Larry Fink, chairman and chief executive of BlackRock, described the acquisition of private martens data provider Preqin as one of the asset manager’s most important acquisitions as the financial ecosystem is shifting to a mix of public and private markets.

Fink spoke with Dave McKay, president and chief executive of Royal Bank of Canada at the RBC Capital Markets Financial Institutions Conference on 4 March 2025. He argued that BlackRock is not making a huge pivot to private markets, but responding to clients’  needs.

“I would say the whole ecosystem is pivoting,” Fink added. “You are looking at intermixed private and public markets , and you are going to be arbitraging liquidity.”

On 3 March 2025, BlackRock said in a statement that it had completed its acquisition of Preqin which strengthens the asset manager’s ability to serve clients’ whole portfolios across public and private markets by combining investment, technology, and data solutions in one platform.

Fink said: “One of our most significant acquisitions is probably the smallest one, which was Preqin, the largest data source for private markets.”

Private markets are the fastest-growing segment of global investing, with alternative assets projected to reach $30 trillion by the end of the decade, according to Preqin data. Preqin’s platform covers 210,000 funds and has over 220,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers.

Over time, BlackRock will integrate Preqin’s proprietary data and research tools with Aladdin, its technology platform, and eFront, its end-to-end alternative investment management software and solutions provider it acquired in 2019.

Sudhir Nair, global head of Aladdin, said in a statement: “We are on a journey to make private markets more accessible and transparent for clients through data and technology. This ambition takes another leap forward with the addition of Preqin’s data, benchmarks, and analytics capabilities.”

Better transparency will create better liquidity, according to Fink, which will allow BlackRock to provide more private market products for retail and wealth advisors.

“That could be a transformational change for the industry, and our ultimate hope would be to create private market indexes and ETFs,” said Fink.

He also argued that by providing the entire industry with data and analytics, and working with regulators, they could be more open to  opening private markets to the mass market.

“This is probably is the most significant thing we have done in terms of expanding the profile of private markets for the mass affluent and other platforms, so we are really excited,” added Fink.

Ports acquisition

BlackRock also completed the acquisition of infrastructure fund manager Global Infrastructure Partners (GIP) in November 2024 and added approximately $170bn in assets under management.

On 4 March 2025 Hong Kong-based CK Hutchison Holdings said in a statement it had reached agreements in principle to sell some of the ports it operates to BlackRock, GIP, Terminal Investment and shipping company MSC (the BlackRock-TiL consortium). The sales include CK Hutchison’s 90% interests in Panama Ports Company, which requires confirmation by the government of Panama of the proposed terms of the purchase and sale.

The transaction also includes the $22.8bn sale of CK Hutchison’s 80% effective and controlling interest in 43 ports comprising 199 berths in 23 countries, excluding Hong Kong, Shenzhen and South China, or any other ports in China.

Frank Sixt, co-managing director of CK Hutchison, said in a statement that the transaction is the result of a competitive process in which numerous bids and expressions of interest were received and that it is “clearly” in the best interest of the firm’s shareholders.

Fink described the agreement in a statement as a powerful illustration of BlackRock and GIP’s combined platform. He has described infrastructure as a “generational investment opportunity” and said BlackRock and GIP  are well positioned to capitalize on the long-term structural trends that will continue to drive the growth of infrastructure and deliver superior investment opportunities for clients globally.

Macro environment

The US stock market has fallen after President Trump imposed tariffs on Canada and China. Fink said: “The world is fine. There is a lot of noise and we’ll get by this. For long-term investors, if there is a big dip, it is a good time to buy and I truly believe that.”

He also believes there will a big economic boom related to new technologies and science, which will present new opportunities and that these trends are going to be net positive in the long run for the United States

“The next six months are going to have a lot of volatility but I think we’ll find ways to navigate, mitigate and move forward,” Fink added. “We’re going to have limited inflation and I think the ten-year rate is getting it wrong because we are going to have a steeper yield curve.”

Fink added that in two to three years, technology is going to be very deflationary, especially generative AI. and that there will be a lot of trade agreements after the chaos. BlackRock expects short term volatility, elevated and moderation of the economy but a “pretty good trajectory” over the course of three or four quarters.

“I truly believe the American capital markets have transcended politics and we are benefiting beyond any other country because we have an incredibly strong banking system, the law and the most robust capital markets,” he said.

He has become more optimistic in the short run on Europe as leaders are taking more responsibility for defense and trying to create growth agendas. For example, President Macron in France and Prime Minister Meloni in Italy have both announced new AI data centers.

However, he highlighted that the US has to wake up to the fact that deficits matter, and focusing on more public-private type of investment is important. “That is why we have to start focusing on infrastructure,” said Fink.