BlackRock, the world's largest asset manager, plans to raise roughly $10 billion through a new business, sources familiar with the matter told Reuters.
Here are three things to know about the plan.
1. The new business would likely take minority stakes in companies and hold them for a longer period of time, the source said.
2. Larry Fink, CEO of BlackRock, has historically called on executives to pursue long-term value for shareholders instead of short-term profit goals.
3. The equity investment fund, first reported by the Wall Street Journal, could put BlackRock in more direct competition to own private companies, similar to Berkshire Hathaway and Blackstone Group. BlackRock is a spinoff of Blackstone Group, according to the report.
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