BlackRock Inc. pulled in $205 billion of new money in the third quarter as revenue surged at the world’s largest asset manager, which is now a full year into a major transformation to push further into higher-fee private markets.
The firm added $135 billion net in exchange-traded funds and $66 billion in actively managed funds, the company said in a statement Wednesday. Revenue jumped 19% from a year earlier, and total assets under management hit a record of $15.5 trillion.
“Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed,” Chief Executive Officer Larry Fink said in the statement.
Shares of BlackRock rose as much as 3.7% to $1,106 after the market open in New York.
BlackRock’s adjusted earnings per share in the quarter rose 38% from a year ago to $15.93. That beat the $14.15 average estimate of analysts compiled by Bloomberg.
Cash and money-market funds took in $31 billion in net money. Long-term investment funds added $175 billion, beating the $159 billion average analyst estimate. BlackRock reported 11% annualized organic base fee growth in the quarter, marking the ninth consecutive quarter it exceeded its 5% target.
The firm reported $27 billion of outflows from index products for institutional investors. On a call with analysts, BlackRock said the outflows were concentrated in low-fee products.
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The firm completed its $12 billion acquisition of alternative credit specialist HPS Investment Partners in July 2025, marking the third step in a significant expansion by the stock and bond giant to catch up with the leaders of private markets.
The latest quarterly results are the first to incorporate year-ago data that includes HPS performance. BlackRock purchased the credit firm after snapping up Global Infrastructure Partners and private-data firm Preqin.
On the analyst call, BlackRock said that it has raised $25 billion in private credit in its first full year with HPS.
“This quarter is the clearest view yet of the earnings power of our integrated platform,” Fink said.
Alternatives accounted for $800 billion of the firm’s assets in the third quarter, with private credit and infrastructure accounting for more than half of that.
BlackRock has tried to break out of a category of traditional asset management firms by emphasizing its growth in private markets as well as risk-management and technology analytics sold to financial clients.
Still, investors have been lukewarm on BlackRock shares, which were were down 0.4% this year through Tuesday. That trailed the S&P 500’s 14% gain.
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