BlackRock

Key Findings

• Economic: BlackRock has operated in Israel since 2016. Its documented financial nexus includes Israeli-equity funds, reported Elbit Systems holdings, growth-debt financing through Kreos, and approximately $68 million in Israeli government-bond investment attributed to it by a UN Special Rapporteur; the bond report does not resolve the underlying mandates or economic owners.^{1, 2, 3, 4, 5}
• Economic: BlackRock’s corporate disclosures establish an Israeli-incorporated subsidiary, Kreos Capital Israel Ltd. Its November 2025 AccessFintech announcement establishes a separate strategic investment and financial-technology partnership, with investment terms undisclosed.^{6, 7}
• Political: Larry Fink condemned the October 2023 attacks in Israel and described employee-support measures. Reviewed communications also contain subsequent Gaza commentary, but the bounded searches do not establish BlackRock’s complete public position on Palestinian civilian harm.^{8, 9, 10, 11, 12}
• Not found: No public evidence identified of direct BlackRock military-equipment supply, Israeli military or intelligence technology contracts, operational targeting or surveillance systems, or a directly operated settlement facility. Financial holdings and civilian technology relationships do not establish those activities.^{1, 13, 14, 5, 15}

Target Profile

Executive Summary

BlackRock’s documented Israel/Palestine nexus is principally financial and commercial. Its Israeli business dates from 2016 and serves institutions, financial professionals and individuals. The company maintains a Tel Aviv office and earns management fees through investment products marketed to Israeli investors. Its iShares MSCI Israel ETF provides exposure to Israeli listed companies, including banks and Elbit Systems; these are fund holdings rather than evidence that BlackRock’s corporate treasury owns the entire economic interest.^{1, 13, 2, 20}

The strongest economic evidence combines securities holdings with controlled business operations and financing relationships. Reported BlackRock Elbit positions continued through June 2026. BlackRock acquired Kreos Capital in August 2023, adding an established European and Israeli growth-debt business, and subsequently listed Kreos Capital Israel Ltd. among its subsidiaries. A UN Special Rapporteur’s report attributes approximately $68 million in Israeli government-bond investment to BlackRock, while leaving the relevant accounts, mandates and beneficial economic owners unresolved.^{3, 4, 5, 6} BlackRock also announced an AccessFintech strategic investment in November 2025; January 2026 reporting described it as leading an Atlas Invest financing round.^{7, 21}

The political record includes Fink’s condemnation of the October 2023 attacks in Israel, support for affected employees, and later discussion of Gaza and conflict-related economic risks. Reviewed Ukraine communications contain more explicit statements about civilian suffering and documented corporate measures. That difference is established within the reviewed material; it does not prove comprehensive silence about Palestinians, an institutional neutrality policy, or refusal of humanitarian assistance. The Business & Human Rights Resource Centre recorded no BlackRock response to its July 2024 enquiry concerning UN experts’ arms-transfer concerns, a finding bounded to that engagement.^{8, 9, 10, 11, 12, 22}

No public evidence identified of BlackRock directly supplying Israeli military equipment, military targeting software, offensive cyber capabilities, settlement infrastructure or military logistics. Its Aladdin and AccessFintech disclosures describe civilian financial operations. Institutional holdings in defence and technology suppliers establish investment exposure without establishing BlackRock’s operation of those suppliers or delivery of their products. The final human-vetted V6.6 result is BRS 561, Tier C (Substantial Complicity), with the economic and political domains carrying the assessed involvement and both military and digital domains scored zero.^{14, 5, 7, 15}

Timeline of Relevant Events

Corporate Overview

BlackRock is a US publicly traded investment manager founded in 1988 by Laurence Fink and seven partners. Its Israeli operations began in 2016, before the Kreos acquisition. The local business identifies Anath Levin as country head, and the corporate directory lists an office at 94 Yigal Alon Street, Alon 1 Tower, Tel Aviv. No public evidence identified of a BlackRock office in an Israeli settlement.^{1, 13, 16}

BlackRock Investment Management (UK) Limited appears in Israeli-market disclosures concerning foreign investment products, fees and regulatory status. Those disclosures state that the entity is not licensed under the specified Israeli investment-advice legislation to provide the regulated services described. This establishes the disclosed regulatory position; it is not a finding of unlawful conduct.²⁰

Kreos entered BlackRock’s private-debt platform in August 2023. BlackRock disclosed approximately $250 million in total acquisition consideration, including a contingent component; the reviewed disclosures do not establish the exact closing cash payment or final amount ultimately paid. Its year-end 2025 subsidiary schedule confirms Kreos Capital Israel Ltd., but does not identify that entity’s individual ownership percentage, direct or indirect holding route, operational functions or group-entry date.^{4, 6, 28}

BlackRock also owns investment-technology businesses eFront and Preqin, acquired in 2019 and March 2025 respectively. No public evidence identified establishing either as Israeli-origin. AccessFintech is a separately documented partnership and investment: its Israeli legal registration and commercial footprint do not establish that its staff form a BlackRock-owned Israeli engineering centre.^{7, 34, 35, 36}

