BlackRock's $400B private markets goal leans on tokenization

BlackRock set a $400 billion gross private markets fundraising target by 2030, the firm said June 12. The target covers infrastructure and private credit. BlackRock also plans to raise equity funds.

The world's largest asset manager completed three acquisitions to build the infrastructure for this push. It bought Global Infrastructure Partners in 2024 and HPS Investment Partners in 2025. It also acquired data provider Preqin in 2025.

GIP gives BlackRock direct exposure to physical infrastructure assets. HPS adds private credit origination and equity deal flow. Preqin provides the data backbone for scaling these strategies. BlackRock is distributing these strategies to wealth and retirement investors through what the firm calls "evergreen and semi-liquid structures."

CEO Larry Fink has linked the growth of private markets to tokenization. He has targeted asset classes like real estate and credit. BlackRock's BUIDL tokenized treasury fund, launched in 2024, had reached about $2 billion to $2.5 billion in assets under management by mid-2026 across multiple blockchain networks, the firm said.

By the end of 2025, BlackRock managed nearly $80 billion in digital asset exchange-traded products. It also backed over $65 billion in stablecoin reserves.

The firm's 2026 Private Markets Outlook describes a "new continuum" between public and private assets. BUIDL initially launched on Ethereum before expanding to additional chains.

BlackRock expects private markets and technology to contribute more than 20% of its long-term revenue. It is targeting insurers and wealth management channels. Retirement plans are also a focus.

The plan depends on regulators permitting retirement accounts and insurance portfolios to hold tokenized private assets at scale.