BlackRock buys eFront (2019)
BlackRock, the world's largest asset manager, paid $1.3 billion for eFront, a software maker used to manage private-market investments. It folded eFront into its Aladdin technology system. The goal was to run public and private assets on one platform.
BlackRock could offer clients software covering both stocks and harder-to-track private funds.
It set a template: large players buying the software that measures private assets, not just the assets themselves.
Like AngelList, BlackRock bet that whoever owns the software layer over private markets holds a durable position.
