BlackRock said on Thursday it was aiming to grow its revenue to $35 billion and more by 2030, as the asset management giant expands its foothold in private markets.

The New York-based firm, which reported revenue of $20 billion for 2024, will hold an investor day on Thursday that is expected to provide insight into the firm’s strategic priorities and its growing focus on private markets.

The world’s largest asset manager, overseeing $11.58 trillion as of the end of the first quarter, last year expanded its presence in private markets through a series of acquisitions that BlackRock’s boss Larry Fink said were transformational for the New York-based firm.

BlackRock spent about $25 billion in 2024 on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners. It also struck a $3.2 billion deal to acquire UK data provider Preqin. That acquisition officially closed in March this year. BlackRock is also aiming to double its market cap to $280 billion and targeting $400 billion of cumulative fundraising in private markets by 2030, it said in an investor presentation on Thursday.

Private assets generate significantly higher fees than exchange-traded funds (ETFs), a core part of BlackRock’s business through its iShares franchise.

BlackRock is aiming for its private markets and technology businesses to make up 30% or more of the firm’s total revenue by 2030, up from 15% in 2024.

In his 2025 annual chairman’s letter to shareholders, BlackRock’s Chairman and CEO Fink said protectionism had returned with force as a result of a wealth divide that could be countered by offering more investors access to high-return private markets such as infrastructure and private credit.

Source: zawya