Blackstone’s personal credit score enterprise delivered gross returns of 15.7 per cent throughout 2024, and three.1 per cent within the fourth quarter of the 12 months.
The robust efficiency of its personal credit score phase, mixed with stellar returns throughout the personal markets division, helped to ship among the finest quarters within the asset supervisor’s historical past.
In line with the agency’s full-year outcomes, internet earnings – calculated utilizing Typically Accepted Accounting Ideas (GAAP) – was $1.3bn (£1bn) for the quarter and $5.4bn for the 12 months.
Whole property below administration (AUM) reached $1,127.2bn for 2024 – representing an eight per cent year-on-year rise. This was comprised of fee-earning AUM of $830.7bn and perpetual capital AUM of $444.8bn.
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Blackstone reported inflows of $57.5bn through the fourth quarter, and $171.5bn for the 12 months.
The agency deployed $41.6bn within the quarter and $133.9bn throughout the 12 months.
“Blackstone reported among the finest quarters in our historical past,” stated Steve Schwarzman, chairman and chief govt of Blackstone.
“Earnings development accelerated sharply, whereas the important thing drivers of our enterprise – inflows, funding exercise and realisations – all reached their highest ranges in two-and-a-half years. Blackstone’s distinctive potential to innovate and construct market-leading companies continues to energy our development.
“As we transfer ahead in 2025, the agency is exhibiting important momentum.”
Whereas personal credit score was one of many top-performing segments for the choice asset supervisor final 12 months, its returns had been overshadowed by Blackstone’s company personal fairness and infrastructure companies, which noticed annual gross returns of 16.6 per cent and 21 per cent, respectively.
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Liquid credit score delivered annual gross returns of 9.5 per cent, and a quarterly return of two.4 per cent.
Opportunistic actual property noticed the one losses throughout Blackstone’s alternate options portfolio in 2024, with gross returns of -3.7 per cent for the 12 months, and -5.1 per cent for the fourth quarter.
The entire AUM of the corporate’s credit score and insurance coverage phase – which is made up of the personal credit score and liquid credit score methods – elevated by 20 per cent to $375.5bn by the top of 2024, with inflows of $34.2bn within the quarter and $91.2bn for the 12 months.
Inflows for credit score and insurance coverage throughout the quarter included $14.5bn for the worldwide direct lending technique, inclusive of $3.1bn of fairness raised for the agency’s flagship personal credit score fund BCRED, and $9.9bn for infrastructure and asset primarily based credit score methods.
By way of capital deployment, $21.6bn was allotted from this phase through the fourth quarter, and $63.8bn was deployed over the course of the 12 months. These allocations had been pushed by US direct lending in addition to infrastructure and asset primarily based credit score methods.
By the top of the 12 months, Blackstone had $168.6bn in complete dry powder.
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