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Blackstone Inc. is the world's largest alternative asset manager, managing over $1 trillion in total assets as of December 31, 2023. The company operates through four main business segments: Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, generating revenue primarily through management fees, performance allocations, and incentive fees, which vary with market conditions and business cycles . Blackstone offers a diverse range of investment products, including traditional drawdown funds, perpetual capital vehicles, and customized fund solutions, and has been expanding its private wealth strategy to cater to high-net-worth and mass affluent individual investors .
- Real Estate - Leads globally in real estate investing, focusing on high-quality assets with growth potential, such as logistics, data centers, rental housing, and hospitality .
- Private Equity - Targets a broad range of investments, including corporate private equity, energy transition, and growth equity .
- Credit & Insurance - Includes strategies like direct lending and opportunistic credit .
- Hedge Fund Solutions - Manages a variety of hedge fund strategies and includes the GP Stakes business; will be renamed Multi-Asset Investing in 2024 .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jonathan D. Gray ExecutiveBoard | President and Chief Operating Officer | Chairman of the board of directors of Hilton Worldwide Holdings Inc; Board of directors of Corebridge Financial; Involved with Harlem Village Academies. | Jonathan D. Gray is the President and COO of Blackstone and a member of the board of directors. He joined Blackstone in 1992 and previously served as the Global Head of Real Estate. | |
Joseph P. Baratta ExecutiveBoard | Global Head of Private Equity | Member or observer on the boards of First Eagle Investment Management, Refinitiv, SESAC, Ancestry, Candle Media, Merlin Entertainments Group; Trustee of the Tate Foundation; Board of Year Up. | Joseph P. Baratta is the Global Head of Private Equity at Blackstone and a member of the board of directors. He joined Blackstone in 1998 and has played a significant role in building Blackstone’s private equity business in Europe. | |
Stephen A. Schwarzman ExecutiveBoard | Chairman, Chief Executive Officer, and Co-Founder | Co-Chair of the Board of Trustees of Schwarzman Scholars; Member of The Council on Foreign Relations, The Business Council, The Business Roundtable, The International Business Council of the World Economic Forum. | Stephen A. Schwarzman is the Chairman, CEO, and Co-Founder of Blackstone Inc. He has been involved in all phases of the firm's development since its founding in 1985. He is an active philanthropist with significant contributions to education, culture, and the arts. | View Report → |
John G. Finley Executive | Chief Legal Officer | N/A | John G. Finley serves as the Chief Legal Officer of Blackstone Inc. and is a member of the firm’s Management Committee. He joined Blackstone in September 2010. | |
Michael S. Chae Executive | Chief Financial Officer | Board Member of Robin Hood Foundation, Asia Society, St. Bernard’s School; Trustee Emeritus and former President of the Board of Trustees at Lawrenceville School; Member of the Council on Foreign Relations. | Michael S. Chae is the CFO of Blackstone Inc. He joined Blackstone in 1997 and has held various leadership roles, including Head of International Private Equity and Head of Private Equity for Asia/Pacific. | |
Tabea Hsi Executive | Senior Managing Director and Assistant Secretary | N/A | Tabea Hsi is a Senior Managing Director and Assistant Secretary at Blackstone Inc. There is no additional information available regarding their start date or previous positions. | |
Vikrant Sawhney Executive | Chief Administrative Officer and Global Head of Institutional Client Solutions | Board Member of the Blackstone Charitable Foundation; Chair of the board of directors of Dream; Trustee of Quinnipiac University. | Vikrant Sawhney is the Chief Administrative Officer and Global Head of Institutional Client Solutions at Blackstone Inc. He joined Blackstone in 2007 and started Blackstone Capital Markets. | |
Brian Mulroney Board | Director | Senior Partner at Norton Rose Fulbright Canada LLP; Chairman of the Board of Directors of Quebecor Inc.; Senior Advisor of Global Affairs at Barrick Gold Corporation; Board Member of Acreage Holdings Inc.. | Brian Mulroney is a Director at Blackstone Inc. He joined the board in June 2007 and is a former Prime Minister of Canada. | |
James W. Breyer Board | Director | Founder and CEO of Breyer Capital; Board Member of Harvard Business School, Harvard University, Stanford University; Trustee of San Francisco Museum of Modern Art, Metropolitan Museum of Art, American Film Institute. | James W. Breyer is a Director at Blackstone Inc. He joined the board in July 2016 and is the Founder and CEO of Breyer Capital, a premier venture capital firm. | |
Reginald J. Brown Board | Director | Partner at Kirkland & Ellis LLP. | Reginald J. Brown joined the board of directors of Blackstone in September 2020. He is a partner in the Washington, D.C. office of Kirkland & Ellis LLP. | |
Rochelle B. Lazarus Board | Director | Chairman Emeritus of Ogilvy & Mather; Board Member of Rockefeller Capital Management, Organon, World Wildlife Fund, Lincoln Center for the Performing Arts, Partnership for New York City. | Rochelle B. Lazarus is a Director at Blackstone Inc. She joined the board in July 2013 and is Chairman Emeritus of Ogilvy & Mather. | |
Ruth Porat Board | Director | Board Member of Stanford Management Company, Council on Foreign Relations, Bloomberg Philanthropies, Memorial Sloan Kettering Cancer Center. | Ruth Porat is a Director at Blackstone Inc. She joined the board in June 2020 and is the President and Chief Investment Officer, and Chief Financial Officer of Alphabet and Google. | |
William G. Parrett Board | Director | Board Member of ThoughtWorks, Oracle Corporation, New York Foundation for Senior Citizens; Chairman of UBS America; Senior Trustee of United States Council for International Business. | William G. Parrett is a Director at Blackstone Inc. He joined the board in November 2007 and is a former CEO of Deloitte Touche Tohmatsu. |
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Given the substantial capital required for your data center investments and the rapid growth in this area, how confident are you that your fundraising efforts can keep pace with deployment opportunities, and what strategies are you implementing to ensure sufficient capital availability in light of potential fundraising challenges?
