BlackRock attracted $15.3bn in private markets inflows during the third quarter, exceeding analyst expectations of $12.2bn, as the firm expanded its financing activities and deployed capital from its AI infrastructure fund, according to a report by Yahoo Finance.
Chairman and chief executive Larry Fink said BlackRock’s ability to originate and structure transactions at scale was generating financing relationships and investment opportunities. Its AI infrastructure fund made its first deployment during the quarter, although the report did not provide details of the investment.
Speaking to analysts, Fink outlined plans to develop a market for financing AI chips and computing equipment, drawing a comparison with the growth of mortgage-backed securities in the 1980s.
BlackRock is already working with major technology companies on financing arrangements, he said. The firm sees an opportunity to package loans backed by computing equipment into securities for sale to a broader pool of investors.
BlackRock’s assets under management increased 15% year on year to a record $15.49tn. Revenue rose 19% to $7.75bn, while adjusted net income reached $2.62bn, or $15.93 per share, ahead of the $14.15 per share forecast.
