Blackstone Inc.
Financials · Asset Management & Custody Banks
Largest alts manager (~$1.2T AUM); fee-related earnings on locked-up capital + carry on realizations. Increasingly a real-asset financier of the AI build-out via QTS data centers, power, and private credit to hyperscalers and neoclouds.
- QTS (acquired 2021 for $10B) is now one of the largest private data center platforms; AI capex demand pulls forward leasing
- Private credit franchise (~$465B) backstops neocloud / AI infra financing as banks pull back
- Fee-related earnings are recurring; ~$170B+ dry powder cushions deployment cycles
- Real estate trough behind it; BREIT redemption queue normalizing
- Insurance solutions (Corebridge, Resolution Life) compound permanent capital
- Carried interest is cyclical; realizations slowed in 2024-2025 with sticky rates
- BREIT NAV marks lag public REITs; tail risk if CRE office cycle re-accelerates lower
- AI data center thesis is consensus - cap rate compression on QTS comps may have peaked
- Rate-cut path is the swing factor for PE exits and real estate carry
- Carry-tax / fee-disclosure regulatory overhang persists
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