Blackstone's Private Credit Exposure Creates Headwinds for Fundraising and Will Increase Redemptions

We consider Blackstone to be the preeminent alternative-asset manager, with $1.275 trillion in total assets under management, including $921.7 billion in fee-earning assets under management, at the end of 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.