BlackRock Investor Day Presentation Deck

Industry AUM is expanding as investors continue to increase allocations to private markets Investor asset allocations to private alternatives¹ ח־ ־ו L- 28-30% 26-28% Endow. Institutions Expected 2025 Allocations BlackRock I 20-22% 18-20% SWF I 16-18% 13-15% DB Note: For footnoted information, refer to slide 99. Wealth 115-17% 11-13% 4-5% 2-3% Insurers UHNW 8-10% 3-5% HNW Private markets industry assets expected to grow to $18T by 2027² $4 2015 +15% CAGR $9 2021 +12% CAGR $18 2027E 2021 2027E CAGR +13% Infrastructure +11% Private credit +10% Private equity +8% Real estate 94

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