Domain Summaries

Military: Military

Mechanism of Involvement

The audited military-related nexus is investment exposure to defence companies. Reported Elbit Systems positions increased from 85,560 shares, valued at approximately $17.12 million, at September 2024 to 225,388 shares, valued at approximately $171.01 million, at June 2026. Intermediate reporting dates show continuing holdings, including after July and November 2024. Changes in reported position value do not independently identify purchases, price effects, mandate changes or the ultimate economic owners.³

In June 2024, UN experts separately addressed weapons manufacturers and financial investors, naming BlackRock in the investor category. Their intervention raised human-rights and international-law risks; it did not establish a completed judicial finding against BlackRock or identify it as a weapons manufacturer.¹⁵

No public evidence identified of direct military procurement contracts, component manufacture, weapons-development partnerships, military cargo handling, base services or military-equipment export licences involving BlackRock. Its Israeli business disclosures describe investment services and financial technology.^{1, 14}

Counter-Arguments and Evidence Limits

BlackRock’s strongest defence is the distinction between managing investments and manufacturing or delivering weapons. Form 13F positions identify reportable institutional holdings; they do not establish a component contract, a particular weapons-shipment financing arrangement or proprietary ownership of every reported security. The audits leave discretionary versus index mandates and underlying beneficial ownership unresolved.^{32, 37}

The Resource Centre’s July 2024 non-response record establishes the outcome of one enquiry, not admission of its allegations. Similarly, the PAX/Profundo study’s aggregate European financing figures cannot be presented as BlackRock-specific amounts.^{22, 38} No public evidence identified of a judgment establishing direct BlackRock military delivery or an Israel-related military export enforcement action.

Named Entities and Evidence Map

Digital: Digital

Mechanism of Involvement

BlackRock supplies Aladdin investment-management technology and uses cloud and data partners. Its Microsoft Azure and Snowflake arrangements concern financial workloads, investment datasets and analytics; AWS became an additional announced hosting option in December 2025.^{14, 23, 24, 30}

The specific Israeli-connected technology relationship is AccessFintech. BlackRock’s November 2025 announcement combines strategic investment with intended connectivity between Aladdin and the Synergy Network for post-trade collaboration, transaction exceptions and predictive financial analytics. Access Fintech Ltd.’s Israeli registration is documented. The announcements do not establish BlackRock client-data storage in Israel or access by Israeli state agencies.^{7, 34, 41}

A/HRC/59/23 reports BlackRock institutional stakes in Palantir, Microsoft, Amazon, Alphabet and IBM. These are investment relationships; the report does not establish BlackRock’s procurement or delivery of those companies’ military or surveillance products.⁵

Counter-Arguments and Evidence Limits

The strongest defence is the disclosed civilian character of the technology. Aladdin’s portfolio analytics and AccessFintech’s transaction workflows do not establish population surveillance, intelligence processing or targeting. No public evidence identified of direct BlackRock technology contracts with Israeli military or intelligence bodies, offensive cyber exports, biometric deployments, or settlement-specific installations.^{14, 7, 42}

Using Microsoft or AWS does not establish BlackRock participation in Project Nimbus. The audited UN discussion connects BlackRock through investment exposure rather than a Nimbus operating contract. Data residency and administrator access remain unresolved; they cannot be converted into evidence of Israeli state access.^{5, 34, 23, 30}

Named Entities and Evidence Map

Economic: Economic

Mechanism of Involvement

BlackRock’s economic nexus includes a continuing local financial-services business, fee-generating investment products and Israeli securities exposure. The March 2026 EIS fact sheet listed Bank Leumi at 8.79%, Bank Hapoalim at 7.58%, Elbit Systems at 4.20%, Israel Discount Bank at 3.62% and Mizrahi Tefahot Bank at 3.06%. These are dated fund weights, not permanent allocations or direct proprietary holdings.^{1, 2, 20}

Kreos adds a controlled lending platform serving European and Israeli technology and healthcare businesses. Its pre-acquisition commitments exceeded €5.2 billion across more than 750 transactions; its later platform figures exceeded $7 billion across more than 830 deals. These totals cover the broader business and do not quantify current Israeli lending or prove that every historical borrower remains financed by BlackRock.^{4, 27, 43}

Other relationships require transaction-specific attribution. BlackRock-managed funds and accounts led Deep Instinct’s $100 million round in 2021. BlackRock announced an undisclosed AccessFintech investment in 2025. Reporting described BlackRock as leading Atlas Invest’s $25 million round in January 2026; that is the round size, not a verified individual BlackRock contribution. Reported Artlist discussions did not establish a completed investment.^{7, 21, 25, 44}

