The deal gives the investment firm $7.3 billion in assets as it attempts to broaden its holdings of private assets, following BlackRock’s announcement last week of a new all-in-one 401(k) target date fund with private equity.

The real estate-focused firm will be added to an internal BlackRock group that now includes HPS Investment Partners.

BlackRock expands deeper into private markets with its ElmTree buyout, boosting access to alternative investments and real estate. Is the stock worth buying?