BlackRock's annual Private Markets Outlook for 2025 highlights key trends and opportunities across various asset classes in the rapidly expanding private markets sector. The report projects significant growth, with the industry expected to expand from $13 trillion today to over $20 trillion by 2030.
Private Debt
- Continues to grow as a sizable and scalable asset class
- Currently accounts for 10% of the $16.4 trillion alternative investment universe
- Opportunities in asset-backed finance and global expansion, particularly in Europe and Asia-Pacific
Infrastructure and AI
- AI driving transformative shifts across industries
- Investment opportunities across the entire AI value chain, including data centers and power infrastructure
- AI data center capex expected to exceed $1.5 trillion by 2030
Private Equity
- Resurgence in deal activity, jumping 21% in 2024 and exceeding pre-pandemic averages by 45%
- Opportunities in healthcare, AI-driven LBOs, and the middle market
- Increased focus on returning capital to investors
Real Estate
- Poised for growth after a challenging two-year downturn
- Opportunities aligned with long-term structural trends such as aging demographics and demand for energy-efficient buildings
- Asia-Pacific region offers compelling cyclical and structural opportunities
BlackRock emphasizes that this new era of growth in private markets will be characterized by elevated investment activity, increased exits, lower financing costs, and growing demand for long-term capital. The firm expects all client segments, especially retail wealth, to increase their allocations to private markets as they seek long-dated, profitable assets.