Blackstone Reaches Record $1 Trillion in Assets; Q2 Earnings Slump
July 21, 2023
Blackstone Inc, a leading manager of alternative investments, has achieved a major milestone by becoming the first firm in its industry to reach $1 trillion in assets, three years ahead of its initial goal. However, the achievement was accompanied by a 39% drop in second-quarter distributable earnings due to a decline in asset sales amid challenges from higher interest rates, sticky inflation, and economic uncertainty impacting merger-and-acquisitions activity. Despite the setback, Blackstone’s CEO, Stephen Schwarzman, remains optimistic about growth opportunities in private credit, insurance, infrastructure, the energy transition, life sciences, and wealth management for wealthy individuals.
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