For years, private equity firms have sought to join a special club: managing $1 trillion in assets, a milestone that would put them in the same league as mutual fund behemoths like BlackRock and Fidelity and banking giants like JPMorgan Chase.
On Thursday, Blackstone became the first in the private equity industry to hit that level, boasting in its latest quarterly earnings report that it managed just over $1 trillion in assets as of the end of June.
For firms like Blackstone, attaining that size cements their position as a major player in mainstream finance.
On Main Street, the firm is perhaps best known for striking debt-fueled takeovers of companies, even if in reality it has long since branched out into an array of other businesses, from lending to real estate.
“This milestone reflects the extraordinary trust we have developed with our investors,” Stephen A. Schwarzman, Blackstone’s co-founder and chief executive, said in a statement, adding that he saw “a vast opportunity for further expansion.”
Persons:
Blackstone, ” Stephen A, Blackstone’s
Organizations:
Fidelity, JPMorgan Chase, Blackstone
Locations:
BlackRock