NEW YORK (Reuters) – Blackstone exceeded Wall Street’s expectations in the third quarter on Thursday, as the American group’s assets under management reached $1.1 trillion, a record amount, while the value of his funds increased.
New York-based Blackstone said it recorded $41 billion in inflows during the third quarter, while deploying and committing $54 billion in capital – a two-year high – amid a recovery in trading activity in the markets, as the US Federal Reserve lowered rates and the economic outlook remains optimistic.
The firm’s private equity funds appreciated 6.2% during the quarter and its infrastructure funds appreciated 5.5%, contributing to the strongest appreciation of Blackstone’s funds in three years.
Chief executive Steve Schwarzman hailed the results as a “widespread acceleration” across the group’s business.
Blackstone’s distributable profits, which represent cash that can be used to pay dividends, were $1.3 billion in the third quarter, up 6% from a year earlier.
Distributable earnings per share came in at $1.01, beating analysts’ expectations of $0.92, according to LSEG data.
The company said private wealth assets under management reached $250 billion, with individual fundraising nearly doubling year-to-date compared to 2023.
(Reporting by Echo Wang in New York; by Mara Vîlcu, edited by Augustin Turpin)
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