A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights , opens new tab Summary Companies BlackRock targets $35 billion or more in revenue by 2030 Expects market cap to double by 2030 Executives at investor day underscore one-stop shop strategy Crypto push a big focus over next few years NEW YORK, June 12 (Reuters) – BlackRock (BLK.N) , opens new tab is betting its growing foothold in private markets will boost revenues and lift its market value in the coming years, positioning it as a one-stop investment powerhouse with reach across both public and private assets. The asset manager said on Thursday it was aiming to grow its revenue to $35 billion and more by 2030 from $20 billion last year and expects its market cap to double to $280 billion in 2030.
Sign up here. The New York-based firm said at an investor day that its private markets and technology businesses would be key growth drivers and make up 30% or more of its total revenue by 2030, up from 15% in 2024. BlackRock President Rob Kapito said 2024 was one of the most "transformative" years in the firm's history and struck an optimistic tone on future growth opportunities.
"The best of BlackRock is still ahead of us," he told investors. BlackRock, the world's largest asset manager that oversaw $11.58 trillion as of the end of the first quarter, last year expanded its presence in private markets through a series of acquisitions It 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. The company is targeting $400 billion of cumulative fundraising in private markets by 2030. It also expects to deliver 5% or higher organic base fee growth.
Analysts said ahead of the investor day they expected to hear details on the company's strategy to increase exposure to alternative assets, as well as on how the firm would integrate those areas with its core businesses. Private assets generate significantly higher fees than exchange-traded funds, a core part of BlackRock's business through its iShares franchise. Senior executives on Thursday underscored BlackRock's strategy of being a one-stop shop for investors, thanks to its scale and its presence in both public and private markets.
"What makes our acquisitions so successful was a steadfast commitment to integrate the organizations … so our clients understand there's one platform," said Chairman and CEO Larry Fink. BlackRock shares were down 0.5% at the close of trading on Thursday. CRYPTO PUSH TD Cowen analysts said they viewed Thursday's forecasts "quite favorably" and affirmed their "buy" rating on BlackRock.
"Coming into the event, we thought management might play it safe and not alter prior guides. Turns out, management did raise the bar, which we view constructively," they said. BlackRock said it also aims to become the largest cryptocurrency asset manager in the world by 2030.
It was one of the first institutional investors to offer exchange-traded products in the U.S. to track the spot price of bitcoin after the Securities and Exchange Commission first approved them in January 2024. Rob Goldstein, chief operating officer, said a big focus of the firm will be tokenized funds, which are a way for financial firms to expand into cryptocurrencies by creating digital tokens that represent traditional assets like bonds and stocks. "I think there's a great untapped opportunity where people are going to want access to traditional capital markets … but through the technologies of digital assets," he said.
Reporting by Davide Barbuscia in New York and Arasu Kannagi Basil in Bengaluru; editing by Megan Davies, Nia Williams, Maju Samuel, Shinjini Ganguli and Chris Reese Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
