BlackRock Isn't Just an ETF Giant Anymore. Its Private Markets Pivot Is the Real Growth Story Now.

BlackRock is shifting its growth strategy from low-margin ETFs (40% of business) to higher-margin private markets investments. The company's organic net fee growth reached 8% year-over-year, the highest in five years, driven by private markets expansion. Future growth could accelerate if private market investments become available in retirement accounts like 401(k)s, opening a new revenue opportunity.