Blackstone, the world’s biggest alternative asset manager, saw its assets under management (AUM) top $1.37tn in the third quarter, while its credit and insurance assets reached $480bn.

The firm’s credit and insurance assets rose 11 per cent, with inflows of $35.8bn in the quarter and $142.8bn over the last 12 months.

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Quarterly inflows into credit and insurance included $18bn for its infrastructure and asset-based credit strategies, of which $16.5bn came from insurance separately managed accounts, and $11.9bn for its global direct lending strategy.

Blackstone also closed three new collateralised loan obligations (CLOs) in the quarter, worth $1.3bn, its results reported.

The division deployed $13.4bn in the quarter, driven by its infrastructure and asset-based credit strategies and US direct lending, including deals with Williams and Air Canada. It deployed $62.1bn over the last 12 months.

Private credit posted a gross return of 2.6 per cent (1.8 per cent net) in the third quarter, and 6.7 per cent (3.9 per cent net) over the last 12 months.

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“Blackstone delivered strong third-quarter results amid a volatile external environment,” said Stephen Schwarzman, chairman and chief executive of Blackstone.

“Our flagship strategies outperformed comparable public market indices and inflows reached $63bn, with positive momentum across our major fundraising channels. We’ve established leading platforms to address the key investment themes powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.”

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