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BlackRock (NYSE: BLK), the world’s largest asset manager, announced its ambition to grow annual revenue to over $35 billion by 2030, up from $20 billion in 2024. The New York-based firm, which manages $11.58 trillion in assets, revealed the target during its investor day, emphasizing a strategic pivot toward private markets and technology.
Key moves in 2024 included a $25 billion investment in Global Infrastructure Partners and HPS Investment Partners, expanding BlackRock’s footprint in infrastructure and private credit. The firm also completed a $3.2 billion acquisition of UK-based data provider Preqin, bolstering its capabilities in alternative data and analytics.
BlackRock aims to double its market cap to $280 billion and raise $400 billion cumulatively in private markets by 2030. It expects its private markets and technology divisions to contribute at least 30% of total revenue, up from 15% in 2024. These segments are seen as more profitable than traditional exchange-traded funds (ETFs), which remain a core part of BlackRock’s business through its iShares brand.
CEO Larry Fink highlighted in his 2025 letter to shareholders that global protectionism and income disparity can be addressed by democratizing access to high-return private assets like infrastructure and private credit. Analysts expect further updates on how BlackRock plans to replicate its success with ETFs in the private markets, possibly through index-based solutions using Preqin’s data.
Despite concerns over slower deal activity due to geopolitical tensions and tariff risks, BlackRock remains bullish on long-term private market growth. Investors are also watching for succession plans, as Fink, 72, continues to lead the firm amid recent executive exits.
BlackRock's evolving strategy positions it at the forefront of private market innovation and long-term revenue growth.
