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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone President Jon Gray on earnings: Q4 was a bit challenging given the market backdropJon Gray, Blackstone president and COO, joins 'Squawk Box' to discuss the company's quarterly earnings results, how he sees the real estate market, and more.
JPMorgan upgrades Blackstone, calls it 'best in class'
  + stars: | 2023-01-24 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
JPMorgan Chase upgraded Blackstone to overweight from neutral on Tuesday, calling the money manager "best in class." The call comes on the heels of the recent controversy over Blackstone 's private real estate investment trust. Blackstone shares dropped after news of the redemption limits in December, dropping 8% in five days and ultimately ending 2022 down nearly 43%. "Blackstone remains best-in-class and an intermediate and longer term winner, so it could hold up near-term better than feared," he said. The BREIT structure remains credible and Blackstone will likely launch new retail products to leverage the success of the non-traded structure, he added.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone's Jon Gray breaks down 'massive' $4 billion BREIT investment from University of CaliforniaJon Gray, Blackstone president and COO, joins 'Squawk Box' to discuss the University of California's investment in Blackstone's real estate fund, why BREIT holders should be happy with the investment and more.
Investors nervous about Blackstone's real estate investment trust should view it as a long-term vehicle that's well-positioned for the future, the firm's president said Thursday. Blackstone has taken heat over the past week for limiting withdrawals from the $69 billion private REIT, the Blackstone Real Estate Income Trust (BREIT). Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had limits on redemptions. Publicly traded REITs have gotten slammed this year amid a rising interest rate environment that has hit the real estate market especially hard, raising questions about the actual values of holdings in private funds such as Blackstone's BREIT. The $35 billion Vanguard Real Estate ETF , for example, has tumbled 26% year to date.
It's also a key part of the firm's push to attract retail investors, Insider's Rebecca Ungarino reports. Bloomberg previously reported that both firm CEO Steve Schwarzman and President Jon Gray have each put $100 million of their own money into BREIT since July. But as nice as it is to have the bosses' money backing your fund, that's not the target audience. And while there is a lot of upside to attracting retail investors — its private wealth arm has quadrupled in size to $233 billion in assets in four years — there are risks, too. Click here to read more about the recent headwinds facing Blackstone's big bet to attract retail money.
Blackstone is doubling down on private credit investments in a volatile market. While its corporate private equity investment performance fell in the quarter, private credit rose. As stock markets plunge, private equity investments' values sour, and central banks hike interest rates, the growing private credit market is heating up — and benefitting private investors stepping in to make loans as banks pull back. Take Blackstone, the world's largest alternative asset manager known for its powerful private equity and real estate businesses. Risks and opportunitiesBlackstone is hardly alone as it doubles down on private credit investments.
Private equity is a rewarding but challenging field to break into. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit from investment banks. These days, the private equity recruiting process has started earlier than ever, and it's resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day. General Atlantic managing director Alex Crisses walked Insider through the growth-equity investment firm's elite summer souring internship.
Persons: Jeffrey Hamilton, Alyssa Powell, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Sara Diniz, Carlyle, Alex Crisses, Thoma Bravo, , Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Morning, Getty, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, KKR KKR, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel
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