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- $12.5 trillion BlackRock had a record first half for fundraising in its iShares ETF line.The firm wants to lean more heavily into higher-fee private market offerings.CEO Larry Fink and CFO Martin Small laid out the firm's goals on BlackRock's earnings call Tuesday.
There are lots of big numbers that come up on BlackRock earnings calls. It's what happens when you're the largest asset manager in the world.
The key thing for investors in the firm and competitors tracking the behemoth from afar is deciphering which of the gaudy current-day figures will keep growing and which of the optimistic projections will actually happen.
BlackRock already manages $12.5 trillion in assets across institutions, insurers, pensions, and wealthy people, mostly in public markets. It's spent the last year and a half acquiring businesses that would help it move more of that money into lucrative private markets, where fees are higher and capital is stickier.
At its investor day last month, the firm laid out its goal to hit $35 billion in annual revenue in 2030, an increase from $20 billion in 2024.
Business Insider highlighted five stats from the firm's Tuesday call with analysts to demonstrate asset manager is currently and where it hopes to be in five years.
$152 billion
The net inflows into BlackRock products in the first half.
The influx of assets was led by a record six months from the firm's iShares ETF line, which brought in a net $192 billion of new money.
BlackRock's existing business, particularly its low-fee index investing funds, is the biggest pile of money in the industry and is still growing consistently.
Still, the first half of the year was not perfect, as some of the firm's actively traded products experienced a performance dip.
58%
The decline in performance fees collected by BlackRock in the first half of 2025 compared to the first half of 2024.
Rocky equity and bond markets worldwide, caused primarily by the trade policies proposed by President Donald Trump, have been challenging for investors of all sizes to deal with.
At BlackRock, the firm's profit margin dipped to 43.3% this quarter compared to 44.1% in last year's second quarter, and CFO Martin Small attributed 75% of that drop to the decline in performance fees.
Active equity funds in particular have had a rough 12-month stretch, the firm's earnings supplement shows: Only 40% of assets are above the index or peer median.
The firm also noted that private market funds brought in fewer performance fees than last year, but the firm's ambitions for that space remain as large as ever.
$450 million
The amount of revenue HPS Investment Partners is expected to add to BlackRock's coffers in the third quarter, according to Small. The deal for the $165 billion private credit shop closed at the start of July, and Small said the firm will issue the equivalent of up to 13.8 million shares of BlackRock common stock to retain the team at the firm.
The retention of HPS's team will be critical for BlackRock, which wants to fundraise significantly for its private-credit and infrastructure offerings over the next five years.
$400 billion
The fundraising goal for private market fundraising through 2030. Small said he expects it to ramp up in 2028 as HPS and Global Infrastructure Partners, the firm's other large private market investor acquisition, become more ingrained in the firm.
CEO Larry Fink said that he was in Asia last week, where demand for infrastructure and other private-public partnerships is already "beyond our imagination."
Those partnerships — the firm has pulled in Singapore's Temasek in its artificial intelligence infrastructure push — will be needed if the manager hopes to hit its revenue goals.
40%
The proportion of the firm's revenue that it wants to derive from its private markets funds and tech services platform, led by Aladdin.
The New York-based firm made nearly $10.7 billion in revenue in 2025's first half, driven by its equity ETFs, which hauled in $2.8 billion in revenue alone. Tech services, meanwhile, made roughly a third of that in the same time frame.
BlackRock's Aladdin platform already serves more than 200 institutional clients, effectively making the firm an infrastructure provider to many of its clients and some of its competitors.
But the firm's fundraising push for its private market offerings also includes the hope that individual retirement accounts in the US will soon be open to such options.
Fink and Small both said that litigation reform is needed before that could happen, but are optimistic about what they've heard out of Washington on the subject.
"We think we have all the building blocks here," Small said.
