Saba Capital files proxy against BlackRock ESG Trust

TL;DR

Saba Capital is going head-to-head with BlackRock ESG Trust via proxy filing. Watch this space.

AI Summary

Saba Capital Management, L.P. is filing a definitive proxy statement (DEFC14A) on April 3, 2026, regarding BlackRock ESG Capital Allocation Term Trust. The filing concerns contested solicitations, indicating a potential dispute or differing viewpoints between Saba Capital and BlackRock regarding the Trust's management or strategy.

Why It Matters

This filing signals a potential proxy battle or significant disagreement between Saba Capital and BlackRock, which could impact the future direction and shareholder value of the BlackRock ESG Capital Allocation Term Trust.

Risk Assessment

Risk Level: medium — Proxy contests can lead to significant uncertainty and potential changes in management or strategy, impacting the investment.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filer of the proxy statement
• BlackRock ESG Capital Allocation Term Trust (company) — Subject of the proxy statement
• 0000902664-26-001867 (filing_id) — SEC Accession Number
• 2026-04-03 (date) — Filing Date

FAQ

Key Financial Figures

• $0.001 — hares of beneficial interest, par value $0.001 per share (the “Common Shares&rdq
• $100 million — fied private equity fund with more than $100 million under management, from 2001 to 2008. Pr

Filing Documents

• p26-0898defc14a.htm (DEFC14A) — 276KB
• image_010.jpg (GRAPHIC) — 4KB
• image_011.jpg (GRAPHIC) — 5KB
• image_012.jpg (GRAPHIC) — 4KB
• 0000902664-26-001867.txt ( ) — 297KB

From the Filing

14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Under Rule 14a-12 BlackRock ESG Capital Allocation Term Trust (Name of Registrant as Specified In Its Charter) Saba Capital Management, L.P. Saba Capital Master Fund, Ltd. Boaz R. Weinstein David Fried Shivaram Rajgopal Athanassios Diplas Ilya Gurevich Wayne Threatt Lihong Wang Thomas H. McGlade Geoffrey Gold (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. DATED April 3, 2026 BlackRock ESG Capital Allocation Term Trust __________________________ PROXY STATEMENT OF Saba Capital Management, L.P. _________________________ PLEASE SIGN, DATE AND MAIL THE ENCLOSED GOLD PROXY CARD TODAY This proxy statement (this “Proxy Statement”) and the enclosed GOLD proxy card are being furnished by Saba Capital Management, L.P. (“Saba Capital”), Saba Capital Master Fund, Ltd. (“Saba I”), Boaz R. Weinstein (“Mr. Weinstein,” and, together with Saba Capital and Saba I, “Saba,” “we,” or “us”) and the Nominees (as defined below) named in the Proposal (the Nominees together with Saba, the “Participants”), in connection with the solicitation of proxies from the shareholders of BlackRock ESG Capital Allocation Term Trust, a Maryland statutory trust and closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “Fund”). We have nominated a slate of highly qualified and independent Nominees for election to the Board. [1] Included among such Nominees are the Class I Nominees (as defined below) to serve as successors to the Class I trustees of the Fund, the Class III Nominees (as defined below) to serve as successors to the Class III Incumbent Trustees (as defined below) and the Class II Nominees (as defined below) to serve as successors to two of the three Class II Incumbent Trustees (as defined below). We are convinced that NOW is the time to take action to close the Fund’s discount and we urge shareholders to elect the Nominees, who we believe, if elected, would serve the best interests of all shareholders. We are therefore seeking your support at the upcoming 2026 annual meeting of shareholders, including any adjournments or postponements thereof and any special meeting which may be called in lieu thereof (the “Annual Meeting”), that is scheduled to be held at 1 University Square Drive, Princeton, NJ, 08540 on Tuesday, June 9, 2026 at 1 p.m. (Eastern Time). This Proxy Statement and the enclosed GOLD proxy card are first being furnished to the Fund’s shareholders on or about April 3, 2026. Saba is seeking your support at the Annual Meeting with respect to the following proposal (the “Proposal”) and to consider and act upon any other business that may properly come before the Annual Meeting. Proposal Our Recommendation 1. To elect Saba’s slate of four nominees — David Fried, Shivaram Rajgopal, and Athanassios Diplas (the “Class I Nominees”) — to serve as Class I trustees; Saba’s slate of three nominees — Ilya Gurevich, Wayne Threatt and Lihong Wang (the “Class III Nominees”) — to serve as successors to the trustees who are currently serving as holdover trustees in Class III (the “Class III Incumbent Trustees”); and Saba’s slate of two nominees – Thomas H. McGlade and Geoffrey Gold (the “Class II Nominees,” together with the Class I Nominees and the Class III Nominees, the “Nominees”) to serve as successors to two of the three trustees who are currently serving as holdover trustees in Class II (the “Class II Incumbent Trustees”). FOR ALL of the Nominees To transact such other business as may properly come before the Annual Meeting. ___________________ [1] See “PROPOSAL: ELECTION OF TRUSTEES”. Based on the Fund’s proxy statement for the Annual Meeting (the “Fund’s Proxy Statement”), the Board is currently comprised of nine trustees, divided into three classes. Each class is elected for a term of three years, with the term of one class of trustees expiring at each annual meeting of the shareholders. At the Annual Meeting, three Class I trustees, three Class III trustees and three Class II trustees are to be ele

View Full Filing

View this DEFC14A filing on SEC EDGAR