The Wall Street bank wants to find the next generation of technology companies in Europe.
BlackRock attracted some of the world’s largest institutional investors when a major stake was sold this month.
The virus has thrown the global economy into disarray, discouraging lenders from providing financing.
The new venture will focus on acquiring and managing legacy life insurance and annuities portfolios across Europe.
Trade wars and regulatory hurdles are slowing down deal making, the firm's analysts said.