Does Blackstone still own BlackRock?

Did Blackstone Keep Ownership of BlackRock?

No, Blackstone does not own BlackRock today—and it hasn’t for nearly three decades. While the similarly named financial giants might cause confusion, they’ve been on entirely separate paths since the mid-1990s.

BlackRock actually began in 1988 as a subsidiary of The Blackstone Group, founded by Larry Fink and others with backing from Blackstone’s leadership, including Stephen Schwarzman. However, the relationship didn’t last long. By 1994, tensions arose over management style and strategic direction, leading Blackstone to consider selling its stake.

Just a year later, in 1995, Blackstone made a pivotal decision: it sold its ownership in BlackRock to PNC Financial Services for $240 million. At the time, that sum seemed substantial, but in hindsight, it’s often cited as one of the most consequential underestimations in financial history. Under Fink’s leadership, BlackRock grew into the world’s largest asset manager, overseeing trillions in assets.

Today, Blackstone remains a powerhouse in private equity and alternative assets, while BlackRock dominates in asset management and index funds—especially through its iShares ETF platform. Despite the shared name roots and common origin story, they are fully independent companies with distinct cultures and business models.

The 1995 sale marked a clean break, allowing both firms to flourish separately. Blackstone moved deeper into private investments and infrastructure, while BlackRock expanded globally, particularly after weathering the 2008 crisis and acquiring assets from the fallen Bear Stearns and Merrill Lynch.

So while their early connection is a fascinating footnote in Wall Street lore, the reality is clear: Blackstone has not owned BlackRock since 1995. The two may have started under the same roof, but they’ve long since built empires of their own.