Blackstone May Double Assets to $800 Billion in Five Years

October 27, 2017

Blackstone May Double Assets to $800 Billion in Five Years

October 25, 2017 |  Erik Schatzker, Dinesh Nair, and Matthew Martin | Bloomberg

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Blackstone Group LP’s Steve Schwarzman said his firm may double assets under management to $800 billion over the next five years as it expands into new investing areas.

“We have internal targets, plans, aspirations to basically double where we are, which would take us to $800 billion,” Schwarzman, the firm’s co-founder and chief executive officer, said in a Bloomberg TV interview in Riyadh on Wednesday. Asked whether the New York-based asset manager could be a trillion-dollar firm, he said: “That’s possible.”

 Demand for alternative assets such as private equity and real estate has surged. Firms have raised record amounts of money as a seven-year rally in stock markets makes public equities expensive while bond yields continue to hover near historic lows.

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