BlackRock Inc. BLK has been deepening its presence in private markets through opportunistic acquisitions, strategic collaborations and product diversification. Earlier this month, it acquired Elmtree Funds, which is part of the company’s long-term goal to raise $400 billion for private markets by 2030.
The Elmtree buyout builds on the acquisition of HPS Investment Partners in July 2025, reinforcing its push into private credit and real estate assets. Over the past year, BlackRock has invested more than $28 billion to strengthen its position in the high-growth private markets space. In addition to acquiring HPS in July 2025, it purchased Preqin, a leading private markets data provider, in March, and Global Infrastructure Partners, the largest independent infrastructure manager, in October 2024.
In his April shareholder letter, BlackRock CEO Larry Fink emphasized the company’s pivot toward private markets, suggesting the traditional 60/40 portfolio could evolve into a 50/30/20 mix of stocks, bonds and private assets, respectively, to deliver stronger returns.
Reflecting this shift, in June, BLK unveiled plans to launch a target-date fund, offered through Great Gray Trust. The fund will incorporate private equity, private credit and other alternative investments. The company has also collaborated with Partners Group to combine a varied pool of private assets into a single portfolio of alternatives for retail clients.
As of June 30, 2025, BlackRock had $215.2 billion in private markets assets under management (AUM), reflecting a surge of 56.1% from the prior year quarter. Further, revenues from private markets were $1.1 billion during the first half of 2025, recording a surge of 62.8% on a year-over-year basis.
BLK’s expansion into private markets, along with rising investor demand for alternatives, is likely to support its AUM and revenue growth.
What BlackRock’s Peers Are Doing?
Like BlackRock, its peers, T. Rowe Price TROW and Franklin Resources, Inc. BEN have been expanding into alternative markets to strengthen their market share and diversify revenue streams.
Earlier this month, T. Rowe Price partnered with Goldman Sachs GS to offer a diversified suite of public and private market solutions tailored for retirement and wealth investors. As part of the collaboration, Goldman will invest roughly $1 billion in T. Rowe Price, acquiring a stake of about 3.5%.
The alliance will focus on expanding private market access for individuals, advisors and plan sponsors, offering Target-Date Strategies (mid-2026), model portfolios, multi-asset offerings, personalized advice and advisor-managed accounts. It will also give Goldman Sachs access to T. Rowe Price’s retirement-focused clients, combining stable income with growth potential.
In November 2024, State Street Global Advisors joined forces with Bridgewater Associates to boost its core alternative investment strategies, while, in September, State Street partnered with Apollo Global to enhance investors' accessibility to private markets.
Earlier this month, Franklin Resources collaborated with Copenhagen Infrastructure Partners (“CIP”), DigitalBridge and Actis to extend its infrastructure investment offerings for private clients. In June 2025, Franklin Resources agreed to acquire a majority interest in Apera Asset Management to expand its direct lending capabilities and strengthen its global alternatives platform.
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The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Franklin Resources, Inc. (BEN): Free Stock Analysis Report BlackRock (BLK): Free Stock Analysis Report T. Rowe Price Group, Inc. (TROW): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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