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Blackstone (BX) investor relations material
Blackstone Bank of America Financial Services Conference 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Macro and market environment
Operating environment and portfolio fundamentals remain strong, with a historic investment and expected productivity boom underway.
AI and digital infrastructure are driving robust gains, with data center leasing up 50% in 2025 and similar trends expected in 2026.
Consumer economy is split, but high-end consumption remains resilient; inflation is seen as under control and labor markets stable.
CEO optimism is at a yearly high, with virtually no recession expected in the next 12 months; capital markets are robust.
AI-related productivity is expected to have a deflationary effect, supporting healthy growth and moderating inflation.
Investment deployment and strategy
Record $138 billion deployed in 2025, with strong momentum expected into 2026, especially in public-to-private deals and credit.
Focus areas include AI, digital infrastructure, power/electrification, life sciences, and private credit, all benefiting from major secular trends.
Over $10 billion invested in power/electrification in two years; life sciences faces a $200 billion annual R&D funding gap.
Private credit is expanding, with a $30 trillion market opportunity and significant growth in secondaries.
Asia, especially India and Japan, is a key growth region, representing a large untapped opportunity.
Fundraising and growth outlook
$239 billion in inflows in 2025, up 40% year-over-year, with strong growth across institutional, individual, and insurance channels.
Institutional AUM exceeds $700 billion, up 60% in five years; infrastructure AUM up 40% year-over-year.
Private wealth AUM surpassed $300 billion, tripling in five years; new products and strategies are driving further expansion.
Anticipates another strong fundraising year in 2026, with capital and flows concentrating among large-scale players.
Scale and organic innovation are seen as key competitive advantages for future growth.
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Frequently asked questions
One of the largest asset managers in the world
Blackstone is one of the largest alternative asset managers in the world. They dwarf any other PE firm with their over $900 billion in AUM, up 38 percent year-over-year as of Q2 2022.
The Blackstone portfolio comprises over 200 companies with more than half a million employees worldwide. Among their portfolio companies are;
Refinitiv, the financial markets data and infrastructure provider.
Ancestry, the digital family history services provider.
Bumble, the dating and social networking apps owner and operator, to name a few.
History and background
You can’t talk about Blackstone without mentioning Stephen Schwarzman—the man once dubbed the undisputed king of the private equity industry and one of the wealthiest persons in the world. Schwarzman formed The Blackstone Group in 1985 after leaving the then-independent investment bank, Lehman Brothers. He brought his former boss with him—and they both set out to operate as an M&A advisory firm, making themselves known in the industry. As you know, they did not stop there, and Schwarzman still serves as the CEO and Chairman of Blackstone.
Heavy in real estate
The Blackstone we know today divides its operations into four main segments; real estate, private equity, hedge fund solutions, and credit & insurance, with real estate being the largest - accounting for over 50 percent of revenue. Their gigantic real estate leg is a result of them buying over 50,000 single-family houses across the US from 2012 through 2016, turning them into rental properties.
The company collects fees for managing hundreds of billions of dollars for a wide range of investors, enabling steady streams of Fee-Related Earnings (FRE).
Blackstone, like KKR, is well positioned to capitalize on an eventual market downturn, as the company has dry powder amounting to over $170 billion.
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