BlackRock Targets Raising $400B in Private Market Funds by 2030

Globe and Mail

13-06-2025

BlackRock BLK is targeting $400 billion in private markets fundraising by 2030. In its investor presentation, the firm predicted that the private credit market could expand to $4.5 trillion in 2030 from $1.6 trillion last year.
As the private credit market emerges as a lucrative sector in global finance, BlackRock has been strategizing to enhance its capabilities in the market by integrating investments, technology and data across the entire portfolio.
In the presentation, the company mentioned that it aims to double its operating income and market capitalization by 2030. BLK targets its adjusted operating income to double to $15 billion by 2030 and its market cap to reach $280 billion.
Showing further optimism, management mentioned that it has set its annual revenue target at more than $35 billion for 2030, implying a five-year compound annual growth rate of 10%. In 2024, the company earned revenues of $20 billion.
Further, in these five years, the company expects organic base fee growth of 5% or more and its adjusted operating margin to be 45% or more.
BlackRock's Foray Into the Private Markets
Over the past year, BlackRock has committed nearly $28 billion to acquiring private-asset firms.
In October 2024, it acquired Global Infrastructure Partners (GIP) for $12.5 billion to enhance its infrastructure offerings and origination capabilities. In December, it announced an agreement to acquire HPS Investment Partners for $12 billion in an all-equity transaction.
BLK expects that once the HPS acquisition is complete, it will have about $220 billion of private credit client assets, adding to the more than $225 billion it had in private equity, infrastructure and real estate at the end of the first quarter of 2025.
In May 2025, BlackRock acquired Preqin, a premier provider of private markets data, for $3.2 billion (£2.55 billion) in cash.
The Preqin buyout represents a strategic expansion of BlackRock's Aladdin technology business into the private markets data segment. Preqin brings a substantial client base to BlackRock, including more than 4,000 relationships with general partners, limited partners and service providers.
BlackRock has also collaborated with Partners Group to combine a varied pool of private assets into a single portfolio of alternatives for retail clients. Further, BLK is integrating private equity and credit investments into pre-built portfolios to cater to rising demand among individual investors. It designed model portfolios that combine publicly traded stocks and bonds alongside more sophisticated private equity and credit funds, with plans to add other alternatives over time. The company claims the offering to be the first of its kind in the asset management industry.
Our View on BlackRock
BLK's inorganic expansion strategy to boost its presence in alternatives and private equity assets, alongside its product diversification efforts, will likely aid top-line and assets under management growth.
Moreover, the company's efforts to strengthen its iShares unit (offering more than 1,400 ETFs globally) and ETF operations (received approval for spot Bitcoin and ether ETFs), along with its increased focus on the active equity business, will aid financials.
The combination of HPS Investment, Preqin and GIP data with BLK's alternative asset management platform, eFront, will drive solid revenue growth.
BLK's Price Performance & Zacks Rank
Over the past year, BLK shares have gained 28.5%, outperforming the industry 's 16.9% growth.
Currently, BlackRock carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Like BLK, Other Firms Expanding in the Private Credit Market
This February, JPMorgan JPM announced an additional $50 billion allocation toward direct lending, solidifying its presence in the credit market. The move, unveiled at its 30th annual Global Leveraged Finance Conference, signals the company's intent to become a dominant force in private credit.
Since 2021, JPMorgan has deployed more than $10 billion across 100+ private credit transactions, leveraging its extensive client base and vast origination platform. The bank's partnerships with multiple co-lenders have further strengthened its position, bringing in an additional $15 billion in capital. According to Kevin Foley, global head of Capital Markets at JPM, the company's ability to integrate its origination platform with lender partners has significantly increased deal flow and lending capacity.
In 2024, Citigroup C inked a deal with Apollo for its subsidiary and certain affiliates of Apollo to establish a revolutionary $25-billion private credit, direct lending program. The program will initially focus on North America, potentially expanding to additional geographies. Both Citigroup and Apollo expect the program to finance approximately $25 billion of debt opportunities over the next several years, including corporate and financial sponsor transactions.
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