黑石集团总裁乔恩・格雷：预期美联储将降息。 来源：滚动播报 ...

Summary of Blackstone Conference Call - December 10, 2025 Company Overview - **Company**: Blackstone (NYSE: BX) - **Assets Under Management**: Over $1.2 trillion, making it the world's largest alternative asset manager [1][1] Economic Outlook - **General Sentiment**: More optimistic than most, citing resilience in the U.S. economy despite challenges like government shutdowns and high short rates [4][4] - **Private Equity Performance**: Q3 revenue growth of 9% for private equity companies [4][4] - **AI Capital Expenditure Cycle**: Identified as a major growth driver, positively impacting the alternative investment space [4][4] - **Inflation and Labor Market**: Inflation data appears better than reported; hiring difficulties have decreased significantly from 93% to 30% among CEOs [7][7] Investment Activity - **Capital Deployment**: Approximately $140 billion deployed over the last 12 months, with an acceleration in investment pace [10][10] - **Key Investment Themes**: - **Infrastructure**: Significant investments in data centers and energy transition [11][11] - **Secondary Market**: Strong position in the secondary space, providing liquidity at scale [12][12] - **Geographic Focus**: Positive outlook on India and Japan for real estate and private equity investments [13][13] - **Areas to Avoid**: Emerging markets outside India and the Middle East, and businesses at risk of disruption from AI [14][14][16][16] AI Investment Strategy - **AI as a Transformative Force**: Investments in infrastructure supporting AI, including data centers and energy [19][19] - **Risk Management**: Continuous assessment of AI risks in investment memos; focus on transforming legacy businesses with AI [25][25] Credit Market Insights - **Private Credit Growth**: Rapid growth in private credit, with a $500 billion portfolio that does not rely on balance sheets [32][32] - **Credit Quality**: Generally good credit quality with low loan-to-value ratios; EBITDA growth of 9% in portfolio companies [34][34] - **Market Dynamics**: Private credit is seen as a structural change benefiting borrowers and investors, with enduring premiums expected [40][40] Wealth Management - **Market Share**: Blackstone holds approximately 50% of the industry fee pool in the wealth market, with $290 billion in assets [41][41] - **Product Innovation**: Focus on delivering performance-driven products; potential for new collaborations and multi-asset credit products [44][44] Real Estate Outlook - **Market Recovery**: Signs of recovery in real estate after a challenging three years; demand for housing and logistics remains strong [55][55] - **Investment Strategy**: Active in privatizing REITs and investing ahead of market recovery [58][58] Fundraising Expectations - **Positive Outlook**: Anticipation of a strong fundraising year, driven by wealth management and institutional business growth [60][60] IPO and M&A Activity - **Market Activity**: Highest IPO pipeline since 2021; expected increase in M&A activity as cost of capital decreases [62][62] Long-term Business Evolution - **Growth Potential**: Alternatives market is seen as having significant room for growth; focus on delivering premium returns and maintaining quality [66][66][70][70] Conclusion - **Optimism for Future**: Strong confidence in Blackstone's ability to navigate market changes and capitalize on growth opportunities in various sectors [70][70]

Acquisition Details - BH GSC Boca LLC, a partnership with BH Group and an experienced assisted-living operator, has acquired The Atrium Boca for $12.25 million, a significant discount from Blackstone's 2017 acquisition price of $21.8 million [2] - The acquisition was financed by New Wave Loans, which provided a $10.5 million acquisition loan that includes reserves for capital expenditures (CAPEX) [2] Operational Strategy - The joint venture plans to reposition and stabilize The Atrium Boca through targeted operational improvements and enhanced resident care services [2] - A representative from the operating partner expressed excitement about collaborating with BH Group to strengthen operations, improve resident experience, and restore the property to its full potential [2] Company Profiles - BH Group is a Miami-based real estate investment and operations firm specializing in healthcare-adjacent and senior-housing assets, focusing on value-add repositioning and operational optimization [3] - New Wave Loans is a local private lending firm that offers fast, flexible, and creative financing solutions for real estate professionals, specializing in complex transactions requiring speed and customized lending structures [4] Property Overview - The Atrium Boca is an assisted-living community located at 1080 NW 15th St. in Boca Raton, Florida, providing residents with personalized care, supportive services, and a community-centered living environment [5]

Core Viewpoint - Blackstone CEO Stephen Schwarzman expressed confidence in the private credit market, dismissing concerns related to recent bankruptcies in the automotive sector [1] Group 1 - The CEO's remarks indicate a positive outlook on private credit despite market anxieties [1] - Recent bankruptcies in the auto industry have raised questions about the stability of private credit, but Schwarzman does not share these concerns [1]

