BlackRock Dissolves Private Credit Partnership With Mubadala in Asia

Group 1: BlackRock and Mubadala Partnership - BlackRock Inc. and Mubadala Investment have decided to end their Asian private credit collaboration due to difficulties in sourcing deals, particularly in China and Indonesia [1][8] - The partnership, initiated in 2023, involved Mubadala committing to match every U.S. dollar invested by BlackRock, but has only allocated a small portion of its capital due to challenging deal origination [2][8] Group 2: BlackRock's Expansion in Private Markets - BlackRock is actively enhancing its private markets capabilities to achieve higher returns, including the acquisition of Preqin for $3.2 billion in March 2025 and HPS Investment Partners in December 2024 [3][4] - The company has set a target of $400 billion in private markets fundraising by 2030, anticipating the private credit market to grow to $4.5 trillion by that time [4] Group 3: Market Performance and Competitors - Over the past year, BlackRock shares have increased by 33%, outperforming the industry growth of 20.7% [5] - Other firms, such as JPMorgan and Citigroup, are also expanding in the private credit market, with JPMorgan announcing a $50 billion allocation for direct lending and Citigroup partnering with Apollo Global for a $25 billion private credit program [9][11]