BrandHistories
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BlackRock
BlackRock was slower than Blackstone, Apollo, and Carlyle to build scaled alternatives capabilities, relying on organic development of alternatives strategies rather than acquiring established private market franchises until the GIP and HPS transactions in 2024. This delay meant that BlackRock under-captured the 2015 to 2023 institutional alternatives allocation wave that drove extraordinary AUM growth and fee income at dedicated alternatives managers, resulting in a below-potential alternatives revenue contribution during a period of maximum institutional appetite for private markets exposure.