BlackRock is targeting $400bn (£294bn) of cumulative fundraising in private markets between now and 2030, as part of an ambitious plan to boost total revenue to $35bn.
The world’s largest asset manager has been making a push into alternatives to diversify away from its core public markets business and benefit from the higher fees generated from private assets.
Private markets and technology currently make up 15 per cent of BlackRock’s $20bn revenue, according to a presentation unveiled ahead of its investor day.
It is looking to grow this to 30 per cent of total revenue of $35bn by 2030.
BlackRock last year revamped its private credit division and made a series of acquisitions to boost its alternatives business.
It acquired Global Infrastructure Partners, data provider Preqin and HPS Investment Partners, spending around $28bn in total.
BlackRock’s chief executive Larry Fink has previously said that private credit will be a “primary growth” driver for the business, while the firm’s analysis has forecasted rapid growth in direct lending.
BlackRock’s first-quarter results, released in April, showed that the firm attracted $84bn (£64.1bn) of inflows in the first quarter of 2025, of which $7.1bn was channelled into private markets.
As part of its growth plans, BlackRock is also making inroads into the wealth market.
Last year, BlackRock announced that it had partnered with Euroclear to expand the distribution of its private market funds, including its private debt strategies, via Euroclear’s FundsPlace.
And it teamed up with Partners Group to launch a multi-private markets product that will enable retail investors to access alternative investments, including private debt.
