Alternative Asset Managers Like Blackstone Are Not Immune to Equity and Credit Market Headwinds

We consider Blackstone to be the preeminent alternative asset manager, with $1.001 trillion in total assets under management, or AUM, including $731.1 billion in fee-earning AUM, at the end of June 2023. The company has scale in each of its four business segments: private equity (23% of fee-earning AUM and 27% of base management fees); real estate (39% and 44%); credit & insurance (28% and 21%); and hedge fund solutions (10% and 8%). Blackstone has also built out a large base of employees—including in-house executives, consultants, and advisors—that have decades of industry experience and can successfully revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.