Investments, Realizations, and Fundraising Should Recover at Blackstone With Markets Improving

We consider Blackstone to be the preeminent alternative-asset manager, with $1.0430 trillion in total assets under management, including $762.6 billion in fee-earning AUM, at the end of 2023. The company has scale in all four business segments: private equity (22% of fee-earning AUM and 28% of base management fees), real estate (39% and 43%), credit and insurance (29% 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 revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.