Key Takeaways
- • BlackRock generated $15.31 billion in private markets net inflows in the third quarter of 2026, with trailing 12-month private markets fundraising reaching $68 billion, according to a Zacks Investment Research analysis published via The Globe and Mail.
- • Infrastructure and private credit contributed $7.58 billion and $5.01 billion, respectively, to third-quarter private markets net inflows, reflecting the growing contribution of capabilities acquired through HPS Investment Partners and Global Infrastructure Partners (GIP).
- • BlackRock's AUM reached a record $15.49 trillion as of September 30, 2026, up 15% year over year, with $205 billion in total third-quarter net inflows, including $134.51 billion from ETFs.
- • Management expects a mid-single-digit rise in 2026 G&A expenses, partly reflecting the HPS and Preqin acquisitions, which Zacks flags as a margin risk.
- • Peers Goldman Sachs and Franklin Templeton are pursuing parallel expansions in alternatives, real estate, and ETFs through acquisitions and partnerships.
Summary
According to a Zacks Investment Research analysis carried by The Globe and Mail, BlackRock, Inc. (BLK) is strengthening its position in private markets through a series of acquisitions and growing client demand. The firm generated $15.31 billion in private markets net inflows in the third quarter of 2026, while fundraising over the trailing 12 months reached $68 billion.
The acquisition programme underpinning this growth includes the approximately $12 billion purchase of HPS Investment Partners, which strengthened BlackRock's private credit capabilities and helped raise $25 billion in its first full year. The $12.5 billion acquisition of Global Infrastructure Partners expanded the infrastructure platform, positioning the firm to capture demand for energy, digital infrastructure and transportation investments. The Preqin acquisition added private markets data and analytics coverage of approximately 210,000 funds and more than 220,000 users, and its integration with Aladdin and eFront is intended to deliver comprehensive investment insights and technology solutions. The ElmTree Funds and SpiderRock transactions also add to the firm's presence in real estate and data analytics.
In the third quarter, infrastructure and private credit contributed $7.58 billion and $5.01 billion, respectively, to private markets net inflows. Zacks argues these expanded capabilities should create cross-selling opportunities and support higher-value recurring revenues. Total firm AUM reached a record $15.49 trillion as of September 30, 2026, up 15% year over year, and total third-quarter net inflows were $205 billion, including $174.81 billion in long-term net inflows, with ETFs contributing $134.51 billion, led by fixed-income and equity products.
Zacks cautions that rising expenses remain a concern, with management expecting a mid-single-digit rise in 2026 G&A expenses, partly reflecting the HPS and Preqin acquisitions. Continued investment in private markets, technology and AI could dampen margins, making cost control important to sustaining operating leverage. Zacks assigns BlackRock a Zacks Rank #3 (Hold), and notes BLK shares gained 14.6% over the past year against a 1.9% decline for the industry.
Peers are pursuing similar strategies. The Goldman Sachs Group is expanding its Asset & Wealth Management business through planned acquisitions of LCN Capital Partners, which will likely strengthen private real estate capabilities, and NEOS Investments, which is expected to take global active ETF assets under supervision above $90 billion on completion. Franklin Templeton's real estate arm, Clarion Partners, agreed in September 2026 to acquire a majority stake in Stoneshield Capital, expected to raise pro forma real estate AUM to $82 billion, and alternative credit AUM reached $100 billion in fiscal 2026 following the Apera acquisition.
The acquisition programme underpinning this growth includes the approximately $12 billion purchase of HPS Investment Partners, which strengthened BlackRock's private credit capabilities and helped raise $25 billion in its first full year. The $12.5 billion acquisition of Global Infrastructure Partners expanded the infrastructure platform, positioning the firm to capture demand for energy, digital infrastructure and transportation investments. The Preqin acquisition added private markets data and analytics coverage of approximately 210,000 funds and more than 220,000 users, and its integration with Aladdin and eFront is intended to deliver comprehensive investment insights and technology solutions. The ElmTree Funds and SpiderRock transactions also add to the firm's presence in real estate and data analytics.
In the third quarter, infrastructure and private credit contributed $7.58 billion and $5.01 billion, respectively, to private markets net inflows. Zacks argues these expanded capabilities should create cross-selling opportunities and support higher-value recurring revenues. Total firm AUM reached a record $15.49 trillion as of September 30, 2026, up 15% year over year, and total third-quarter net inflows were $205 billion, including $174.81 billion in long-term net inflows, with ETFs contributing $134.51 billion, led by fixed-income and equity products.
Zacks cautions that rising expenses remain a concern, with management expecting a mid-single-digit rise in 2026 G&A expenses, partly reflecting the HPS and Preqin acquisitions. Continued investment in private markets, technology and AI could dampen margins, making cost control important to sustaining operating leverage. Zacks assigns BlackRock a Zacks Rank #3 (Hold), and notes BLK shares gained 14.6% over the past year against a 1.9% decline for the industry.
Peers are pursuing similar strategies. The Goldman Sachs Group is expanding its Asset & Wealth Management business through planned acquisitions of LCN Capital Partners, which will likely strengthen private real estate capabilities, and NEOS Investments, which is expected to take global active ETF assets under supervision above $90 billion on completion. Franklin Templeton's real estate arm, Clarion Partners, agreed in September 2026 to acquire a majority stake in Stoneshield Capital, expected to raise pro forma real estate AUM to $82 billion, and alternative credit AUM reached $100 billion in fiscal 2026 following the Apera acquisition.
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