WASHINGTON • Blackstone Group LP just keeps raking in money from investors.
Total assets under management in the first quarter (1Q) jumped 22% from a year earlier to a record US$449.6 billion (RM1.75 trillion) through a combination of fundraising and financial gains, Blackstone said in a statement yesterday.
Inflows were US$18.2 billion in the quarter.
Private-equity firms are coming off a record year for fundraising. The industry brought in US$453 billion globally in 2017, according to Preqin. They’re expected to keep benefitting as investors search for better returns and flee more expensive alternatives such as hedge funds.
“Amid declining global markets and a sharp increase in volatility, Blackstone continued to protect and grow our investors’ capital in the 1Q,” said Stephen Schwarzman, Blackstone’s CEO. “Investors in the institutional, retail and insurer channels are allocating more capital to our firm.”
At the end of the 1Q, the credit group oversaw US$140 billion in assets, close to a third of the total managed by the New York-based firm.
First-quarter economic net income was 65 cents a share, exceeding analysts’ estimates.