{"id":78103,"date":"2024-07-08T12:16:38","date_gmt":"2024-07-08T16:16:38","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/blackrock-goes-from-alternative-to-unconventional\/"},"modified":"2024-07-08T12:16:38","modified_gmt":"2024-07-08T16:16:38","slug":"blackrock-goes-from-alternative-to-unconventional","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/blackrock-goes-from-alternative-to-unconventional\/","title":{"rendered":"BlackRock goes from alternative to unconventional"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d1dd7d3099b]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed' data-anchor='row-69d1dd7d3099b'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">BlackRock goes from alternative to unconventional<\/h1>\n<\/p>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d1dd7d35700'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Opinion<\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t    <p class=\"bbg-metadata bbg-metadata--date\">July 8, 2024<\/p>\n<\/p>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d1dd7d37201'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><i><span style=\"font-weight: 400\">This article was written by Chris Hughes. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>How alternative can you get? Historically, conventional fund managers have dealt with the threat from private equity and hedge funds by creating or buying alternative investment funds of their own. Now BlackRock Inc. is going further down the diversification track, simultaneously growing its business inside private markets and expanding its revenue sources away from just running client money.<\/p>\n<p>BlackRock on Sunday agreed to pay \u00a32.55\u00a0billion ($3.23 billion) for Preqin, the London-based private-markets data provider. The small size of the transaction relative to the buyer\u2019s $118\u00a0billion market value belies its significance:\u00a0BlackRock is moving from being a data consumer to becoming a data owner and seller.<\/p>\n<p>(Preqin competes with Bloomberg LP, the parent of Bloomberg News.)<\/p>\n<p>The rise of private markets has seen investment firms scramble for a slice of this\u00a0growing revenue pie. The fees levied on private assets are higher and growing faster than those in conventional fund management. The success of CVC Capital Partners Plc\u2019s\u00a0recent European initial public offering shows stock-market investors\u2019 desire to gain exposure to the trend. The rising cost of debt hasn\u2019t\u00a0killed conventional private equity entirely \u2014 leveraged buyouts are still\u00a0being attempted. And strategies such as private credit and infrastructure have grown up alongside. Hence BlackRock agreeing\u00a0to pay $12.5\u00a0billion for Global Infrastructure Partners in January.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Get private credit insights delivered straight to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_6123120651606596674\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/private-credit-digest\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed' data-anchor='row-69d1dd7d3b8f8'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>But the firm headed by Larry Fink\u00a0also has businesses providing services other than investment management for clients, including a \u201cfinancial markets advisory\u201d unit and, notably,\u00a0Aladdin, a technology product that helps investors understand the risks to which their portfolios are exposed. Now it\u2019s\u00a0looking to optimize\u00a0Aladdin for the secular shift toward private markets. Five years ago, BlackRock extended Aladdin\u2019s capabilities to private assets through the acquisition of eFront, a tech firm focused on alternative investments. With Preqin, it gains a proprietary data source to plug into that.<\/p>\n<p>Why become a Preqin owner rather than just remain a client? One obvious opportunity comes from enhancing Preqin\u2019s distribution to BlackRock\u2019s huge base of relationships. And as with any acquisition, BlackRock may also believe it can run Preqin better;\u00a0data may not be its traditional core competence, but the new parent brings financial heft to accelerate product development.<\/p>\n<p>Data on private markets is still behind that on public markets, and there\u2019s scope for greater standardization. Control will enable BlackRock to use Preqin to bolster its existing Aladdin analytical tools offering, for example, private-fund benchmarking. Witness BlackRock\u2019s success with iShares benchmarks in the public markets:\u00a0\u201cWe believe we could index the private markets,\u201d Fink said on a call with investors and analysts on Monday.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"426\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/privatecredit4.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Premium valuation\" title=\"privatecredit4\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/privatecredit4.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/privatecredit4.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/privatecredit4.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/privatecredit4.jpg 925w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Do these potential benefits justify paying a multiple of 13 times this year\u2019s\u00a0estimated revenue? As analysts at Bloomberg Intelligence note, that\u2019s at the high end of recent transactions in market data. BlackRock is providing some reassurance to its shareholders, suggesting it can grow the acquired business to a size that would represent an internal rate of rate of return of\u00a0roughly 18%. But it doesn\u2019t give a precise time frame for realizing that.<\/p>\n<p>Preqin founder and 80% owner Mark O\u2019Hare\u00a0crystalizes billions in personal wealth. This is a massive deal for him. For BlackRock, this is a smaller and less risky way of enhancing exposure to the private asset trend than GIP was. Given its deep relationships with institutional investors worldwide, you can see the logic of wanting to sell more to clients than straightforward investment management.<\/p>\n<p>BlackRock has advantages and disadvantages in managing the polarization of the investment industry between pure-play alternative asset managers and low-margin passive funds. The company\u00a0enjoys a notable premium valuation, making its stock a good acquisition currency \u2014\u00a0something it deployed when buying GIP. The snag is that few fund management acquisitions are large enough to make a radical difference to a\u00a0firm that manages more than\u00a0$10 trillion.\u00a0With this deal, BlackRock has shown there are interesting alternatives to just buying another alternative investment firm.<\/p>\n\t\t\t<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d1dd7d42515]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed' data-anchor='row-69d1dd7d42515'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Recommended for you<\/h2>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || 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