Core Viewpoint - Blackstone is nearing an acquisition of MacLean Power Systems, potentially valuing the utility-parts maker at over $4 billion, marking a significant investment in the electric power sector [1][2][3]. Company Overview - MacLean Power Systems, based in Fort Mill, South Carolina, specializes in providing anchoring systems, grounding products, and other components for electric power transmission and distribution [5]. - Centerbridge Partners acquired a majority stake in MacLean in 2022 for an undisclosed amount [5]. Industry Context - The demand for electricity in the U.S. is surging, driven by the construction of data centers to support artificial intelligence and a broader trend of economic electrification [5]. - Blackstone's acquisition of MacLean would represent its latest significant investment in the electric power sector, following previous acquisitions including TXNM Energy Inc. for approximately $5.7 billion and Power Grid Components Inc. [6].

Core Viewpoint - Blackstone Inc. shares are currently trading at $152.31, reflecting a 0.61% increase, with a monthly rise of 4.26% but a yearly decline of 17.91%, raising questions about potential undervaluation despite current performance [1] Group 1: Stock Performance - Blackstone's stock has experienced a 0.61% increase in the current session [1] - Over the past month, the stock price has risen by 4.26% [1] - However, the stock has fallen by 17.91% over the past year [1] Group 2: Valuation Metrics - Blackstone has a lower P/E ratio compared to the Capital Markets industry average of 58.17, suggesting potential undervaluation [6] - A lower P/E ratio may indicate that shareholders do not expect better future performance or that the stock is undervalued [5][6] - The P/E ratio should be used cautiously as it can also reflect weak growth prospects or financial instability [9][10] Group 3: Investment Considerations - The P/E ratio is a valuable tool for assessing market performance but should be evaluated alongside other financial metrics and qualitative factors [10] - A comprehensive analysis of a company's financial health is essential for making informed investment decisions [10]

Big Yellow Group said on Thursday that there was no basis of continuing discussions with Blackstone on a potential deal. ...

Core Insights - The private equity industry is experiencing significant consolidation, with a notable increase in capital flowing to the largest funds [1][2][8] Fundraising Trends - In 2025, nearly 46% of all private equity capital raised has been secured by the 10 largest funds, up from 34.5% in 2024, with predictions indicating that over 40% will go to the largest funds in 2026 [2] - Total fundraising has decreased substantially, with only $259 billion raised so far this year compared to $372.6 billion last year, marking an 8% year-over-year drop in the absolute amount raised by the top funds to $118.3 billion [3][5] Share of Top Funds - The top 10 funds are capturing a larger share of the fundraising haul than in the past decade, with their share rising to 45.7% this year from an average of 35.8% over the last five years [4][5] - The three largest funds raised $60.4 billion this year, accounting for 23.3% of the total amount raised, compared to $55.9 billion last year, which was only 15% of the total [7] Notable Funds - The top 10 funds include Thoma Bravo Fund XVI ($24.3 billion), Blackstone Capital Partners IX ($21 billion), and Veritas Capital Fund IX ($14.4 billion), among others [6]

Core Insights - Blackstone's recent investment in the Four Seasons Hotel San Francisco signals a positive outlook for the city's real estate market, particularly in the hospitality sector, following a challenging five-plus years [3][4] - The resurgence in San Francisco's tourism is attributed to significant investments in the AI sector, which are driving demand and office utilization [5][6] Investment Activity - Blackstone acquired the 277-key Four Seasons Hotel San Francisco for approximately $130 million, reflecting renewed confidence in the city's tourism landscape [6] - Other investors, such as Newbond Holdings and Conversant Capital, have also shown bullish sentiment by purchasing two major hotels in the city for a combined $408 million, despite these properties being valued nearly 75% lower than in 2016 [5][6] Market Conditions - The San Francisco hotel market is expected to experience a robust recovery, supported by the burgeoning AI sector, which is enhancing travel and hospitality demand [5][6] - The previous owner of the hotels, Park Hotels & Resorts, faced foreclosure after ceasing loan payments in 2023, leading to a significant drop in property values [5][6]

Core Insights - Blackstone's Chief Technology Officer expressed growing concerns regarding data leaks and the effectiveness of various platforms in managing safety during the Reuters NEXT conference in New York [1] Group 1 - The emphasis on data security highlights the increasing importance of safeguarding sensitive information within the financial services industry [1] - The discussion at the conference indicates a broader industry trend towards prioritizing technology solutions that enhance data protection [1]