BlackRock reported a record $12.53 trillion in assets under management as of June 30 buoyed by $68 billion in net inflows during the second quarter.

Private markets can withstand geopolitical shocks and individual investors want to benefit from this, Blue Owl Capital’s James Clarke said.

Harvard warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually.