Blackstone is the world's largest alternative asset manager, aiming to deliver compelling returns for both institutional and individual investors. They achieve this by strengthening the companies and assets in which they invest. Their investment strategies, totaling over \$1 trillion in assets under management (AUM) as of December 31, 2023, span real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Blackstone employs a solutions-oriented approach to drive performance and believes their scale, diversified business, investment performance history, rigorous investment process, and strong client relationships position them for continued success. They invest across various asset classes for investors like pension funds, insurance companies, and individuals, with a mission to create long-term value. Blackstone's performance contributes to supporting retirements for millions of pensioners.

As of December 31, 2023, Blackstone had approximately 4,735 employees, including 239 senior managing directors, located in their New York headquarters and globally. The firm emphasizes hiring, training, and retaining talent as crucial to their culture and success.

• Employees: 4,735 (as of December 31, 2023)
• Senior Managing Directors: 239 (as of December 31, 2023)
• Total Assets Under Management: Over \$1 Trillion (as of December 31, 2023)
• Headquarters: New York, NY
• Founded: 1985

• Co-Founder, Chairman and Chief Executive Officer: Stephen A. Schwarzman (Age 77)
• President and Chief Operating Officer: Jonathan D. Gray (Age 54)
• Chief Financial Officer: Michael S. Chae (Age 55)
• Chief Legal Officer: John G. Finley (Age 67)
• Chief Administrative Officer and Global Head of Institutional Client Solutions: Vikrant Sawhney (Age 53)
• Director: Joseph P. Baratta (Age 53)
• Director: Kelly A. Ayotte (Age 55)
• Director: James W. Breyer (Age 62)
• Director: Reginald J. Brown (Age 56)
• Director: Rochelle B. Lazarus (Age 76)
• Director: The Right Honorable Brian Mulroney (Age 84)
• Director: William G. Parrett (Age 78)
• Director: Ruth Porat (Age 66)

• Total Revenue: \$8.0 billion (FY2023)
• Net Income Attributable to Blackstone Inc.: \$1.4 billion (FY2023)
• Total Assets: \$40.3 billion (FY2023)

Key Financial Highlights from FY2023:

• Decrease in total revenue primarily due to decrease in investment income.
• Increase in expenses primarily due to higher interest and fund expenses.
• Decrease in total assets primarily due to decrease in cash and investments.

Blackstone offers a wide range of investment products and strategies across its four business segments:

• Real Estate: opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.
• Private Equity: Corporate Private Equity funds (flagship, sector-focused, geographically-focused, and core), an opportunistic investment platform, secondary funds of funds, infrastructure funds, life sciences investments, growth equity investments, a retail investment platform, a multi-asset program for high-net-worth individuals, and capital markets services.
• Credit & Insurance: Private corporate credit, liquid corporate credit, infrastructure and asset-based credit, an insurer-focused platform, and an energy infrastructure/MLP investment platform.
• Hedge Fund Solutions: Fund of hedge funds, direct investments, hedge fund seeding, and registered funds offering daily liquidity alternative asset solutions.

Blackstone operates four main business segments:

• Real Estate: \$336.9 billion in Total AUM as of December 31, 2023. Focuses on global real estate investing across various property types and strategies.
• Private Equity: \$304 billion in Total AUM as of December 31, 2023. Invests across industries on a global basis, seeking to transform businesses with capital, insights, and operational support.
• Credit & Insurance: \$318.9 billion in Total AUM as of December 31, 2023. Offers comprehensive credit solutions, including corporate and asset-based credit, and provides investment management services for insurers.
• Hedge Fund Solutions: \$80.3 billion in Total AUM as of December 31, 2023. Manages institutional funds, primarily through Blackstone Alternative Asset Management (BAAM), the world's largest discretionary allocator to hedge funds.

Blackstone's business strategy focuses on delivering strong returns for investors by actively managing and improving the companies and assets in their portfolio. They leverage their scale, diversified platform, and long-term investment approach to identify opportunities and drive value creation. Blackstone emphasizes adapting to market changes and innovating to meet evolving investor needs.

Key Strategic Initiatives:

• Expanding into new asset classes and geographies.
• Developing products for individual investors.
• Growing their presence in the private wealth channel.
• Focusing on ESG considerations in investments.

Blackstone operates in the highly competitive alternative asset management industry. They compete with other private funds, institutional investors, and financial institutions globally. Key competitive factors include investment performance, client service, access to capital, talent acquisition and retention, product innovation, and reputation. The industry faces increasing regulatory scrutiny, particularly regarding fees, transparency, and ESG practices.

Key Risk Factors:

• Market and economic volatility can impact investment performance and AUM.
• Changes in interest rates and credit market conditions can affect asset valuations and financing.
• Competition for investors and deals is intense.
• Dependence on key personnel and their ability to raise capital.
• Regulatory changes and scrutiny can impact operations and profitability.