[govg]

Most of the money "invested" in this deal belongs to institutions and individuals who have chosen to invest in BlackRock products. A trivial example is if your pension is with BlackRock, they are investing on your behalf and they get a very minor fee for it (minor in terms of percentage, not value). So while the headline is that BlackRock invested in ABC, the actual exposure to the profits or losses is for the people whose money they have invested. The amount of money BlackRock might invest of their own is usually negligible ( sometimes called coinvesting or balance sheet investing, not common for larger firms like fidelity or BlackRock).

What the exact flow is will depend ultimately on how the fund is structured. For example, Goldman will run a private equity focussed fund that you can put money in as a customer, so if you did put money in it, they would invest in similar deals on your behalf. Other customers of Goldman may or may not choose to invest in that fund, preferring something like a bond fund or equities fund etc.