BlackRock announced a major strategic pivot, setting a target of $400 billion in gross private markets fundraising by 2030. This signals a fundamental reorientation of the world’s largest asset manager toward alternatives, infrastructure, and blockchain-based tokenization.
The firm completed three key acquisitions to build this infrastructure: Global Infrastructure Partners (GIP) in 2024, HPS Investment Partners in 2025 for private credit, and data provider Preqin in 2025.
BlackRock is distributing these new strategies to wealth and retirement investors through “evergreen and semi-liquid structures.”
Tokenization is central to this vision. BlackRock’s BUIDL tokenized treasury fund, launched in 2024, has grown to approximately $2 to $2.5 billion in assets under management. CEO Larry Fink has explicitly linked the growth of private markets to tokenization, targeting asset classes like real estate and infrastructure.
By the end of 2025, BlackRock was managing nearly $80 billion in digital asset exchange-traded products and backing over $65 billion in stablecoin reserves.
BlackRock expects private markets and technology to contribute more than 20% of its long-term revenue. The firm is targeting insurers, wealth management channels, and retirement plans as primary buyers.
A key risk: this vision depends on regulators permitting retirement accounts and insurance portfolios to hold tokenized private assets at scale. BlackRock’s choice of blockchain networks will influence where institutional liquidity concentrates.