BlackRock now oversees a record $14 trillion after clients funneled $342 billion into its funds last quarter. ETFs absorbed $181 billion of that total, while long-term investments pulled in $268 billion overall. The firm’s earnings also topped estimates, with revenue jumping 23% to $7 billion and adjusted profit per share rising 10% to $13.16.

CEO Larry Fink credited rising demand for both public and private market strategies. Over the past year, BlackRock spent roughly $28 billion buying Global Infrastructure Partners, HPS Investment Partners, and Preqin. Those deals bulked up its private credit and infrastructure platforms, a shift many rivals are pursuing as investors hunt diversification and higher yields beyond traditional stocks and bonds.

The firm pulled in $15.6 billion during the quarter for liquid alternatives and private assets, underscoring the growing role of private equity, private credit, and infrastructure in diversified portfolios. Operating expenses rose as BlackRock kept investing in its private markets push, a trade-off management framed as necessary to scale the business.

What’s next? Watch how quickly BlackRock can integrate its recent acquisitions and convert a deep pipeline of mandates into fresh inflows. The firm’s technology and data offerings could also help it win mandates blending public and private strategies. Expect rivals to respond with their own platform builds and acquisitions.