Blackstone (BX) investor relations material

Macro and market environment

• Operating environment and portfolio fundamentals remain strong, with a historic investment and expected productivity boom underway.

• AI and digital infrastructure are driving robust gains, with data center leasing up 50% in 2025 and similar trends expected in 2026.

• Consumer economy is split, but high-end consumption remains resilient; inflation is seen as under control and labor markets stable.

• CEO optimism is at a yearly high, with virtually no recession expected in the next 12 months; capital markets are robust.

• AI-related productivity is expected to have a deflationary effect, supporting healthy growth and moderating inflation.

Investment deployment and strategy

• Record $138 billion deployed in 2025, with strong momentum expected into 2026, especially in public-to-private deals and credit.

• Focus areas include AI, digital infrastructure, power/electrification, life sciences, and private credit, all benefiting from major secular trends.

• Over $10 billion invested in power/electrification in two years; life sciences faces a $200 billion annual R&D funding gap.

• Private credit is expanding, with a $30 trillion market opportunity and significant growth in secondaries.

• Asia, especially India and Japan, is a key growth region, representing a large untapped opportunity.

Fundraising and growth outlook

• $239 billion in inflows in 2025, up 40% year-over-year, with strong growth across institutional, individual, and insurance channels.

• Institutional AUM exceeds $700 billion, up 60% in five years; infrastructure AUM up 40% year-over-year.

• Private wealth AUM surpassed $300 billion, tripling in five years; new products and strategies are driving further expansion.

• Anticipates another strong fundraising year in 2026, with capital and flows concentrating among large-scale players.

• Scale and organic innovation are seen as key competitive advantages for future growth.