BlackRock Plans to Raise $400 Billion in Private Capital Commitments

BlackRock Inc, which manages $11.6 trillion assets, seeks to gross fundraise $400 billion in private capital commitments by 2030, largely through its private wealth and insurance investors, according to an investor presentation on Thursday.

The firm also aims to bring in $35 billion in revenue by 2030, compared with $20 billion in 2024, largely through management fees paid on private market products, and to double its market cap to $280 billion by managing assets across stocks, bonds, cash management and increasingly alternative and higher-fee markets by the end of the decade, according to a PitchBook report.

Last year, BlackRock pushed deeper into the private markets with two massive acquisitions of alternative asset managers. In October, its acquisition of Global Infrastructure Partners (GIP) boosted its overall private market assets under management (AUM) by 40%.

The second acquisition in December was credit firm HPS Investment Partners, bringing in around $220 billion of additional assets under its supervision, and private-markets data firm Preqin PitchBook said.

GIP’s fifth flagship fund has already brought in more than $25 billion of Limited Partners (LP) commitments. A key part of reaching the new goals will be private markets, where long-time leveraged-buyout titans such as Blackstone Inc. and KKR & Co. traditionally dominate. BlackRock has committed about $28 billion over the past year or so for acquiring private-asset firms to elbow in on the space.

BlackRock’s Chief Financial Officer Martin Small, who made the presentation, said that the firm’s 2030 strategy includes continuing to grow the firm with a top-five position in infrastructure and private credit markets. Small envisions existing clients, like insurers, family offices and sovereign wealth funds, moving more of their assets to private markets within BlackRock.

That shift is driving the firm’s goal of $400 billion in private markets fundraising from this year through 2030. The firm has said it will have about $220 billion of private credit client assets once it completes the HPS acquisition, adding to the more than $225 billion it had in private equity, infrastructure and real estate at the end of March.

BlackRock’s presentation also predicted that the private credit market could expand to $4.5 trillion in 2030 from $1.6 trillion last year, and it said that HPS’s track record has facilitated consistent fundraising momentum.

BlackRock aims to capitalise on its relationships with insurers to boost its credit business, and cited Japan and private high-grade credit as opportunities for growth in 2030.

Annual Letter

In his most recent annual letter to investors, BlackRock CEO Larry Fink called for the “unlocking” of the private markets to the high-net-worth and individual investor channels, a nod to the firm’s strategic push into those areas. Using products like evergreen funds and perpetual capital vehicles, the firm also plans to extend its reach into the private wealth channel with HPS’s network, according to the presentation.

The move toward private wealth dollars signals BlackRock’s ambitions to follow—and eventually take market share away from—its largest competitors. Assets in perpetual capital strategies at the largest publicly traded alternative asset managers, including Blackstone, Apollo, KKR, Carlyle, Ares, TPG and Blue Owl, totalled $1.7 trillion at the end of Q1 2025, about 41% of the firms’ cumulative AUM, Fink said.