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 .
You might also like
| 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. |
-
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?
-
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?
-
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?
-
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?
-
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?
Research analysts who have asked questions during Blackstone earnings calls.
Craig Siegenthaler
Bank of America
4 questions for BX
Michael Cyprys
Morgan Stanley
4 questions for BX
Steven Chubak
Wolfe Research
4 questions for BX
William Katz
TD Cowen
4 questions for BX
Alexander Blostein
Goldman Sachs
3 questions for BX
Benjamin Budish
Barclays PLC
3 questions for BX
Brian Bedell
Deutsche Bank
3 questions for BX
Crispin Love
Piper Sandler
3 questions for BX
Glenn Schorr
Evercore ISI
3 questions for BX
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for BX
Michael Brown
Wells Fargo Securities
3 questions for BX
Patrick Davitt
Autonomous Research
3 questions for BX
Arnaud Giblat
BNP Paribas
2 questions for BX
Brennan Hawken
UBS Group AG
2 questions for BX
Brian McKenna
Citizens JMP Securities
2 questions for BX
Daniel Fannon
Jefferies Financial Group Inc.
2 questions for BX
Kyle Voigt
Keefe, Bruyette & Woods
2 questions for BX
Alex Blostein
Goldman Sachs
1 question for BX
Ben Budish
Barclays PLC
1 question for BX
Dan Fannon
Jefferies & Company Inc.
1 question for BX
Kaman Chung
Evercore ISI
1 question for BX
Ken Worthington
JPMorgan Chase & Co.
1 question for BX
| 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 has created a new business unit within its private wealth division (managing $280 billion in assets) to expand access to private equity and credit in DC retirement plans including 401(k)s.
- The unit will be led by Heather von Zuben globally, with Tom Nides as chairman and Paul Quinlan heading the U.S. DC business.
- The launch follows a Trump executive order easing inclusion of nontraditional assets in retirement plans, potentially tapping into the $13 trillion U.S. DC market.
- Blackstone plans partnerships with Vanguard and Wellington Management to offer blended public-private investment products and will focus on investor education.
- A consortium led by Goldman Sachs Alternatives completed its acquisition of a majority stake in NAVEX; Blackstone joined as a significant minority investor.
- BC Partners will retain a significant minority stake in NAVEX following the transaction.
- NAVEX serves 13,000 organizations worldwide with its NAVEX One ethics, risk, and compliance management platform.
- As the world’s largest alternative asset manager with $1.2 trillion in assets under management, Blackstone’s participation highlights its strategic focus on compliance software solutions.
- Blackstone agreed to sell a £1.04 billion portfolio of UK logistics assets to Tritax Big Box, including 32 urban logistics sites and 9 large distribution warehouses.
- The transaction is financed with £632 million in cash via a new debt facility, with the balance paid in newly issued shares giving Blackstone a significant equity stake in Tritax Big Box.
- Tritax’s share price has been trading at around a 27% discount to net asset value, prompting institutional investors such as RIT Capital Partners and the Rothschild Foundation to increase their stakes amid its ongoing share buyback program.
- The acquisition is expected to enhance Tritax Big Box’s earnings potential and expand its footprint in the UK urban logistics market, alongside opportunities in data centers.
- Blackstone partners with Abu Dhabi-based Lunate to launch GLIDE, aiming to raise $5 billion for logistics infrastructure across the GCC.
- GLIDE will target greenfield developments, selective portfolio acquisitions, and sale-and-leaseback transactions with leading regional businesses.
- Blackstone contributes over 1.2 billion sq ft of global logistics assets; Lunate manages $110 billion in assets.
- The platform seeks to capitalize on the GCC’s rapid economic growth fueled by e-commerce expansion, manufacturing activities, and government diversification amid limited high-quality logistics facilities.
- Blackstone is evaluating strategic options for Ancestry.com, including a potential sale or IPO, with bank proposals solicited and deliberations in early stages.
- Ancestry.com, acquired by Blackstone in 2020 for $4.7 billion, generates over $1 billion in annual revenue and has more than 3 million paying subscribers.
- An IPO could value Ancestry.com at approximately $10 billion, marking one of Blackstone’s largest potential exits.
- Blackstone, the world’s largest alternative-asset manager with $1.211 trillion in assets under management, may retain the business if market conditions are unfavorable.
- Blackstone preliminarily expects to record over $525 million in total Realized Performance Revenues and Realized Principal Investment Income for the period July 1–September 24, 2025, with over 90% derived from performance fees.
- The estimate is preliminary, excludes revenue from realizations after September 24, other income sources and expenses, is not indicative of full-quarter or future results, and may change materially.
- Blackstone has named Katie Keenan as CEO of its $53 billion Blackstone Real Estate Income Trust (BREIT) following the death of former CEO Wesley LePatner, effective November 10, 2025.
- Keenan, a 13-year Blackstone veteran, will also serve as Global Head of the firm’s core-plus real estate business.
- Tim Johnson will succeed Keenan as CEO of Blackstone Real Estate Debt Strategies (while remaining Global Head and Chair of BXMT’s Board), Zaneta Koplewicz is named Co-President and Director of BREIT alongside A.J. Agarwal, and Rob Harper returns to Head of Asset Management.
- BREIT has delivered a 9.2% annualized net return since inception, outperforming the public REIT index by 60% cumulatively.
- AmTrust Financial Services and Blackstone Credit & Insurance have entered a definitive agreement to carve out AmTrust’s MGA and fee activities in the US, UK, and Continental Europe into a new independent entity, aiming to unlock value and accelerate growth.
- Funds managed by Blackstone Credit & Insurance will collaborate with AmTrust on the establishment and capital structure of the new multinational MGA platform.
- Adam Karkowsky will resign as AmTrust chairman to become chairman and CEO of the newly formed MGA business.
- Blackstone Energy Transition Partners has agreed to acquire the 620 MW Hill Top Energy Center in Western Pennsylvania from Ardian for nearly $1 billion.
- Hill Top Energy Center entered service in 2021, recorded a >93% capacity factor in 2024, and supplies power to the PJM Interconnection market.
- The acquisition aligns with Blackstone’s strategy to invest $25 billion in Pennsylvania’s energy and digital infrastructure, targeting an additional $60 billion in regional investments.
- Blackstone, the world’s largest alternative-asset manager, had $1.211 trillion in assets under management as of June 2025, serving primarily institutional investors (87%).
- AmTrust Financial Services and Blackstone Credit & Insurance will spin off seven MGAs and fee businesses across the U.S., U.K., and Continental Europe into a new independent company employing over 700 people.
- Adam Karkowsky will serve as Chairman and CEO of the new entity, with Joseph Brecher as CFO and Jacob Decter as COO.
- AmTrust will continue underwriting the existing books via a 10-year capacity agreement and will retain approximately 6,000 employees post-transaction, which is expected to close by year-end 2025 pending regulatory approvals.
- Blackstone Inc. is the world’s largest alternative-asset manager with a market capitalization of $141.56 billion and manages $1.211 trillion in assets.