The private sector took off after traditional banks pulled back from some risky lending following the 2008 financial crisis.
Our daily email brings you smart and engaging news and analysis on the biggest stories in business and finance. For free.
The announcement follows similar plans by prominent asset managers like State Street, Apollo, KKR and Capital Group.
The new funds specifically target retail investors, a segment that could turn into a lucrative, untapped marketplace for the industry.
The world’s second-largest asset manager has been known for taking a low-cost approach to investing over its 50-year history.
The announcement follows the introduction of a public and private ETF from State Street and Apollo last month.
BlackRock is acquiring HPS Investment Partners in a deal that could increase its private assets under management to $600 billion.