Blackstone becomes first $1t private equity manager
Blackstone is the first alternative investment firm to reach $1 trillion in assets under management, up from $940.8 billion a year earlier.
The firm had expected to hit the $1 trillion mark by 2026.
Blackstone was at $991.3 billion in the first quarter, with more than $30 billion in inflows from insurance, infrastructure, credit, and real estate. Barron’s reports the milestone was driven by the firm’s BREIT. As of May 31, 2023, BREIT’s total asset value was $123 billion.
Its biggest rival, Brookfield Asset Management has $825 billion in assets, reported Reuters.