Blackstone announced the launch of the Blackstone Private Markets Fund, or BXPM, a perpetual vehicle giving eligible non-U.S. investors simplified, single-allocation access to its private equity, infrastructure, real estate and credit platforms. BXPM is the first multi-strategy solution within Blackstone Portfolio Solutions, bundling exposure to businesses overseeing hundreds of billions of dollars across four private-market asset classes into one product. The launch broadens access to Blackstone's platform but does not materially change the near-term sensitivity of fee and realization income to market volatility, higher rates and slower deal exits. Among recent developments, the rumoured US$1.3 billion to US$1.5 billion sale of PGP Glass to Brookfield is most relevant, as it speaks directly to Blackstone's ability to execute exits and crystallize performance fees. Blackstone's narrative projects $22.5 billion revenue and $9.8 billion earnings by 2029, requiring 16.1% yearly revenue growth and a $6.7 billion earnings increase from $3.1 billion today, while the most pessimistic analysts project revenue of about US$22.4 billion and earnings of US$11.8 billion by 2029.
Blackstone Group IncBlackstone launched BXPM, a new perpetual private-markets vehicle broadening access to its PE, infrastructure, real estate and credit platforms.
Brookfield Asset Management Ltd.