Blackstone Group on Wednesday reported $584.4 billion in assets under management as of Sept. 30, up 3.6% from $564.3 billion the end of the prior quarter and up 19% year over year.
Stephen A. Schwarzman, Blackstone chairman and CEO, attributed the results to strong investment performance and earnings growth. "The valuations of our investments continued to rebound sharply," Mr. Schwarzman said on a conference call with investors. "We're experiencing renewed momentum in both capital deployment and realizations."
Blackstone had $152.4 billion in dry powder at the end of the third quarter, compared to $156 billion in dry powder as of June 30.
"A transformation is underway with the pandemic both accelerating and disrupting certain trends in sectors such as legacy retail and media; secular declines have intensified," said Jonathan Gray, president and chief operating officer, during Wednesday's call.
Businesses connected to the digital economy, such as in the life sciences, have benefited, he said. On Oct. 15, Blackstone said it was recapitalizing BioMed Realty Trust for $14.6 billion, generating $6.5 billion of cumulative profits for Blackstone Real Estate Partners VIII and co-investors. Blackstone privatized the REIT in 2015. The deal is expected to close in the fourth quarter.