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Blackstone reaches $1 trillion despite Q2 earnings slide

Blackstone has been confirmed as the first alternative investment manager to reach $1 trillion in assets, three years ahead of schedule, according to a report by Reuters.

The milestone was achieved despite the firm seeing its Q2 distributable earnings slide by 39% – from $2 billion the previous year to $1.2 billion in 2023 – due to falling asset sales.

With the global alternative investment industry said to be sized at around $12 trillion in assets, Blackstone – which manages a range of alts investment such as private equity and real estate – had set itself the $1 trillion target in 2018, aiming to reach the goal by 2026.  

Its biggest rival, Brookfield Asset Management, has $825 billion in assets.

Blackstone said net profits from asset sales plunged 82% to $388.4 million from $2.2 billion in the year-ago period, with higher interest rates, sticky inflation and economic uncertainty impinging on M&A activity.

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