Blackstone reports record AUM as fund value swells

Blackstone’s assets under management hit a record $1.1tn (£0.85tn) in the third quarter, with its boss Steve Schwarzman heralding a “broad-based acceleration across our business”.

The alternative asset manager saw net income rise to $1.6bn, up from just over $920m in the third quarter of 2023.

It saw $40.5bn of inflows during the quarter, while the value of its funds grew.

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“We invested or committed $54bn in the quarter – the highest in over two years – and deployed $123bn in the last 12 months since the cost of capital peaked,” said Schwarzman.

“The third quarter also represented the highest amount of overall fund appreciation in three years, and our limited partners entrusted us with over $40bn of inflows.”

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Blackstone’s private credit portfolio returned 3.6 per cent over the quarter, bringing its annual returns up to 16.7 per cent.

The asset manager raised $8.9bn for its global direct lending strategy over the quarter, and $4.3bn for infrastructure and asset-based credit strategies.

Meanwhile, its fifth opportunistic private credit strategy had $2.2bn of inflows in the quarter, bringing total capital commitments to $2.4bn.

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