BlackRock targets mass-market access to private assets, says Larry Fink
BlackRock CEO Larry Fink has unveiled the firm’s most ambitious push yet into private markets, pledging to open access to high-growth private assets for millions of everyday investors.
In his 2025 annual letter to shareholders, Fink highlighted private markets as the next frontier for wealth creation — and a core focus of BlackRock’s long-term strategy.
Fink called for “unlocking private markets” traditionally reserved for institutions and ultra-high-net-worth individuals. “Assets that will define the future — data centres, ports, power grids, the world’s fastest-growing private companies — aren’t available to most investors,” he wrote. “They’re locked behind high walls.”
Over the past 14 months, BlackRock has committed nearly $30bn to private markets, including $12.5bn to acquire Global Infrastructure Partners, $3.3bn for data provider Preqin, and a pending $12bn deal for private credit heavyweight HPS Investment Partners. These moves will bring BlackRock’s alternative assets under management to approximately $600bn.
This strategic pivot places BlackRock in direct competition with private equity leaders including Blackstone, Apollo, and KKR — all of whom are similarly targeting retail channels to diversify their capital base.
Fink also argued that traditional portfolio models are no longer sufficient. He proposed a “new normal” for asset allocation: a 50/30/20 model, with 20% dedicated to private assets such as infrastructure, real estate, and private credit.
BlackRock recently introduced model portfolios for retail clients in the US featuring private equity and credit exposure — a first for the firm. These portfolios will hold, on average, a 15% allocation to private markets, and will eventually extend to retirement products like 401(k) plans.
According to Fink, pension funds already outperform retail 401(k) plans by 0.5% annually, largely due to their access to alternatives. Over a 40-year horizon, this return differential could generate 14.5% more capital.
With its scale, data from Preqin, and proprietary technology, BlackRock aims to improve transparency in private asset valuations, giving retail investors clearer insights into risk, return, and long-term value.
“Capitalism has worked for too few people,” Fink said. “Expanding access to private markets is one way we can help change that.”