The trillion-dollar market cap in equities had been elusive till Apple hit it in the summertime of 2018. Now it’s topped $3 trillion, with Microsoft at virtually $2.6 trillion, Alphabet simply over $1.5 trillion, Amazon at $1.3 trillion, and Nvidia at just below $1.1 trillion. However Meta went to greater than a trillion and 16 months later was again underneath it.
Now Blackstone has change into the primary various asset supervisor to hit simply over $1 trillion in property underneath administration, in response to its 2023 Q2 outcomes. That was 6% over 2022 Q2’s AUM of $940.8 billion.
Of the whole, $333.2 billion was in actual property in comparison with $320 billion in the identical interval final yr, with $7.9 billion inflows in the course of the quarter and $49.2 billion over the earlier 12 months. “Inflows within the quarter included $1.3 billion for the seventh European opportunistic fund, $791 million of capital raised in BREIT, $2.2 billion in BREDS insurance coverage SMAs, and $203 million within the fifth actual property debt methods fund, bringing whole capital commitments to $3.7 billion for the fund,” the corporate famous. “July 1 subscriptions of $246 million in BREIT not but included in Whole AUM.”
The remainder of whole AUM was cut up amongst personal fairness ($295.3 billion), credit score and insurance coverage ($294.6 billion), and hedge fund options ($78.2 billion). The corporate additionally had $194.6 billion in “dry powder.”
“This milestone displays the extraordinary belief we’ve developed with our traders — constructed via efficiency — in addition to our distinctive place as an innovator,” Stephen Schwarzman, chairman and CEO stated. “We imagine we’re within the early levels of the long-term progress of the alternate options trade, offering an enormous alternative for additional growth.”
Blackstone deployed $4.1 billion in capital in actual property in the course of the quarter and $21.0 billion over the past 12 months. “Deployment within the quarter included the privatization of Industrials REIT, which owns a 7.1 million sq. foot portfolio of U.Ok. final mile logistics properties,” the corporate stated.
‘Realizations of $5.5 billion within the quarter, $17.6 billion over the earlier 12 months, included such asset gross sales as JW Marriott San Antonio Hill Nation Resort & Spa to Ryman Hospitality Properties, Inc. for $800 million and a portfolio of U.S. logistics to Prologis for $3.1 billion.
Opportunistic funds have been flat within the quarter and declined 3.0% over the LTM, whereas Core+ funds appreciated 1.7% within the quarter and 0.9% over the LTM.
Apollo International Administration, which has additionally focused a $1 trillion AUM aim, because the Wall Avenue Journal reported in 2021, was far off the tempo on the finish of its 2023 Q1, with whole AUM of $598 billion. The corporate is scheduled to launch its Q2 outcomes on August 3.
