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One of the largest asset managers in the world

Blackstone is one of the largest alternative asset managers in the world. They dwarf any other PE firm with their over $900 billion in AUM, up 38 percent year-over-year as of Q2 2022.

The Blackstone portfolio comprises over 200 companies with more than half a million employees worldwide. Among their portfolio companies are;

  • Refinitiv, the financial markets data and infrastructure provider.

  • Ancestry, the digital family history services provider.

  • Bumble, the dating and social networking apps owner and operator, to name a few.

History and background

You can’t talk about Blackstone without mentioning Stephen Schwarzman—the man once dubbed the undisputed king of the private equity industry and one of the wealthiest persons in the world. Schwarzman formed The Blackstone Group in 1985 after leaving the then-independent investment bank, Lehman Brothers. He brought his former boss with him—and they both set out to operate as an M&A advisory firm, making themselves known in the industry. As you know, they did not stop there, and Schwarzman still serves as the CEO and Chairman of Blackstone.

Heavy in real estate

The Blackstone we know today divides its operations into four main segments; real estate, private equity, hedge fund solutions, and credit & insurance, with real estate being the largest - accounting for over 50 percent of revenue. Their gigantic real estate leg is a result of them buying over 50,000 single-family houses across the US from 2012 through 2016, turning them into rental properties. 

The company collects fees for managing hundreds of billions of dollars for a wide range of investors, enabling steady streams of Fee-Related Earnings (FRE).

Blackstone, like KKR, is well positioned to capitalize on an eventual market downturn, as the company has dry powder amounting to over $170 billion.