$13.5 trillion BlackRock's latest reinvention is underway

Core Insights - BlackRock is experiencing a significant shift in its revenue sources, with private markets businesses now outpacing traditional fixed-income revenues [1][3] - The firm has made substantial investments in private markets, acquiring companies like HPS and Global Infrastructure Partners, which are expected to drive future growth [2][4] - CEO Larry Fink expressed strong optimism about BlackRock's future, particularly in the context of its expanding private market operations [5] Revenue Growth - Revenues from private market funds and technology subscriptions have surpassed those from fixed-income funds, indicating a strategic pivot in BlackRock's business model [3][4] - The firm added approximately $105 billion in private market assets last quarter, with over $100 billion attributed to the acquisition of HPS [4] - Fees from private market funds have seen a remarkable 136% growth in the first three quarters of 2025 compared to the same period in 2024 [4] Strategic Focus - BlackRock is shifting its focus towards private markets, where fees are higher and capital is more stable, while still maintaining a significant presence in fixed-income investments [9][10] - The firm has over $3 trillion in fixed-income products, but is increasingly aligning its strategy with where institutional capital is flowing [10] - The recent acquisition of GIP, which raised the largest infrastructure fund ever at over $25 billion, highlights BlackRock's commitment to expanding its private market capabilities [10]