Core Insights - Nasdaq has launched the Nasdaq Private Capital Indexes to benchmark the performance of private market funds, aiming to enhance transparency in private markets [1][3] - The indexes track over 14,000 institutional private market funds, totaling approximately $11.4 trillion globally, sourced from Nasdaq's eVestment LP dataset [2] - The indexes utilize a rules-based methodology, including quarterly performance measurements and NAV-weighted aggregation, accessible through various Nasdaq platforms [2] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes provide a comprehensive view of private markets, addressing fragmentation and data silos in the ecosystem [3] - The importance of private market allocations is increasing in both institutional and private wealth portfolios, leading to a rise in performance tracking efforts [3] Group 2: Competitive Landscape - Other firms, such as YCharts and Hamilton Lane, are also entering the private market benchmarking space, with Hamilton Lane using proprietary fund-level data [4] - Morningstar has launched its own indexes for non-traded semiliquid funds, while FTSE Russell and BlackRock are also developing benchmarks for private market investments [5]

Core Insights - BlackRock reported a strong financial performance in 2025, with record net inflows and significant growth in revenue and earnings per share, indicating a robust operational momentum as the company enters 2026 [4][3][21] Financial Performance - In Q4 2025, BlackRock achieved revenue of $7 billion, a 23% increase year over year, driven by acquisitions and organic growth [2] - The full-year as-adjusted revenue reached $24 billion, up 19% from the previous year, with operating income of $9.6 billion, an 18% increase [3][6] - Earnings per share for the full year were $48.09, reflecting a 10% rise [3][6] Net Inflows and Asset Management - BlackRock reported approximately $698 billion in net new assets for 2025, with iShares contributing $527 billion, marking a record for the firm [7][12] - Retail net inflows were $107 billion, significantly boosted by an $80 billion separately managed account assignment from Citi Wealth [13] - Institutional active net inflows totaled $54 billion, while institutional index saw outflows of $119 billion, primarily due to redemptions from low-fee strategies [14] Strategic Initiatives - The board approved a 10% increase in the Q1 2026 dividend and authorized share repurchases of about $1.8 billion for 2026, focusing on growth in private markets, wealth, insurance, and retirement [5][7] - BlackRock aims to raise $400 billion in gross private markets fundraising through 2030, emphasizing its strategic priorities in private markets and technology [15][17] Technology and Integration - The integration of acquisitions such as HPS and Preqin has been successful, contributing to revenue growth and enhancing technology services [8][20] - Technology services and subscription revenue grew by 24% year over year, reflecting strong client onboarding and expansions [8] Expense Management - Total expenses rose by 19% in 2025, driven by higher compensation and general administrative costs, with employee compensation increasing by 20% [9] - The adjusted operating margin for Q4 was 45%, slightly down from the previous year, but management expects to maintain a target of 45% or greater [10][11]

Core Insights - Franklin Resources (BEN) is actively expanding through acquisitions and partnerships to enhance its alternative investments and multi-asset solutions offerings [2][11] - The acquisition of Apera Asset Management significantly increased BEN's alternative credit assets under management (AUM) by over $90 billion, bringing total alternative asset strategies to nearly $270 billion as of September 30, 2025 [3] - The company is focusing on higher-growth asset classes, particularly alternatives, to capture incremental flows and support long-term AUM expansion [7] Strategic Acquisitions and Partnerships - In October 2025, Franklin Resources completed the acquisition of Apera Asset Management, enhancing its position in the alternative credit market [3] - In September 2025, Franklin partnered with Copenhagen Infrastructure Partners, DigitalBridge, and Actis to expand its private infrastructure platform [4] - In July 2024, Franklin collaborated with SBI Holdings to enter the ETF and digital assets space, targeting younger investors [5] - The acquisition of Putnam Investments in January 2024 boosted Franklin's defined-contribution AUM above $100 billion [5] Market Position and Competitiveness - Franklin's strategic moves have strengthened its presence in the separately managed account (SMA) market and expanded its capabilities across private debt, real estate, hedge funds, and private equity [6] - The company's focus on alternatives aligns with industry trends, enhancing its competitive positioning and potential for sustained revenue growth [7] - Peers like BlackRock and T. Rowe Price are also pursuing similar inorganic growth strategies through acquisitions and partnerships [8][12] Financial Performance and Valuation - Franklin's shares have increased by 1.7% over the past three months, contrasting with an 18.2% decline in the industry [14] - The company trades at a forward price-to-earnings (P/E) ratio of 8.71X, below the industry average of 13.98 [16] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 12.6% and 12.5% for 2026 and 2027, respectively, although recent estimates have been revised downward [18]

Core Insights - Morgan Stanley has acquired EquityZen to enhance its offerings in private markets, allowing clients to invest in private companies that are not publicly listed [2][4] - The trend of democratizing access to private investments is gaining momentum in wealth management, with increasing demand for private assets as companies remain private longer [2][4] Company Developments - The acquisition of EquityZen will enable Morgan Stanley advisors to provide clients with unique private investment opportunities [2] - Morgan Stanley's previous acquisition of Solium Capital, now Shareworks, has positioned the firm to service private companies and enhance liquidity options for employees [3][4] Market Trends - The number of publicly listed companies is at an all-time low, with over 95,000 private companies generating annual revenues exceeding $100 million, compared to around 10,000 public companies [4] - The demand for private investments is rising, as evidenced by BlackRock's $3.2 billion acquisition of Preqin, which included data on 200,000 private investments [4]

