BlackRock Targets $400B in Private Markets Fundraising, Puts Tokenization at Core

BlackRock, the world’s largest asset manager, has set a target of $400 billion in gross private markets fundraising by 2030, according to Crypto Briefing. The goal, announced on June 12, 2025, marks a broader strategic pivot toward alternatives, infrastructure and blockchain-based tokenization as the firm looks beyond its traditional ETF business for future growth.

Acquisitions build the pipeline

To support the shift, BlackRock has completed three major acquisitions, Crypto Briefing reports. Global Infrastructure Partners (GIP) was acquired in 2024, giving the firm direct exposure to physical infrastructure assets. HPS Investment Partners followed in 2025, adding private credit origination and equity deal flow, while data provider Preqin, also acquired in 2025, supplies the analytics backbone needed to scale these strategies.

BlackRock is packaging these private-market strategies for wealth and retirement investors through what the company describes as “evergreen and semi-liquid structures,” according to the report.

Tokenization as the connective layer

Tokenization sits at the center of the strategy. BlackRock’s BUIDL tokenized treasury fund, launched in 2024 on Ethereum before expanding to additional blockchains, had grown to roughly $2 billion to $2.5 billion in assets under management by mid-2026, Crypto Briefing reports.

CEO Larry Fink has publicly tied the expansion of private markets to tokenization, pointing to real estate, credit and infrastructure as asset classes the firm intends to bring on-chain. By the end of 2025, BlackRock was managing nearly $80 billion in digital asset exchange-traded products and was also backing more than $65 billion in stablecoin reserves, according to the outlet.

The firm’s 2026 Private Markets Outlook frames this convergence as a “new continuum” between public and private assets, according to Crypto Briefing.

Regulatory hurdles and market implications

BlackRock expects private markets and technology to eventually contribute more than 20% of its long-term revenue, with insurers, wealth management channels and retirement plans identified as the primary target buyers for these tokenized products, the report states.

The strategy’s success, however, hinges on regulators allowing retirement accounts and insurance portfolios to hold tokenized private assets at scale, Crypto Briefing notes. Additionally, BlackRock’s future choices of blockchain networks for new products could shape where institutional liquidity concentrates, carrying implications for layer-1 token valuations across the industry.

Read more: Tokenized Real-World Assets Hit $60B, But Liquidity Gaps Persist, Experts Say