BlackRock has hit US$14 trillion in assets under management (AUM) on the back of its strong push into private markets, leading to a record year for the US asset manager.
In the three months to 31 December, the US asset manager said total net inflows during the quarter were US$342 billion (AUD$510 billion), up from US$205 billion in the previous quarter.
On a net basis, investors added US$268 billion to BlackRock’s long-term funds in Q4, again led by robust inflows of US$181 billion into iShares ETFs. AUM in the division now stands at US$5.5 trillion, after surpassing the US$5 trillion mark in the previous quarter.
For the full year of 2025, ETFs recorded net inflows of US$527 billion.
Commenting on the results, BlackRock chairman and chief executive Larry Fink highlighted the firm’s record-breaking quarter and year.
“BlackRock enters 2026 with accelerating momentum across our entire platform, coming off the strongest year and quarter of net inflows in our history,” Fink said.
“Clients entrusted us with US$698 billion of new assets in 2025, powering 9 per cent organic base fee growth.”
The asset manager also reported net income of US$1.13 billion for the period, down 33 per cent on the prior year. Meanwhile, revenue rose 23 per cent to US$7 billion compared to the same period last year.
BlackRock said total net inflows for the full year 2025 reached US$698 billion.
On private markets, where the firm has been particularly active with acquisitions for some time, AUM rose from US$211.9 billion a year ago to US$322.6 billion, including US$12.7 billion in inflows for 4Q.
Over the past few years, the firm has completed the acquisitions of Global Infrastructure Partners (GIP), HPS Investment Partners and Preqin, spending around US$28 billion on the trio as it builds out its private markets investing and data capabilities.
The project is central to the firm’s ambition to double its market capitalisation by 2030.
“2026 will be our first full year as a unified platform with GIP, HPS and Preqin. Around the world, clients are looking to do more across BlackRock,” Fink said.
“Our pipeline of business has broadened across products and regions, spanning public and private markets mandates, technology and data, and client channels. We’re seeing excellent fundraising activity as we work toward our goal of $400 billion in private markets fundraising by 2030.”
His comments also follow BlackRock’s recent appointment as outsourced chief investment officer (OCIO) of the newly launched wealth manager Granite Bay Private Wealth, founded by former Morgan Stanley executives.
As OCIO, Granite clients will have access to the asset manager’s global capabilities and multi-asset strategy and solutions team.
