BlackRock announced an ambitious goal to raise $400 billion in private markets by 2030 during its 2025 investor day on Thursday, as part of a broader strategy to increase total revenue to $35 billion. The firm is intensifying its focus on alternative investments to diversify from its core public markets business and capitalize on the higher fees generated by private assets. 

Currently, private markets and technology account for 15% of BlackRock’s $20 billion annual revenue, according to a presentation released ahead of the investor day. The firm aims to double this contribution to 30% of total revenue, reflecting a strategic pivot toward high-growth, high-margin segments.  

To bolster its alternatives platform, BlackRock made significant acquisitions in 2024, spending approximately $28 billion to acquire Global Infrastructure Partners (GIP), data provider Preqin, and HPS Investment Partners. The acquisition of GIP enhanced BlackRock’s infrastructure capabilities, while Preqin strengthened its private markets data analytics, and HPS expanded its private credit expertise. 

Additionally, BlackRock restructured its private credit division in 2024 to streamline operations and position private credit as a “primary growth” driver, emphasized by CEO Larry Fink. The firm’s first-quarter 2025 results, reported in April, demonstrated early success, with $84 billion in total inflows, including $7.1 billion directed to private markets.  

To expand access to private markets, BlackRock is targeting the wealth management sector. In 2024, the firm partnered with Euroclear to distribute its private market funds, including private debt strategies, through Euroclear’s FundsPlace platform, enhancing reach to European wealth managers. Additionally, a collaboration with Partners Group launched a multi-private markets product designed for retail investors, offering exposure to private debt, private equity, and other alternatives.