Martin Small
Thanks, Rob. Good morning, everyone. Are we feeling good today here? We're feeling good. Great. Since 1988, BlackRock's embraced growth, change and innovation, building a market leading platform to deliver performance and scale for clients. Our successful track record of shaping and navigating change while expanding market leadership is built on guiding convictions that have been consistent through time. They're the foundations of our strategy.
We believe in the long-term growth of the capital markets. We give access. We connect our clients, investors, corporates, the public sector. We connect them to the power of the capital markets. This connection has this positive flywheel effect of creating global growth, more shared prosperity, well-being, more investors for tomorrow, more future clients of the firm.
We're a fiduciary business. We serve only clients. We give our clients undivided loyalty. We deliver them excellent performance across whole portfolios and products. Excellence in performance means excellence in investment performance, excellence in risk management, operations and client service. We look to create scale everywhere and in everything we do. We create scale through network economies, through our One BlackRock platform that's built on trusted, long-term client relationships and technology.
We share the benefits of scale with our clients, providing better access to everything from new markets to data insights, from proprietary origination to lower trading costs. Our scale also benefits BlackRock shareholders. We've expanded operating margin by 170 basis points since we introduced our financial framework in 2022. BlackRock's value creation formula combines strong organic growth and operating leverage, with recurring revenues positively linked to the long-term growth of the capital markets.
It's a proven formula with a track record of delivering compelling value for clients and shareholders. Our strategy is rooted in client needs. Our 11.6 trillion of assets under management are measures of trust that clients have placed with BlackRock.
We've achieved our organic growth targets with 5% organic asset and base fee growth on average over the last five years. We've delivered above-target organic growth even in less supportive markets such as the first quarter of this year. Following our clients, we're investing to build our platform around higher multiple, less market sensitive products and services—private markets, technology, ETFs, and whole portfolio solutions. This should drive long-term relationships with higher and more durable organic growth. So consistent with this ambition, we're raising the bar targeting 5% or higher organic base fee growth alongside 45% or higher operating margin through the market cycle.
Private markets and technology comprised under a fifth of our total revenue at the end of 2024. They accelerate to approximately 20% upon the close of the HPS transaction. We see our evolving mix taking us to 30% or more of BlackRock's revenue from private markets and technology businesses. We've already taken significant steps towards this goal with our inorganic moves in the last 18 months.
We aim to drive the balance of this revenue through successful integrations and execution on synergies. The ambition of our BlackRock in 2030 strategy is to deliver more than $35B in total revenue, and to double both our operating income and market cap. This ambition all assumes a flat market environment, and it's built on premium organic growth and base fees, technology ACV, and on investment performance.
Even with modestly positive markets, just 3 to 5%, we'd expect revenues and operating income to be meaningfully higher. We've built BlackRock around structural growth, meaning the products and services that benefit from fundamental advancements; the durable, long-term changes in how clients are using BlackRock as a platform, a scale enabler to manage and grow their businesses. We're executing to expand share in all these structural growers.
We're top five in private credit and SMAs, top three in each of infrastructure, cash and outsourcing. And we're number one in both ETFs and our Aladdin technology platform. We see our existing 11.6 trillion units of trust as among the best opportunities to grow. Over 90% of the top 100 asset owners work with BlackRock, and asset owners are looking to deepen their partnerships with fewer firms aiming for more holistic, strategic relationships.
They require breadth of capability across asset classes and styles, global access and expertise, and excellence in public and private markets. Leading asset owners want to work with platforms, not monoline product providers. BlackRock's platform presents exceptional breadth and global capabilities. Our institutional index business is built on long-standing relationships with the world's largest sovereign wealth funds, pensions and other institutions.
We have leading platforms across outsourcing, retirement, insurance and wealth. There's over 3 trillion of client assets in these franchises trusted to BlackRock today. These clients all aim to increase their allocations and their insights into the private markets for diversification, income and returns. We believe BlackRock's private markets capabilities are now positioned to deliver best-in-class outcomes for clients.
