저자: LarryFink · 외국인
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BlackRock가 GIP 인수로 인프라 투자 확대를 발표. 프라이빗 인프라 운용자산 150억달러 이상으로 증가 예정, 연간 수수료 관련 매출 두 배 및 15억달러 이상 전망. 인프라는 장기 성장 자산이며 정부·기업의 민관 협력 투자 수요 증가 주장. 비트코인은 제한된 공급을 근거로 자산 보존 수단으로 설명하며 금과 비교. 목표가 질문에는 구체적 답 없음.
다듬은 글
no different than what gold represented over thousands of years it is a it is a it is a asset class that that protects you and and unlike gold where we manufacture new gold we're almost at the ceiling of the most of the amount of Bitcoin that to me that what we are trying to do is offer an instrument uh that can U that can store weal joining us right now you know first on NBC interview is Black Rock CEO Larry fin uh as this news is just crossing the tape good morning to you good morning Andrew happy New Year Happy New Year to Becky and to Joe let's talk about what's happening here there has been speculation for months that there would be a major transaction in the future of Black Rock a lot of people had speculated you would buy a private Equity Firm uh this is a very different deal you're sort of zigging where others may have been zagging yes um this is going to make you probably uh one of if if not the largest infrastructure investors in the world and it'll put us in the top few um well thank you um let me be clear we were not looking at any private Equity firms we we believe the future uh in the private markets is going to be infrastructure as you think about Black Rock um over 65% of our clients are are are retirement assets um what can be a better asset than um long duration assets he coupon inflation protected uh and then you overlay um the needs of governments and companies I've been long advocating that deficits matter and the future of governments funding their deficits on their own balance sheet is going to become more and more difficult and we're in conversation with many governments of of doing more public private type of transactions we are seeing more and more corporations instead of selling division s they're selling blocks of assets not sometimes 100% sometimes 50% um and going into partnership as they build out their infrastructure we all know the need uh of uh recalibrating our power grid as we digitize everything we all know that more and more countries are focusing on energy Independence and some of them are focusing on decarbonization all across these Investments we're talking trillions of dollarss and so we believe the big macro Trend in the future is going to be much heavier Reliance on private Capital retirement assets to co-invest with companies and governments in infrastructure um we have had a a long relationship with Gip bio the founder and I have P good from the first Boston days we were part of the first Boston diaspora uh we all left first Boston we were Partners together at first Boston we've known each other and this came came together really rather quickly we we we had a a dinner together in September and we saw the merits of it we had our te key Partners together in October and we moved full you know very rapidly I should mention bio G Lacy has been the lead director at Goldman Sachs yes and he's going to be stepping down as part of this that Ro so at the time of closing uh and right right after closing B will be joining Black Rock board and at the same time he will be standing down from the Goldman Sachs board he he's been the lead but he's been on the government sex board now for I think approximately 12 years and uh and I know he's uh sad to leave a great firm but I think he's very happy to be part of the new his new firm how does this change Black Rock um there was a transformational deal you did with bgi brought in ey shares years ago that was a transformational transaction yes you have put this from what I was reading in that same kind of bucket that same kind of context well I would put it in the same context when we bought uh bgi and I shares was part of it I shares had $290 billion today I shares is 3.5 trillion uh these are just long-term trends that we see uh long-term trends and how we see uh the markets are going to evolve much of this we've made a fundamental belief that the world's Capital markets and this is very good for CNBC that the world's Capital markets are going to become a larger and larger component of economic activity across countries across the globe um and as I said if we are going to really Elevate our infrastructure as a world and the need for stronger better airports power grids um infrastructure as an asset class is going to is must grow and we believe that we are seeing that and so we are making a large um uh statement that we believe in the private markets the future growth in infrastructure is going to be faster than than almost any other and the bet that you can grow this business I imagine by bringing on all the investors who've historically backed you before to put you in a place to compete against the brookfields of the world um our investors already have been notified they are really excited about this transaction um they see the merits uh combined black rocks infrastructure team and the Gip team it we will now have over $150 billion in infrastructure um and we see more and more opportunity we're working right now with two or three major uh companies that are looking to uh restructure themselves and we're talking four or five billion dollars of equity needed to do these infrastructure deals we're in conversation with the government right now that they're looking to transform some of their power grids and so all of these things are requiring not a few hundred million but a few billion dollars so the need is going to be greater and the power of GP and black rock really allows us to be in the front of the of the P how should investors think about this this morning in terms of uh Alternatives how big a piece or small piece on a relative basis this is going to be to your overall earning picture in the future what kind of multiple they want to apply to this kind of business relative to the ey shares business it's it's a complicated picture well it doubles our fee related revenues related to um uh our private markets it's it's going to put us over a billion and a half dollars which is a big block when we I mean it's still small to an1 18 plus billion dollar Revenue platform but it really is giving us a larger engine if you add what we're doing now in I shares I shares crossed over one and a half billion in revenues too so it is these platforms that that really in my in my mind identify the strength of black rock that were able to bring uh the totality of investment ideas with investment technology and this gives us a much bigger conversation Beyond Public public Securities public Equity public debt investment technology uh the utilization of ETFs across all the Spectrum and then now being a a large player in the infrastructure private markets business I believe you know I believe it goes up as if the world is more frightened if people have fearful political risk they're fearful of their own risk um it's no different than what gold represented over thousands of years it is a it is a it is a asset class that that protects you and and unlike gold where we manufacture new gold we're almost at the ceiling of the of the amount of bit hear somebody like I mean when you hear somebody like Kathy Wood who was on our broadcast yesterday say that her base case base case is that this turns into a $600,000 of Bitcoin valuation base case and a a you know million plus um in a in a super optimistic case are you anywhere in her realm I haven't thought about it to me that what we are trying to do is offer an instrument uh that can U that can store wealth I think if it gets that even close to that high gold will represent even a bigger value and and and and let's be clear if you think it's digital gold there's going to be a reference point between gold in Bitcoin
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