BlackRock Targets $400 Billion Private-Market Haul by 2030

BlackRock Inc., the world’s largest asset manager, boosted its annual revenue target for 2030 and set its first-ever firmwide target for private-markets fundraising at $400 billion by then.

The company’s “aspiration” for annual revenue is more than $35 billion in five years, compared with $20 billion in 2024, according to a presentation posted on its website Thursday ahead of its investor day. BlackRock, which oversees $11.6 trillion, seeks to double its market capitalization to $280 billion in five years by managing assets across stocks, bonds, cash management and increasingly alternative and higher-fee markets.

A key part of reaching the new goals will be private markets, where longtime 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.

Chief Executive Officer Larry Fink, 72, has prioritized transforming BlackRock into a major force in the private markets. Last year, the CEO struck deals to buy Global Infrastructure Partners, highly sought-after credit firm HPS Investment Partners and private-markets data firm Preqin. Fink also waded into geopolitics with a deal to buy a series of major ports, including two on either side of the Panama Canal.