We have leading capabilities in infrastructure, private credit and private equity solutions. Our focus is delivering for clients. So imagine we're successful and helping existing insurance, wealth and OCIO clients allocate even a modest portion, say 5% of their BlackRock relationships, to private markets. That represents a meaningful growth opportunity of over $150B in new private markets AUM, and over $1B of estimated new base fees just within our walls.
Beyond our existing business, we're building leading franchises and newer, high-growth TAMs across the industry. We're building at least four new potential $500M revenue businesses. Private markets to insurance, private markets to wealth, digital assets and active ETFs. And we're building them from the ground up. All of these businesses barely existed at our 2023 Investor Day. As we power towards our +5% organic growth target, it’s innovative and fast scaling businesses like these that should help deliver higher and more consistent organic growth.
In the nine months since Closing the GIP combination. We've made major progress across the capital raise-and-return lifecycle. We've expanded our offerings for clients and announced landmark transactions in digital infrastructure, utilities and transport and logistics markets, and will mark another significant milestone towards our 2030 goals with the closing of the HPS transaction.
We expect to close on July 1st. We're excited to bring a group of talented new colleagues from HPS to BlackRock and deliver a leading private credit platform to clients. With GIP, and soon HPS, BlackRock’s a top five private markets platform with leading cornerstones in the double-digit growth segments of infrastructure and private credit. We're aiming to raise $400B in private markets through 2030.
It's powered by exceptional origination reach, strong investment performance and depth of our client relationships.
So first origination. As a large active and index investor for clients in public stock and bond markets globally, BlackRock's recognized as a long-term, highly aligned capital partner, not a short-term transactional counterparty. This valuable position of long-term alignment with corporates and sovereigns puts BlackRock in a privileged position to see everything. It powers strong deal flow—the ability to customize income and growth solutions and create long-term value for our clients and our partners.
Second, wealth and insurance. Wealth managers and insurance companies across the globe are aiming to fuse public and private markets. That's insurers involving core fixed income general accounts into public and private credit. That's financial advisors transforming 60/40 model portfolios into something that looks more like 50/30/20.
BlackRock's expert in deeply serving whole portfolio relationships. We're expert in delivering specialist capabilities across private markets and technology, right alongside public fixed income. indexed ETFs, or systematic investing. This expertise should power fundraising synergies with GIP and HPS capabilities.
Third, powering capital formation. Through new extended roadmaps and to serve clients. Investment performance is the license to scale and grow successor vintages. We'll build on the strong track records of the combined businesses to do just that. But we also see big opportunities to expand our product roadmap based on client demand. Examples range from extending infrastructure, investing across Mega-cap in the middle market, and from emerging markets to new energy and digital technologies. Our AI partnership with hyperscalers and asset owners is a good example of this product extension.
And in technology, we're expanding our opportunity set in the fast-flowing river of private markets data. Aladdin's technology has been the backbone of our own growth, and it's enabling other investment firms to support larger-scale growth and increased customization. So with Preqin, we're bringing that ethos to the private markets, supporting the growth of our clients and the growth of the industry itself. Strengthening the connection between GPs and LPs and increasing private market allocations.
Think about the data, the benchmarks, the risk models and analytics that transformed public markets. They created a language. They made markets more accessible from developed to emerging, from stocks to bonds. They made the drivers of risk and return more understandable, which supports growth in the capital markets. Our aim is to do all of that in the far less mature data analytics and index business for private markets, with Preqin.
So we've rooted our BlackRock strategy, our BlackRock strategy to 2030 in client needs, investment capabilities, technology and scale. We're well-positioned to deliver strong investment performance, win client trust and deepen those relationships through a One BlackRock platform.
When we do well for our clients, we do well for our employees, and we do well for our shareholders. Our Investor Day presentations detailed the building blocks to 2030. Aladdin, iShares, active investing, private markets and expanding in new clients segments all around the world. My partners will take you through the capabilities and actions that we believe will take us to over $35B in revenue by 2030, at north of 45% margins.
So with that, I'll turn it over to my friend and partner, Rob Goldstein, to build on how we're executing our platform strategy to power the BlackRock of 2030.
