Growth and Transition Strategy Update

Industry AUM is expanding as investors continue to increase allocations to private markets Investor asset allocations to private alternatives¹ Institutions LEJL J Expected 2025 Allocations | 28-30% ! 26-28% Endow. | 20-22% | 18-20% I 16-18% SWF 13-15% Wealth 15-17% 11-13% Private markets industry assets expected to grow to $18T by 20272 2021 2027E CAGR - +13% Infrastructure $9 +15% CAGR $4 8-10% +12% CAGR $18 +11% 4-5% 2-3% 3-5% DB Insurers UHNW HNW 2015 2021 2027E Note: For footnoted information, refer to slide 99. BlackRock Private credit +10% Private equity +8% Real estate 94

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