Core Insights - The Preqin Private Markets in 2030 Report provides a comprehensive analysis of trends shaping private markets through the end of the decade [1] - The report highlights a significant milestone regarding the global alternatives market's assets under management (AUM) [1] Industry Trends - The report serves as a definitive resource for institutional investors, fund managers, and industry stakeholders [1] - It emphasizes the importance of understanding the evolving landscape of private markets as they approach 2030 [1]

Core Insights - S&P Global has agreed to acquire With Intelligence, a private markets data provider, to enhance its offerings in the growing financial services sector [1][4] Company Developments - The acquisition of With Intelligence is part of S&P Global's strategy to expand its product range for private markets, which are experiencing increased investor interest due to higher interest rates and concerns over asset price bubbles in public markets [2][3] - With Intelligence, founded in 1998, provides data and analytics for alternative and private markets to approximately 3,000 global customers [3] Financial Projections - With Intelligence is projected to generate around $130 million in revenue by 2025, with an expected annual contract value growth in the high teens [4] - The deal is anticipated to close in 2025 or early 2026 and is expected to contribute to S&P Global's adjusted profit per share by 2027 [4] Market Context - The private markets are gaining traction as investors seek insights into pricing and comparables due to historical opacity, with significant investments from major firms like BlackRock, which spent $12.5 billion on Global Infrastructure Partners and $3.2 billion on Preqin [2][3] - U.S. policy changes, such as an executive order from President Trump, are also facilitating access to nontraditional assets like private equity and private credit in retirement plans [3]

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]

Core Insights - BlackRock Inc. attracted $205 billion in client money during Q3, marking significant growth in private credit and alternative assets [1] - The firm reported net flows of $171 billion into long-term investment funds, surpassing analyst expectations [2] - Total assets under management reached a record $13.5 trillion, driven by market surges [2] Financial Performance - Adjusted earnings per share increased by 1% year-over-year to $11.55, exceeding the average analyst estimate of $11.47 [4] - Revenue rose 25% to $6.5 billion compared to the previous year [4] - Performance fees surged approximately 33% to $516 million, largely due to the private markets business [6] Strategic Moves - BlackRock completed a $12 billion acquisition of HPS Investment Partners, enhancing its position in the alternative asset space [5] - The HPS acquisition added $165 billion in client assets, bringing total alternative assets to $663 billion [6] - The company aims to raise an additional $400 billion by 2030 [6] Market Position - BlackRock's shares increased by 17% over the past year, outperforming the S&P 500 Index's 14% rise [7]

Global Insights - The global fintech market attracted $44.7 billion in investment during H1 2025, marking the lowest six-month period since H1 2020, with a significant decline from $54.2 billion in H2 2024 [21][8] - Q2 2025 saw particularly low investment levels, with only $18.7 billion across 972 deals, the lowest deal volume since Q3 2017 [21][8] - The decline in investment is attributed to geopolitical tensions and changing trade policies, leading to a more cautious approach from investors [7][21] Regional Insights - The Americas accounted for over half of the global fintech investment in H1 2025, totaling $26.7 billion, driven by significant deals such as the $2.6 billion acquisition of Next Insurance and a $2 billion raise by Binance [22][9] - EMEA followed with $13.7 billion, including the largest deal of the year, a $3.2 billion acquisition of Preqin by BlackRock [22][9] - The ASPAC region lagged with only $4.3 billion, highlighted by the $571.3 million acquisition of WealthNavi [22][9] Sector Insights - Digital assets and currencies led the investment with $8.4 billion, positioning the sector for a potential three-year high, while AI-focused fintech attracted $7.2 billion [10][23] - The payments sector experienced a significant drop, with only $4.6 billion in investment compared to $30.8 billion in 2024, indicating a lack of large megadeals [26][10] - Insurtech saw a surge in investment, totaling $4.8 billion, surpassing the entire investment for 2024 [66][68] Future Trends - Investors are expected to remain cautious in H2 2025, focusing on sectors like digital assets, AI, and embedded finance as potential hotspots [2][34] - The regulatory landscape, particularly around stablecoins and digital assets, is anticipated to evolve, potentially driving further investment [35][34] - Continued interest in AI solutions for cost reduction and efficiency improvements is expected to shape investment strategies moving forward [27][34]

Core Insights - BlackRock's asset management scale reached a record high of approximately 12.53 trillion USD, equivalent to about 89.70 trillion RMB, as of June 30, 2025, marking an 18% year-on-year growth that exceeded market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of approximately 19% from the previous quarter's 84 billion USD [1] - The total asset growth in Q2 was 943.66 billion USD, reflecting an increase of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and an increase in risk asset allocation due to expectations of interest rate cuts by the Federal Reserve [1] Group 2: Business Segments - The iShares segment, a core business for BlackRock, attracted 14 billion USD in net inflows during Q2, primarily from digital asset ETFs [1] - The Bitcoin ETF, IBIT, saw a net inflow of 14 billion USD, a 366% increase compared to the previous quarter's inflow of about 3 billion USD [1] Group 3: Market Trends - There was a surge in short-term risk aversion demand in Q2, leading to a net inflow of 22 billion USD into BlackRock's money market funds [2] - Fixed income ETFs experienced a net outflow of 4.66 billion USD during the same period, influenced by an unstable interest rate environment and stock market rebound [2] Group 4: Strategic Acquisitions - BlackRock completed several acquisitions in 2025, including the purchase of private data platform Preqin for approximately 3.2 billion USD, significantly contributing to the growth of its technology services revenue, which increased by 26.3% to 499 million USD in Q2 [4] - The acquisition of HPS Investment Partners and the completion of the acquisition of GIP also led to a significant expansion of BlackRock's alternative asset scale [4] Group 5: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock has developed customized target date funds that allocate assets between public and private markets, enhancing its diversified client base [5]