BlackRock AUM Surges Past $13T, Alts Investments Double

The world’s largest asset manager saw year-over-year assets under management grow 17%, while client assets in alternative investments more than doubled due to recent acquisitions.

As of the end of September, BlackRock managed $13.5 trillion in assets for clients, the asset manager announced during its third quarter earnings call this morning. The firm’s assets under management grew 17% year over year, from $11.48 billion as of the third quarter of 2024.

BlackRock, like many asset managers, has turned to acquisitions of specialist alternative investment managers for growth and diversification—these illiquid asset classes also provide the firm with higher fee revenue.

The firm reported that revenue from performance fees was 33% higher in the year-over-year quarter and 449% higher than the previous quarter. Institutional assets made up 52% of BlackRock’s assets under management in the most recent quarter, and 35% of its base fees.

Alternative investments make up only 3% of BlackRock’s assets under management, but they account for 17% of the firm’s base fees. Base fees also comprise 75% of BlackRock’s quarterly revenue, as of the end of Q3, according to an earnings supplement from the firm.

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For comparison, equities account for 55% of BlackRock product types and 48% of base fees. Fixed income accounts for 24% of AUM and generated 20% of its base fees.

In July, BlackRock completed its acquisition of private credit manager HPS Investment Partners, adding more than $150 billion in client assets. The firm’s 2024 acquisition of Global Infrastructure Partners also added more than $100 billion in infrastructure investments.

According to BlackRock, it almost doubled client assets invested in alternative strategies to $663 billion in the third quarter of this year, up from $334 billion in Q3 2024. Growth was strongest in private credit, which grew to $196 billion from $37 billion as a result of the HPS acquisition, and in infrastructure, where assets grew to $182 billion from $52 billion.

“We’ve brought together the strengths of GIP, HPS, and Preqin, and together we’re already driving landmark fundraising and deal flow, accelerating client engagement, and [seeing] double-digit organic revenue growth over the last year,” BlackRock CEO Larry Fink said in a statement.