BlackRock expands private markets via Global Infrastructure Partners and HPS, faces governance
BlackRock acquired Global Infrastructure Partners in 2024 and HPS Investment Partners in 2025 to push into private markets, using iShares ETFs and its Aladdin platform to analyze investment risk. Its scale and passive-investing influence draw criticism, and concerns persist that Aladdin disruptions could destabilize systems. Shortly after acquiring HPS, it flagged a $400 million private loan as backed by fraudulent invoices and emails.