BlackRock (GIP + AI Infrastructure Partnership + iShares)
Larry Fink (chairman/CEO). AI-infra exposure runs through Global Infrastructure Partners (GIP, the in-house infra arm acquired 2024) and the AI Infrastructure Partnership (AIP) consortium it anchors; the iShares AI ETFs are managed by BlackRock Fund Advisors. This is an asset manager / strategic capital allocator, not a hedge fund.
BlackRock is positioning as the largest pool of private capital aimed at the AI data-center + power buildout. Its 2024 acquisition of Global Infrastructure Partners ($12.5B) brought in CyrusOne (data centers) plus airports, ports and renewables platforms (Clearway, Vena, Atlas). On top of GIP it anchors the AI Infrastructure Partnership (AIP) with Microsoft, MGX, Nvidia and xAI — targeting ~$30B of equity mobilizing up to $100B including debt for AI data centers and the energy to power them (GE Vernova / NextEra collaborating on power). AIP's first marquee deal: acquiring 100% of Aligned Data Centers at a ~$40B enterprise value. The retail/ETF side is the iShares AI franchise (ARTY — formerly IRBO — plus newer active AI funds). The thesis is owning the compute-and-power landlord layer of the AI trade rather than the chips or the models.
Top holdings
~$30B equity → up to $100B w/ debt — Consortium BlackRock anchors with Microsoft, MGX, Nvidia, xAI; targets AI data centers + power. Anchor LPs include Kuwait Investment Authority and Temasek. The core AI-infra vehicle.
~$40B enterprise value — AIP + MGX + GIP agreed Oct 2025 to acquire 100% equity in Aligned; expected to close 1H 2026. AIP's first major investment — a hyperscale data-center platform.
$12.5B acquisition (2024) — BlackRock's infra arm; $3B cash + ~12M BLK shares. Brought CyrusOne (data centers) plus airports, ports and renewables (Clearway, Vena, Atlas) — the digital + power backbone.
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