BlackRock Enters New League With $450 Billion in Alternatives

BlackRock Inc. reaching $450 billion in alternative assets is putting a finer point on a case it has been making all year: it’s not just an ETF powerhouse.

The closing of the firm’s $12.5 billion acquisition of Global Infrastructure Partners adds $116 billion in assets to the $334 billion that the firm managed at the end of September in real estate, private equity, hedge funds and illiquid infrastructure, as well as liquid credit funds.

With the boost from GIP, BlackRock’s alternative assets tally now puts it closer to industry leaders like Blackstone Inc., Apollo Global Management Inc. and KKR ...