Asset Manager Private Markets AUM

Asset manager private markets AUM measures the assets an investment manager reports inside its private-market strategies. It is a product-mix view inside total assets under management, not a second definition of AUM.

BlackRock reported $329.1B of private-markets AUM at June 30, 2026. The filing gives the exact balance as $329.083B, up from $320.431B at March 31, 2026. The roughly 2.7% sequential increase is much more informative when the underlying roll-forward is separated into client flows, realizations, market movement, and currency.

Q2 inflows were larger than the net increase in AUM

The useful operating formula is a roll-forward rather than a cumulative-fundraising total:

1March 31 private-markets AUM      $320.431B
2+ Net inflows                       15.432B
3- Realizations                       6.209B
4- Market change                      0.469B
5- Foreign-exchange impact            0.102B
6= June 30 private-markets AUM      $329.083B

For example, the bridge shows $15.432B of net inflows against $6.209B of realizations during the quarter. After realizations, market movement, and currency, ending AUM increased by only $8.652B.

That makes private-markets AUM different from a simple cumulative-fundraising statistic. New capital can enter while realizations pull assets out of the reported base at the same time.

Private credit and infrastructure dominate the current mix

At June 30, BlackRock's private-markets AUM consisted of:

• $150.937B of private credit, about 45.9% of the total;
• $113.488B of infrastructure, about 34.5%;
• $32.261B of private equity, about 9.8%;
• $21.953B of real estate, about 6.7%; and
• $10.444B of multi-alternatives, about 3.2%.

Private credit and infrastructure together represented roughly 80% of the private-markets balance. A change in total private-markets AUM can therefore be driven disproportionately by those two categories rather than by a uniform move across every private asset class.

A 53% year-over-year increase was not purely organic

Private-markets AUM rose from $215.244B at June 30, 2025 to $329.083B at June 30, 2026, an increase of about 52.9%.

The 12-month bridge shows why that growth rate should not be read as client demand alone. BlackRock reported $50.379B of net inflows and $101.017B of AUM added through acquisitions, including the HPS and ElmTree transactions. Those additions were partly offset by $31.383B of realizations, $5.139B of negative market change, and $1.035B of negative foreign-exchange impact.

For investor analysis, the acquisition contribution matters. A large increase in private-markets AUM can expand the fee base and product breadth without representing the same economics as organically raised capital.

Private-markets AUM is not all alternatives AUM or fee-earning AUM

BlackRock reported $449.395B of total alternatives AUM at June 30, including $329.083B of private markets and $120.312B of liquid alternatives. Private markets were about 73.2% of the alternatives subtotal, so the two labels should not be used interchangeably.

The balance also should not be assumed to equal fee-earning AUM, committed capital, dry powder, or current management-fee revenue. Private-market economics can depend on fund terms, whether capital is committed or invested, realizations, the timing of fee activation, and the fee rate attached to each strategy.

The cleaner use is to pair the ending balance with the product-level roll-forward and the manager's fee disclosures. Read this with institutional active net inflows, performance-fee revenue growth, and the broader AUM framework.

Primary source: BlackRock Q2 2026 Form 10-Q.

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