The new venture is seeking capital from sovereign-wealth funds and pensions, the Wall Street Journal reported.
The funds would be used to buy and hold stakes in companies — a new venture that would pit the world's largest asset manager against Wall Street private-equity giants such as Carlyle Group and Apollo Global Management , according to the report, which cited unnamed "people familiar with the matter."
BlackRock already manages $145 billion that it invests in a number of products including private equity funds. But it doesn't have its own investment vehicle where money is used to directly buy stakes in companies, according to the Journal.
The new venture is known internally as a "long-term private capital" vehicle and it's seeking capital from sovereign-wealth funds, pensions and other big investors, the report said.