$BLK $BX $ARES #PrivateMarkets #PrivateCredit #Infrastructure #AlternativeInvestments #BlackRock #Valuation On the deal decks' own estimates, BlackRock paid about 31 times post-tax fee-related earnings (management fees less the cost of earning them) for Global Infrastructure Partners (GIP) and HPS, a private-credit manager, excluding retention pools (awards set aside to keep the acquired firms' staff), as the decks did (the decks themselves quoted 25–30). Listed private-markets managers trade at about 21 times and earn it with growth: in the second quarter, year on year, Ares' fee-related earnings rose 20% (its management fees 14%) and Blackstone's per share 20%. BlackRock's private-markets base fees rose 2.3% in a year and have sat between $639 million and $668 million a quarter since HPS closed. Three quarters averaging $730 million or more would move TON618's value toward the price; below $650 million, away.