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Does Blackstone's Fundraising Strength Anchor Its Growth Story?
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Key Takeaways
Blackstone raised about $240B in 2025, lifting the total AUM to $1.3 trillion.
BX benefits from 50% of fee-earning AUM in perpetual vehicles, supporting steady revenues.
Strong inflows and $198.3B dry powder fuel deployment, reinforcing its investment cycle.
Blackstone Inc.’s (BX - Free Report) growth story is increasingly anchored in its fundraising strength. The firm has consistently attracted capital from a diversified investor base spanning institutional clients, private wealth channels and insurance partners. This broad-based inflow engine not only highlights strong investor confidence but also provides resilience against cyclical slowdowns in any single segment.
Thus, despite a challenging environment for alternatives, BX raised roughly $240 billion in 2025, which helped push total assets under management (AUM) to $1.3 trillion.
This fundraising momentum directly feeds into Blackstone’s fee-earning AUM, which is critical because the metric drives recurring management fees, forming the backbone of stable revenues. Notably, 50% of BX’s fee-earning AUM now comes from perpetual or long-duration vehicles, such as non-traded REITs and private credit strategies, which are not dependent on asset sales for revenue generation. As a result, Blackstone’s earnings mix is increasingly tilted toward fee-related earnings, which are more predictable than performance-based income.
Blackstone’s fundraising strength fuels a powerful investment flywheel, supported by its large capital base. The firm held $198.3 billion in dry powder as of Dec. 31, 2025, giving it ample capacity to invest. It deployed $133.9 billion in 2024 and $138.2 billion in 2025, demonstrating its ability to put capital to work at scale. This allows Blackstone to capitalize on opportunities across high-growth sectors, such as private credit, infrastructure and digital assets. Strong deployment and performance, in turn, attract further inflows, reinforcing the cycle.
Thus, while near-term headwinds (slower realizations amid subdued IPO and M&A activity, higher interest rates and tighter financial conditions, overallocation to private assets due to the denominator effect, tighter credit spreads in private credit, and several geopolitical uncertainties) remain a reality for the alternatives industry, Blackstone’s fundraising dominance acts as a meaningful buffer against these pressures. Its fundraising strength does more than drive growth — it stabilizes the business model.
How Are BX’s Peers Positioned in Terms of Fundraising?
Apollo Global Management (APO - Free Report) is strongly positioned on the fundraising front, though its model differs somewhat from Blackstone by being more heavily anchored in credit and insurance-linked capital.
Apollo Global has demonstrated robust fundraising momentum, generating roughly $228 billion in inflows in 2025, reflecting continued investor demand across its platform. This has helped scale its total AUM to about $938 billion as of Dec. 31, 2025, putting it close to the $1-trillion milestone. A key driver of this growth is Apollo Global’s dominance in credit strategies, which represent the bulk of its AUM and attract capital due to their relatively stable yield profile in a higher-rate environment.
KKR & Co. Inc. (KKR - Free Report) is also strongly positioned on the fundraising front and has emerged as one of the fastest-scaling players in the alternatives industry.
KKR delivered its highest-ever fundraising year in 2025, raising about $129 billion, including $28 billion in the fourth quarter alone. This robust capital formation pushed KKR’s total AUM to roughly $740 billion, with fee-paying AUM rising at a faster pace, highlighting strong growth in recurring revenue streams.
The company’s shares have lost 27.6% in the past three months compared with the industry’s 20.5% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, BX trades at a 12-month forward price-to-earnings (P/E) of 16.98X, above the industry average of 8.93X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Blackstone’s 2026 and 2027 earnings indicates year-over-year growth rates of 14% and 26.8%, respectively. Estimates for both years have been revised lower over the past 30 days.
View the Zacks #1 Rank List
Image: Shutterstock
Does Blackstone's Fundraising Strength Anchor Its Growth Story?
Key Takeaways
Blackstone Inc.’s (BX - Free Report) growth story is increasingly anchored in its fundraising strength. The firm has consistently attracted capital from a diversified investor base spanning institutional clients, private wealth channels and insurance partners. This broad-based inflow engine not only highlights strong investor confidence but also provides resilience against cyclical slowdowns in any single segment.
Thus, despite a challenging environment for alternatives, BX raised roughly $240 billion in 2025, which helped push total assets under management (AUM) to $1.3 trillion.
This fundraising momentum directly feeds into Blackstone’s fee-earning AUM, which is critical because the metric drives recurring management fees, forming the backbone of stable revenues. Notably, 50% of BX’s fee-earning AUM now comes from perpetual or long-duration vehicles, such as non-traded REITs and private credit strategies, which are not dependent on asset sales for revenue generation. As a result, Blackstone’s earnings mix is increasingly tilted toward fee-related earnings, which are more predictable than performance-based income.
Blackstone’s fundraising strength fuels a powerful investment flywheel, supported by its large capital base. The firm held $198.3 billion in dry powder as of Dec. 31, 2025, giving it ample capacity to invest. It deployed $133.9 billion in 2024 and $138.2 billion in 2025, demonstrating its ability to put capital to work at scale. This allows Blackstone to capitalize on opportunities across high-growth sectors, such as private credit, infrastructure and digital assets. Strong deployment and performance, in turn, attract further inflows, reinforcing the cycle.
Thus, while near-term headwinds (slower realizations amid subdued IPO and M&A activity, higher interest rates and tighter financial conditions, overallocation to private assets due to the denominator effect, tighter credit spreads in private credit, and several geopolitical uncertainties) remain a reality for the alternatives industry, Blackstone’s fundraising dominance acts as a meaningful buffer against these pressures. Its fundraising strength does more than drive growth — it stabilizes the business model.
How Are BX’s Peers Positioned in Terms of Fundraising?
Apollo Global Management (APO - Free Report) is strongly positioned on the fundraising front, though its model differs somewhat from Blackstone by being more heavily anchored in credit and insurance-linked capital.
Apollo Global has demonstrated robust fundraising momentum, generating roughly $228 billion in inflows in 2025, reflecting continued investor demand across its platform. This has helped scale its total AUM to about $938 billion as of Dec. 31, 2025, putting it close to the $1-trillion milestone. A key driver of this growth is Apollo Global’s dominance in credit strategies, which represent the bulk of its AUM and attract capital due to their relatively stable yield profile in a higher-rate environment.
KKR & Co. Inc. (KKR - Free Report) is also strongly positioned on the fundraising front and has emerged as one of the fastest-scaling players in the alternatives industry.
KKR delivered its highest-ever fundraising year in 2025, raising about $129 billion, including $28 billion in the fourth quarter alone. This robust capital formation pushed KKR’s total AUM to roughly $740 billion, with fee-paying AUM rising at a faster pace, highlighting strong growth in recurring revenue streams.
Blackstone’s Price Performance, Valuation & Estimates
The company’s shares have lost 27.6% in the past three months compared with the industry’s 20.5% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, BX trades at a 12-month forward price-to-earnings (P/E) of 16.98X, above the industry average of 8.93X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Blackstone’s 2026 and 2027 earnings indicates year-over-year growth rates of 14% and 26.8%, respectively. Estimates for both years have been revised lower over the past 30 days.
Image Source: Zacks Investment Research
Currently, BX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.