BlackRock eying deals to help double its private-markets business

CFO Martin Small said management is spending a"good amount of time" looking at deals.BlackRock wants to double its private-markets business over the next five years, and it's eyeing more deals to achieve that. took to the stage at its new 50 Hudson Yards headquarters on Wednesday to tell investors about its ambitions to become the"cloud" of the investment-management industry.

The firm expects to double its revenue in the business in the next five years, Edwin Conway, the global head of equity private markets, told investors. In 2022, the firm made $1.03 billion through base and performance fees. Despite being a smaller unit, private markets represent more than half of the firm's overall performance fees. BlackRock has raised over $82 billion since its last investor day in 2021 and is currently sitting on $33 billion in dry powder.

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