Five years ago, when Joan Solotar told investors she could grow Blackstone’s private wealth business from $US58 billion of funds under management to $US250 billion within a decade, there was disbelief.

With private wealth FUM now sitting at $US220 billion ($318 billion) – about 24 per cent of Blackstone’s total – Solotar looks like hitting her target five years early. So now when she talks about going to $US500 billion, the reaction is a little different.