Form DEFA14A BlackRock ESG Capital

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

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:

BLACKROCK ESG CAPITAL ALLOCATION TERM TRUST

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

Vote before it’s too late ESG Capital Allocation Term Trust (ECAT) Make your voice heard, protect your investment Leading proxy advisors Glass Lewis and Egan-Jones recommend voting on the WHITE card and For All Board Nominees HOW TO VOTE THIS VOTING CARD IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING “FOR” THE PROPOSAL To Elect the Class I, Class II and Class III Board Member Nominees. For Against Abstain 1.1 Cynthia L. Egan (Class I) 1.2 Lorenzo A. Flores (Class I) 1.3 Stayce D. Harris (Class I) 1.4 R. Glenn Hubbard (Class II) 1.5 W. Carl Kester (Class II) 1.6 John M. Perlowski (Class II) 1.7 Robert Fairbairn (Class III) 1.8 J. Phillip Holloman (Class III) 1.9 Arthur P. Steinmetz (Class III)

Don’t risk significant changes to your investment and consistent distributions — vote today Voting is simple Vote online Vote by phone Vote by mail By scanning the QR code or By calling the number on your By completing and returning using the website provided on enclosed WHITE card or your enclosed WHITE card your enclosed WHITE card using the ProxyVote app in the postage paid envelope provided ? If you have any questions about the proposals to be voted upon, please feel free to contact BlackRock’s proxy solicitor – Georgeson LLC – toll free at 1-866-961-8444. Important information about the Fund This material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock ESG Capital Allocation Term Trust (ECAT). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities. Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and net asset value (NAV) will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and NAV of a fund’s shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount. © 2026 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. May 2026 | BlackRock ESG Capital Allocation Term Trust (ECAT) Not FDIC Insured • May Lose Value • No Bank Guarantee ECAT_2026_FL7