Blackstone (BX) Barclays 24th Annual Global Financial Services Conference summary

Macro environment and outlook

• S&P earnings growth is at its fastest in five years, with 2026 projected as a record year, driven by digital and energy infrastructure investment, especially AI, which remains under 1% of GDP so far.

• Margin expansion is robust, with S&P EBITDA margins up 500 bps over 40 years and portfolio margins up 700 bps, aided by early-stage AI productivity gains.

• Core CPI excluding shelter is at 2% YoY, labor markets are balanced, and a dovish Fed hike is expected to keep long-term rates in check.

Transaction environment and deployment

• Scale and breadth of capital are key advantages, with 70% of major investments in AI, power, electrification, life sciences, liquidity solutions, and Asia (notably India and Japan).

• IPO activity is strong, with nine IPOs in the past year and six more on file, leading to increased public and liquid performance receivables.

• Energy private equity doubled its net accrued performance receivable to over $1 billion, reflecting strong sector performance.

Fundraising and capital formation

• $260 billion in inflows over 12 months, a 24% increase, with strong demand across institutional, insurance, and individual channels.

• Infrastructure AUM grew 40% YoY to $90 billion; insurance AUM reached $290 billion, up 4x in five years.

• Private wealth AUM is $324 billion, up 2.5x in five years, with multi-asset and retirement products as key growth drivers.