BlackRock shifted growth focus to private markets and tech services after acquiring HPS, Global Infrastructure Partners, and Preqin for more than $27 billion, including a $12 billion all-equity purchase of HPS. Revenues from private market funds and tech subscriptions, including Preqin and Aladdin, have outpaced fixed-income funds and ETF fees each quarter since the GIP close. Private market assets rose by roughly $105 billion last quarter, with HPS contributing more than $100 billion. Fees from private market funds grew 136% through the first three quarters of 2025 versus 2024. Tech services revenue rose 12% year-over-year excluding Preqin, and iShares passed $5 trillion after record net inflows.
"Despite its world-beating iShares ETF line hitting new highs in the third quarter of 2025, managing more than $5 trillion in assets after record net inflows of more than $150 billion, it's not what the firm's leadership is excited about. Instead, CEO Larry Fink and his team are giddy about subscriptions and a business unit that represents less than 3% of its overall asset base."
"Since the GIP deal closed on October 1 of last year, revenues from private market funds and tech subscriptions, including Preqin and BlackRock's existing risk analytics platform Aladdin, have outpaced those from fixed-income funds and ETFs -once the firm's bread and butter - each quarter, and the gap is only going to grow."
Read at Business Insider
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