(Reuters) - BlackRock ( BLK ) has launched its first model portfolio blending private and publicly traded assets, it said on Wednesday, as it looks to expand its footprint in the lucrative private market landscape.

Model portfolios are blueprints that financial advisers use to manage their clients' investments. Tailored for a variety of risk tolerances and goals, they can help advisers save time and costs they would otherwise have spent on building portfolios from scratch.

Adding private assets to these portfolios, which typically consist of stocks and bonds, could help BlackRock ( BLK ) tap a broader investor base.

The move aligns with the asset manager's strategy to cement its presence in private markets - a goal it has pursued through multi-billion-dollar acquisitions - after years of dominance in low-cost funds.

Its commitment to this expansion was underscored last month when it linked Chairman and CEO Larry Fink's compensation to its private market push.

The company, however, is facing competition from asset managers such as KKR and Apollo Global, which have established a formidable presence in the industry.

BlackRock ( BLK ) did not disclose the fee details for the new models.