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Operating expenses increased this quarter due to placement fees, third-party servicer fees, and consulting spend ; how do you anticipate these expenses impacting margins and FRE growth in the near term, and what measures are you taking to manage operating leverage next year?
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With the back book headwinds impacting FRE growth and metrics falling short of expectations, particularly with a 10% run rate of back book pressures , how do you plan to overcome these challenges to ensure sustainable organic net flow rates and FRE growth moving forward?
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Given the renewed interest in commercial real estate and the positive trends in BREIT flows , how sustainable do you believe this recovery is, and what risks do you foresee that could potentially reverse these positive net flow trends?
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As the asset-based lending market represents a $25 trillion opportunity, and private players currently hold only 1–2% , do you believe you have done enough to secure your fair share in this space, and what further steps are you taking to enhance your position, particularly regarding bank partnerships and origination capabilities?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
BREIT | Investment vehicle from which Blackstone earns management and advisory fees | Real Estate | Contributed $839.9 million (approximately 10.47% of total revenue of $8,022.8 million ) in management and advisory fees for 2023. |
BCRED | Investment vehicle from which Blackstone earns management and incentive fees | Credit & Insurance | Contributed $762.6 million (approximately 9.51% of total revenue of $8,022.8 million ) in management and advisory fees for 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rover | 2024 | The acquisition of Rover, a leading digital marketplace in the pet space, was completed by Blackstone in Q1 2024 as part of its private equity activities. |
Online Payments Business in Japan | 2024 | Blackstone closed the acquisition of an online payments business in Japan during Q1 2024, although specific deal value, structure, and strategic rationale were not disclosed. |
Healthcare Platform in India | 2024 | Blackstone completed the acquisition of a healthcare platform in India during Q1 2024, but the documents do not provide further details on financial terms or strategic objectives. |
Air Communities | 2024 | Blackstone announced a $10 billion take-private acquisition of Air Communities, a high-quality rental housing platform, to address the structural shortage in the U.S. housing market. |
Tricon Residential | 2024 | Blackstone completed a take-private acquisition of Tricon Residential for $3.5 billion, announced in January 2024, as part of its strategic real estate investments involving BREP and BREIT. |
Recent press releases and 8-K filings for BX.
- Blackstone reported GAAP net income of $1.2 billion in Q1 2025, including fee-related earnings of $1.3 billion and earnings attributable to Blackstone Inc. of $615 million .
- The firm achieved nearly $1.2 trillion in AUM with robust inflows of approximately $62 billion, with fee-earning AUM at $860.1 billion .
- A quarterly dividend of $0.93 per share was declared (payable on May 5, 2025), and share repurchase initiatives were executed to reinforce shareholder value .
- Strategic growth was highlighted with expansion in private credit—up 35% year-over-year—and progress in private wealth management partnerships .
- Positive investment performance was noted across core strategies, supported by a strong dry powder position of $177 billion .
- Preliminary revenue estimate: Blackstone expects to record over $385 million in realized performance revenues and principal investment income for the period from January 1, 2025 through March 25, 2025.
- Revenue composition details: The estimate is almost entirely comprised of realized performance revenues and excludes pending investment realizations such as the sale of Bistro.
- The company announced strategic acquisitions of Beacon Platform Inc. and Bistro, a Blackstone Technology platform, to advance a unified front-to-back investment management solution for both public and private assets.
- Executives emphasized how the integration of a single security master and data plane will streamline data flow and improve risk analytics and operational efficiency, particularly for alternative and private asset classes.
- The CFO detailed financing plans including an $800 million Term Loan B, over $220 million in excess cash, and use of a portion of a $200 million revolving credit facility to fund the $336 million Beacon cash acquisition; these moves are expected to raise gross leverage to 4.3x EBITDA at closing.
- The discussion also underlined a targeted go-to-market strategy that leverages dedicated account-based sales teams for both new logo acquisition and cross-selling, ensuring organic growth alongside integration benefits.