Blackstone profits jump 25pc as AUM hits $1.2tn
Blackstone reported strong financial results for the second quarter of this year, with a 25 per cent jump in its distributable profits.
In its latest financial results, the company reported total distributable earnings of $1.57bn (£1.16bn), or $1.21 a share, up from $1.23bn in the second quarter of 2024.
Read more: L&G and Blackstone announce strategic partnership
Total assets under management at the firm increased to around $1.2tn, with $52.1bn of inflows in the quarter. Increased net flows contributed to a 13 per cent increase in management fees.
Total revenues increased to $3.71bn, up from $2.8bn over the same period last year, exceeding analyst expectations.
Read more: ‘Retailisation’ of evergreen funds raises concerns
Private credit gross returns were three per cent in the quarter (2.2 per cent net), with gross returns of 13.3 per cent (9.5 per cent net) over the last 12 months.
This included the flagship commingled funds across opportunistic lending, global middle market direct lending funds, stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies.
Read more: Aberdeen raises £233m for new sub-line fund
Earlier this month, Blackstone announced a long-term strategic partnership with asset management giant L&G, whereby L&G’s annuities business will use Blackstone to source investment-grade private credit deals, mostly from the US.
