filed with the SEC. The Proxy Statement will contain important information regarding the Board Nominees, the Shareholder Meeting and the proposal to elect the Board Nominees. See the Proxy Statement for further details regarding the qualifications, backgrounds and experience of the Board Nominees, the reasons for holding the Shareholder Meeting and the voting procedures.

This Supplement relates solely to the Offer and is not intended to, and does not, constitute a solicitation of a proxy from any shareholder of the Trust. The solicitation of proxies for the election of the Board Nominees will only be made by the Proxy Statement.

The Proxy Statement is expected to be filed with the SEC on or about June 2, 2026. After the Proxy Statement is filed with the SEC, it may be amended or withdrawn at any time.

The Trust and its trustees, officers and employees, and BlackRock and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to the election of the Board Nominees. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of such persons by reading the Proxy Statement, when available.

INVESTORS AND SHAREHOLDERS OF THE TRUST ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE ELECTION OF THE BOARD NOMINEES.

Shareholders may obtain free copies of the Proxy Statement and other documents filed with the SEC, when available, at the SEC's website at www.sec.gov. In addition, free copies of the Proxy Statement may also be obtained by directing a request to BlackRock at the number listed on the Proxy Statement, when available.

\* \* \* \* \*

SUPP_BPIF_0526

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | |
|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Amount of Filing Fee**  |
| Fees to be Paid |  |  |  |
| Fees Previously Paid | 1 | $23492343.81 | $3244.29 |
|  | Total Transaction Valuation: | $23492343.81  |  |
|  | Total Fees Due for Filing: |  | $3244.29  |
|  | Total Fees Previously Paid:  |  | $3244.29  |
|  | Total Fee Offsets:  |  | $0.00  |
|  | Net Fee Due:  |  | $0.00  |

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 **Offering Note** <br>

<sup>1</sup> (1) The transaction value is calculated as the aggregate maximum purchase price for Shares that could be purchased, based upon the net asset value of the Trust as of March 31, 2026. The fee of $3,244.29 was paid in connection with the filing of the Schedule TO-I by BlackRock Private Investments Fund (File No. 005-94022) on April 30, 2026 (the "Schedule TO"). This Amendment No. 1 to the Schedule TO is being filed to amend and supplement certain information contained in the Schedule TO and to file additional exhibits to the Schedule TO. (2) Calculated at $138.10 per $1,000,000 of the Transaction Value.

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|:---|
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| Fee Offset Claims |
| Fee Offset Sources |

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