• Wednesday's BlackRock earnings call was CEO Larry Fink's 100th.
• The firm went public in 1999 when it was still known primarily as a fixed-income manager.
• Despite being the world's largest asset manager, the $11.6 trillion firm is looking to grow through its private market strategies.

At least one thing remains the same from when BlackRock went public a quarter of a century ago: Larry Fink's pre-earnings call dinner.

Fink, speaking on his 100th earnings call Wednesday, said — despite the many changes to the firm and the world over the past 25 years — he has had a bowl of cereal with blueberries the night before each call.

Now, with $11.6 trillion in assets and a record $641 billion in net inflows in 2024, BlackRock is looking toward private markets for its next evolution.

"This just the beginning," Fink said.

The firm hopes to close its acquisition of private credit giant HPS in the second quarter, he said and has already integrated infrastructure investor GIP. Data platform Preqin — which BlackRock bought for $3.2 billion last summer— will make the private markets more accessible, Fink said, because of its data and analytics capabilities.

Altogether, the biggest opportunity for the firm is taking these strategies downmarket to individual retirement plans and managed account models. Private market players are anticipating that the incoming Trump administration, which has promised a deregulatory push, to allow private equity and credit assets into pension plans such as 401ks.

The ideal portfolio blend, Fink said, is no longer the 60-40 portfolio of stocks and bonds that was the standard for so long. Alternatives are needed to diversify properly, and BlackRock plans to offer them.

There's close to $10 trillion in money-market funds Fink expects will "be put to work" soon, and "income-oriented products" like private credit and infrastructure investments should be at the top of the list.

While he's hoping to get private markets strategies into 401ks, Fink did not address his own potential retirement. Mark Wiedman, a potential successor to Fink, is leaving the asset manager. Fink said on the call that Wiedman's departure was discussed for months and he will stay on through the spring to help with the transition.

"Rob and I are proud of the deep leadership team at BlackRock," he said, referring to firm president Rob Kapito.

He said talent is "the most important thing we invest in each and every year," stating that a new generation of leaders is being developed.

Those new leaders will be the ones who will determine what BlackRock's next 25 years look like and where it will grow next. They just need to be careful not to blink.

"It goes by quick," said Bill Katz, TD Cowen's analyst, on the call, reminiscing about covering BlackRock's IPO.