BlackRock made $25 billion of investments to strengthen its position in private markets, acquiring investment fund Global Infrastructure Partners and private credit-focused HPS In

BlackRock set a record for net inflows in 2024, with more than $600 billion.

The Larry Fink-led firm's historic haul, driven by strong ETF flows, comes amid deals to muscle into the alternatives and private assets space.

BlackRock's quarterly results complete a banner year for the asset manager, which has sought to strengthen its position in rapidly growing private markets. It spent about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.

BlackRock said in its fourth-quarter earnings report Wednesday that assets under management jumped to a record $11.55 trillion, up from $10 trillion a year ago. Analysts surveyed by FactSet had expected BlackRock to report a record $11.