BlackRock Inc. will award some of its most senior executives new pay perks tied to its expansion in private markets, signaling again its intent to compete head-on with the largest alternative asset managers.
The firm will give some of its “selected” leaders carried interest tied to the performance of a basket of the firm’s flagship private funds, BlackRock said in a regulatory filing on Friday.
The compensation “recognizes the growth and increasing strategic importance of BlackRock’s private markets platform,” BlackRock said in the filing. The company said the pay plan strengthens its ability to “attract, retain and motivate key senior talent.”
The move follows last year’s decision to award Chief Executive Officer Larry Fink carried interest in private funds.
The carried interest program announced on Friday is eligible to senior executives “whose contributions are pivotal to BlackRock’s private markets platform and long-term value creation” and will be awarded each year, the company said.
BlackRock will start identifying the executives this year. The awards are structured to encourage fundraising and, as a result, revenue.
The $14 trillion asset manager, long known for its stock and bond funds, is in the middle of a major rewiring to become one of the world’s biggest investors in private assets. Fink has plunked down about $28 billion since the beginning of 2024 to buy Global Infrastructure Partners, credit specialist HPS Investment Partners and data-firm Preqin Ltd.
As a result, BlackRock managed about $676 billion in liquid alternatives, liquid credit and private assets at the end of December. It took in about $2.4 billion in revenue from private markets in 2025, roughly double the amount from the prior year, BlackRock said on Thursday when it reported earnings.
The firm’s ambitions have shown up in compensation packages, too, with the company’s board now benchmarking pay against the private-markets leaders like Blackstone Inc., Apollo Global Management Inc. and KKR & Co.
Written by: Silla Brush @Bloomberg
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