Blackstone(US:BX) Zhi Tong Cai Jing·2025-07-24 12:31Core Insights - Blackstone's distributable earnings surged by 25% in Q2, driven by contributions from retail and perpetual funds [1][3] - The company's performance was bolstered by a 167% year-over-year increase in fee-related performance income, amounting to $472 million [2][3] - The total distributable earnings reached $1.57 billion, translating to earnings per share of $1.21, exceeding market expectations of $1.10 [3] Fund Performance - Blackstone raised $52 billion in new capital during the quarter, with approximately 20% coming from private wealth channels [4] - The firm manages $280 billion in assets for private wealth clients, representing about a quarter of its total $1.2 trillion in managed assets [4] - The private equity segment saw a 12% year-over-year increase in net realizations, while the real estate segment experienced a 37% decline [4] Market Environment - The perpetual fund business has become a strong growth driver for the company amid a challenging transaction environment [3][4] - The credit and insurance segments continue to thrive, accounting for over half of the company's net flows during the quarter [4] - Despite a slowdown in transaction channels following tariff impositions, there are signs of expansion in the current market [4]