Key Facts
- ✓ BlackRock's assets under management reached a historic $14 trillion following a record-breaking year of inflows in 2025.
- ✓ The iShares ETF franchise set a new quarterly record by bringing in $181 billion in net new money during the fourth quarter of 2025.
- ✓ CEO Larry Fink is targeting $400 billion in new private market assets by the year 2030, leveraging recent acquisitions like HPS and GIP.
- ✓ Fixed-income ETFs attracted $159 billion in net new money in 2025, nearly matching the inflows of core equity offerings despite a smaller asset base.
- ✓ The firm is in late-stage conversations with nearly 20 insurance companies regarding private market investment offerings.
- ✓ BlackRock plans to launch the first target-date fund with private market exposure later this year, pending regulatory developments.
A Historic Milestone
The world's largest asset manager has reached a new pinnacle. BlackRock now oversees $14 trillion in assets, a landmark figure driven by a record-breaking year of client inflows. This achievement caps a period of explosive growth for the financial giant.
According to financial results released Thursday, the firm attracted nearly $700 billion in net cash from investors in 2025. This single-year inflow represents the most capital ever raised in the company's history, pushing its total assets to unprecedented heights.
The momentum continued into the final quarter of the year. The firm's popular iShares ETF franchise alone brought in $181 billion in net new money during the fourth quarter, setting a new record for the division and underscoring the scale of investor demand.
The 2026 Ambition
Despite the historic year, the firm is not resting on its laurels. During an earnings call, CEO Larry Fink emphasized that the company remains hyper-focused on fundraising for 2026, describing the new plan as "ambitious."
The strategy is multifaceted, targeting a broad range of products and client types. The firm plans to concentrate its efforts on:
- Private market investment vehicles
- Target-date retirement funds
- Active exchange-traded funds (ETFs)
- International retirement savers
CFO Martin Small framed the firm's growth as a function of quality rather than just size. "It's not the biggest are getting bigger — it's the best are getting bigger," he stated during the call, highlighting the firm's competitive edge in attracting capital.
"It's not the biggest are getting bigger — it's the best are getting bigger."
— Martin Small, Chief Financial Officer
Private Markets Push
A central pillar of the future strategy is the expansion into private investment vehicles. 2026 will mark the first full year that BlackRock operates with its recent acquisitions fully integrated, including private-credit firm HPS, infrastructure investor GIP, and data provider Preqin.
The firm has set a significant long-term goal: to secure $400 billion in new private market assets by the year 2030. Insurance companies represent a key client group for this expansion, with Fink noting the firm is currently in "late-stage conversations" with close to 20 insurers regarding various private market offerings.
The strategy extends beyond institutional clients. The firm plans to launch the first target-date fund with private market exposure later this year. This move aligns with industry hopes that the Department of Labor will eventually permit private assets in 401(k) plans. Furthermore, the firm's sales team is actively presenting HPS products to financial advisors at major wirehouses, including Morgan Stanley and Merrill Lynch.
Global Expansion Strategy
BlackRock sees substantial growth potential outside of traditional Western markets. Executive leadership identified Asia, the Middle East, and Latin America as regions undergoing a fundamental shift in capital dynamics.
These areas, once primarily "exporters of capital," are now building robust domestic capital markets and increasing local investment. Fink highlighted specific opportunities in India and Japan as prime examples of this trend.
In India, the firm is leveraging its direct-to-consumer retirement offering to tap into the savings of individual investors. Meanwhile, in Japan, BlackRock is targeting pension funds and insurers, positioning itself to capture assets from both institutional and retail segments as these markets mature.
Fixed Income Resilience
While the firm has diversified significantly beyond its origins, fixed-income products remain a powerful engine for growth. In 2025, fixed-income ETFs attracted $159 billion in net new money.
This figure is particularly striking when compared to equity offerings. Despite stock funds managing a significantly larger total capital base, fixed-income ETFs drew only $9 billion less than core equity offerings during the year.
The firm continues to innovate in this space, with products like the active ETF managed by Rick Rieder, the firm's chief investment officer of global fixed income. The fund trades under the ticker BINC, representing the firm's push into active management within the ETF structure.
Looking Ahead
BlackRock's trajectory is inextricably linked to the broader health of global financial systems. As Larry Fink noted, "BlackRock is going to grow as long as the world's capital markets grow." This philosophy underpins the firm's aggressive expansion into new asset classes and geographies.
The firm is positioning itself at the intersection of several major financial trends: the democratization of private markets, the evolution of retirement planning, and the globalization of capital flows. With its massive scale and integrated platform, the firm is betting that it can capture a significant share of these emerging opportunities.
As the firm moves into 2026, the market will be watching closely to see if its ambitious fundraising targets can be met. The combination of record-breaking inflows and a strategic pivot toward private assets suggests that the world's largest asset manager is just getting started.
"The opportunity ahead is inspiring."
— Martin Small, Chief Financial Officer
"BlackRock is going to grow as long as the world's capital markets grow."
— Larry Fink, Chief Executive Officer
"We're positioned ahead for new, great opportunities."
— Larry Fink, Chief Executive Officer
