Blackstone, the world's largest alternative asset manager, posted its best results in 40 years since its founding. As a wave of institutional capital flowed in, assets under management (AUM) topped $1.3 trillion.
According to Blackstone's "fourth-quarter 2025 results" on the 30th, distributable income came to $1.75 per share, a record high. In the same period, inflows were $71 billion, the largest in about three and a half years.
The company said continued growth across key businesses—including private wealth (individual assets), infrastructure, private equity (PE), and credit and insurance—drove the results.
Blackstone raised a total of $43 billion in fundraising and private wealth during last year. That was up 53% from the prior year. Buoyed by this, total AUM expanded to about $1.3 trillion, up 13% year over year.
Through the latest earnings release, Blackstone said the global initial public offering (IPO) and mergers and acquisitions (M&A) markets are showing a clear rebound. In fact, global IPO issuance in the fourth quarter last year rose about 40% from a year earlier. In the U.S. market, despite policy uncertainty from a government shutdown, IPO issuance increased 2.5 times from the prior year.
In the fourth quarter, Blackstone led a $7.2 billion IPO for medical supplies corporation Medline. The company said the transaction was the largest IPO since 2021 and the biggest ever among private equity-backed IPOs.
Credit and insurance also extended their growth. More than $140 billion flowed into that institutional sector last year. Assets under management in corporate credit and real estate credit combined total $520 billion, up about 15% from a year earlier.
In the private wealth institutional sector, assets under management rose 16% year over year to surpass $300 billion. Fourth-quarter private wealth channel sales were $11 billion, up 50% from a year earlier, with net inflows of $1.2 billion. Blackstone plans to continue its growth this year by expanding product launches in the private wealth market.
Blackstone Chairman and CEO Stephen Schwarzman said, "In 2025, we also delivered outstanding performance for clients in infrastructure, PE, and multi-asset investing (BXMA), resulting in the best results in our company's history," and added, "We invested a total of $138 billion last year, the largest investment amount in the past four years, which will serve as a foundation for long-term value creation going forward."