Blackstone president Jon Gray has flagged a potential record year of IPOs ahead after the firm reported stronger-than-expected first-quarter results, supported by early momentum in deal activity before geopolitical tensions in the Middle East unsettled markets, according to a report by Bloomberg.
The firm’s distributable earnings rose 25% year-on-year to $1.76bn for the three months to March, equivalent to $1.36 per share, ahead of analyst expectations of $1.34, according to Bloomberg consensus estimates.
Gray said in an interview that IPO activity could reach its strongest level on record for the firm, citing a recovery in US equity markets and renewed appetite for public listings. Blackstone has already filed or prepared documentation for nine IPOs across the US, Europe and Asia. These include consumer brand Jersey Mike’s Subs, advertising technology firm Liftoff Mobile, and a data-centre investment vehicle targeting stabilised assets.
The firm is also indirectly exposed to several high-profile artificial intelligence companies, including OpenAI, Anthropic and SpaceX, through its BXPE private wealth fund, all of which are preparing for potential future listings.
Blackstone deployed approximately $36bn in investments during the quarter and committed a further $16bn in new deals. Performance was led by its infrastructure portfolio, particularly assets linked to data centres, power and energy. The firm said eight of its top ten performing investments were connected to the AI ecosystem.
Gray highlighted AI infrastructure as a key driver of returns, noting its growing importance across the portfolio.
Despite the upbeat outlook, results in parts of the credit business were weaker, with distributable earnings in the credit and insurance division falling 26% to $373m. The unit also saw $37bn in inflows during the quarter, contributing to $68.5bn of total group inflows, up 11% year-on-year.
Blackstone ended the quarter with $1.3tn in assets under management and approximately $213bn in available capital for future investments.
