Blackstone Posts Record Q4 as Private Capital Giant Hits $1.13T AUM
- Editor
- Jan 30
- 2 min read
What's New: Blackstone's Q4 2024 earnings report reveals the firm generated $2.2 billion in distributable earnings ($1.69 per share), marking one of its strongest quarters ever, with total assets under management reaching $1.13 trillion.
Why It Matters: The results demonstrate private capital's growing dominance in global markets, with Blackstone's performance indicating strong institutional appetite for alternative investments despite market volatility.
Big Picture Drivers:
Inflows: Record $57.5 billion of new capital raised in Q4, bringing full-year 2024 inflows to $171.5 billion
Deployment: $41.6 billion deployed in Q4 with additional $20.5 billion committed, showing active deal-making
Performance: Strong returns across private equity (16.6% annual) and credit platforms (15.7% private credit)
Scale: Perpetual capital AUM reached $444.8 billion, representing stable, long-term fee generation
By The Numbers:
Fee Related Earnings: $1.8 billion in Q4 ($5.3 billion for 2024)
Distributable Earnings: $2.2 billion in Q4 ($6.0 billion for 2024)
Quarterly Dividend: $1.44 per share
Total AUM Growth: 8% year-over-year to $1.13 trillion
Fee-Earning AUM: $830.7 billion, up 9% year-over-year
Segment Highlights:
Private Equity: Strong fundraising with $11.6B Q4 inflows, 12% YoY AUM growth to $352.2B; corporate private equity portfolio appreciation of 16.6% for the year, with significant crystallization in Infrastructure and BXPE contributing $1.2B in fee-related performance revenues
Real Estate: Core+ and opportunistic platforms faced headwinds with declines of (0.8)% and (5.1)% respectively in Q4; however, remained active with $7.0B deployed including strategic acquisitions like AirTrunk and commitments to new opportunities like Tokyo Garden Terrace Kioicho
Credit & Insurance: Robust growth with AUM up 20% to $375.5B; direct lending strategy particularly strong with $14.5B raised in Q4 including $3.1B for BCRED; private credit delivered 15.7% gross returns (11.6% net) for the year
Multi-Asset Investing: AUM increased 10% to $84.2B with $3.6B Q4 inflows; Absolute Return Composite generated 3.7% gross returns (3.3% net) in Q4, outperforming the HFRX Global Hedge Fund Index's 0.2%
Key Trends to Watch:
Growth in perpetual capital vehicles continues to reshape traditional private equity model
Infrastructure and real estate sectors showing strong deployment opportunities
Private credit gaining momentum as traditional lending remains constrained
Geographic expansion, particularly in Asia, driving new investment opportunities
The Wrap: Blackstone's record quarter underscores the firm's strategic positioning across private markets, with its diversified platform and focus on perpetual capital vehicles providing resilience and growth potential despite market uncertainties.
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