Wall Street Journal

BlackRock’s Larry Fink Wants to Become the Next Warren Buffett

February 7, 2018

By Sarah Krouse

BlackRock Inc. is looking to raise more than $10 billion that it would use to buy and hold stakes in companies, replicating the approach of Warren Buffett’s Berkshire Hathaway Inc.

It is the first-ever attempt by the world’s largest asset manager to make such direct investments, according to people familiar with the matter. The move establishes BlackRock as a potential competitor to Wall Street private-equity giants like Carlyle Group LP and Apollo Global Management LLC.

For BlackRock Chief Executive Laurence Fink, it also sets up a rivalry with his old firm, Blackstone Group LP. Mr. Fink co-founded BlackRock as a division of Blackstone in 1988 but split from the private-equity giant in 1994.

Read the full article at the Wall Street Journal.