The UN report attributes approximately $68 million in Israeli government-bond investment to BlackRock. Separately, Nova’s July 2026 Schedule 13G/A establishes reportable management, voting and disposition authority over a 6.8% position, while explaining that other persons hold dividend and sale-proceeds rights. Neither record establishes that the full economic exposure belongs to BlackRock’s corporate treasury.^{5, 33}

Counter-Arguments and Evidence Limits

Client ownership and mandate distinctions are material. Securities positions cannot automatically be treated as corporate cash contributions, control of investees or earmarked military financing. BlackRock was not among the named underwriters in the February 2025 Israeli sovereign offering examined; no public evidence identified of direct sovereign underwriting or an authorised Israel Bonds retail sales role.^{33, 37, 45}

No public evidence identified of a specific BlackRock balance-sheet loan to a settlement enterprise, a directly operated settlement branch, or a current Kreos borrower established as supplying settlements or Israeli military bodies. EIS’s bank holdings alone do not document individual settlement loans. Israel-specific revenue, taxes, employment and outstanding Kreos lending were not quantified.^{1, 13, 2, 43}

The audits’ later primary-source corrections control: Kreos consideration was approximately $250 million including contingent consideration, and A/HRC/59/23’s official distribution date was 2 July 2025. The insufficiently preserved September 2026 sector figures are not relied upon here.^{5, 28}

Named Entities and Evidence Map

Political: Political

Mechanism of Involvement

Fink’s October 2023 communications condemned the attacks in Israel, expressed concern for innocent lives and described employee protection. Kapito and Goldstein participated in internal staff-support communications. Subsequent remarks addressed conflict-related insecurity and economic risks, and Fink referred to a Gaza ceasefire in January 2026.^{8, 9, 10, 11, 31}

The reviewed Ukraine record is more explicit about civilian suffering and corporate action: Fink’s March 2022 letter supported Ukrainians and described humanitarian mobilisation and financial isolation measures. BlackRock also documented Russian-security restrictions. This is a comparison of retrieved communications, not a comprehensive determination of BlackRock’s treatment of every civilian population.^{12, 26}

Political scrutiny also concerns continuing investment relationships. The Resource Centre recorded BlackRock’s non-response to its July 2024 invitation; Cambridge reporting and an Edinburgh event announcement document subsequent campaign pressure. The latter establishes organisers’ announced protest and allegations, rather than independent verification of each underlying claim.^{22, 29, 46}

Counter-Arguments and Evidence Limits

Employee welfare and condemnation of attacks on civilians do not independently establish endorsement of subsequent Israeli military operations. The bounded searches found no further explicit Palestinian-casualty or humanitarian-access declaration in the reviewed material, but were not exhaustive. They cannot establish comprehensive silence, refusal of aid or formal institutional neutrality.^{8, 9, 10, 11, 12}

BlackRock’s proxy describes an employee-funded federal PAC and political-spending oversight. It does not establish an Israel-specific lobbying expenditure or anti-BDS campaign. No public evidence identified of verified corporate donations to the IDF, FIDF or named settlement organisations, military logistics donations, settlement-expansion sponsorship, or an Israeli state governance mandate.¹⁸

No public evidence identified of verified executive personal donations to the specified military or settlement beneficiaries. Names, affiliations and corporate positions are not substitutes for transaction evidence. The audits also did not independently establish BlackRock’s company-specific inclusion in the OHCHR settlement-business database.^{5, 18, 19, 42}

Named Entities and Evidence Map

Complicity Index Score

Method: V6.6 - final human-vetted scores.

• V_MAX: 6.50 Avg_OTHERS: 1.17
• BRS Score: 561 Tier: C (Substantial Complicity)

The economic domain drives V_MAX, reflecting the documented investment, lending, operating and commercial relationships; the political domain records the reviewed communications and institutional conduct within their stated limits.^{1, 2, 4, 5, 7, 8, 22} Military and digital scores remain zero because investment exposure and civilian financial technology do not establish the direct operational activities examined in those domains.^{14, 5, 15} The resulting tier is the fixed, vetted output of a scale-free, evidence-only method; it is not a judicial finding or a claim that BlackRock operates its investees’ activities.

Methodology Note

• This dossier compiles only the four supplied domain audits, carrying forward their corrections, attribution boundaries and unresolved findings.
• Impact (I) is scale-free and concerns activity type; Magnitude (M) concerns scale; Proximity (P) concerns directness. The supplied final V6.6 values are reproduced without recalculation.
• Temporal attribution distinguishes historical from continuing activity. Divested or exited operations receive mitigation; pre-acquisition transactions and historic portfolio records do not automatically establish current BlackRock exposure.
• Entity attribution excludes transitive guilt: managed-fund holdings, corporate treasury assets, subsidiaries, investees and executives’ personal activities require separate evidence.
• A verified settlement operation would count in both Economic and Political. General Israeli operations or securities holdings alone do not establish a specific settlement operation.
• “No public evidence identified” records a negative result within the reviewed material, not proof of universal absence. Non-response, campaign allegations and UN assessments retain their evidentiary status.