Blackstone’s $US1 trillion triumph comes at testing time for private capital
In less than 40 years, Blackstone has gone from managing $US400,000 to $1 trillion. But higher interest rates are creating a pressure test for the sector.
That US giant Blackstone has become the first private equity firm to manage $US1 trillion – a milestone confirmed in its June quarter earnings results on Thursday night – is remarkable on several levels.
Firstly, there’s the remarkable growth of the firm itself. Blackstone started in 1985 managing $US400,000 in one private equity fund, but now Blackstone sprawls across real estate, credit, infrastructure and hedge fund products. As the company’s president, Jon Gray, told Bloomberg: “It’s not your mother’s and father’s private equity firm.”
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
