(Bloomberg) — One yr after Blackstone Inc. Chief Executive Officer Steve Schwarzman advised buyers the agency would attain $1 trillion in belongings beneath administration in 2022, it’s shy of that mark.
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The world’s largest different asset supervisor commanded $975 billion on the finish of final yr, up from $951 billion within the prior quarter, wanting the milestone its senior leaders as soon as thought was simply across the nook. The goal was initially set for 2026, however was accelerated amid a market increase.
Now the personal fairness large is feeling the burden of upper rates of interest on its valuations of some previous investments and confronting an period of investor warning because it tries to assemble money for brand new bets. President Jon Gray stated he wasn’t disillusioned over lacking the goal, expressing confidence that buyers will entrust more cash if the agency delivers.
“I’m most focused on returns,” Gray, 52, stated in an interview. “Inflows follow performance.”
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2023-01-26 07:36:50 Blackstone Misses Forecast for Running $1 Trillion by End of 2022
Link from finance.yahoo.com