Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q4 of $2 billion, with distributable earnings of $2.2 billion or $1.75 per common share, and declared a dividend of $1.49 per share [3][4] - For the full year, distributable earnings increased 20% to $7.1 billion, while fee-related earnings rose 9% to $5.7 billion, and management fees grew 12% to $8 billion [31][27] - Assets under management (AUM) increased 13% year-over-year to approximately $1.3 trillion, marking a new industry record [5][31] Business Line Data and Key Metrics Changes - The infrastructure platform grew 40% year-over-year to $77 billion, with over $4 billion raised in Q4 [16] - BXMA reported a gross return of 13% for 2025, with net inflows of $6.3 billion, the highest in nearly 15 years [17] - In credit, total assets managed reached $520 billion, up 15% year-over-year, with inflows exceeding $140 billion in 2025 [19] Market Data and Key Metrics Changes - Private wealth fundraising increased 53% year-over-year to $43 billion, contributing to a total AUM growth of 16% in this segment [4][22] - The insurance channel's AUM grew 18% year-over-year to $271 billion, with significant demand for private credit solutions [20][21] - The individual investor channel's AUM tripled over the past five years, exceeding $300 billion [22] Company Strategy and Development Direction - Blackstone is focusing on thematic areas such as digital infrastructure, private credit, and life sciences, with a strong emphasis on AI-driven investment opportunities [8][10] - The firm is well-positioned to benefit from the ongoing AI and power investment mega cycle, with nearly $200 billion of dry powder available for future investments [12][10] - The company anticipates a resurgence in capital markets activity, with IPO and M&A activities accelerating [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate geopolitical uncertainties and a complex operating environment, citing strong operating fundamentals [7][12] - The outlook for 2026 is optimistic, with expectations for continued growth in management fees and net realizations, driven by a favorable investment environment [35][36] - Management highlighted the importance of investment performance, with strong returns across various funds, particularly in infrastructure and corporate private equity [31][33] Other Important Information - Blackstone's fundraising success has led to a significant increase in AUM, with a record level of inflows in Q4 [4][5] - The firm has executed multiple privatizations and investments, including a notable $18 billion acquisition in the medical technology sector [8][9] - The company is actively innovating in the private wealth market, expecting 2026 to be a busy year for product launches [24] Q&A Session Summary Question: What sectors and industries will you be leaning into for the record IPO pipeline? - The focus will be primarily on the corporate space, particularly energy and electricity sectors, with expectations for increased activity in India and some real estate opportunities [38] Question: How is AI being deployed across portfolio companies? - AI is enhancing productivity in software engineering and customer engagement, with early positive impacts observed in various operational areas [41] Question: What is the outlook for direct lending in both wealth and institutional markets? - Institutional confidence remains strong, while the wealth side has seen some redemptions; however, performance metrics are healthy, and inflows have been positive recently [46][48] Question: How does the firm plan to maintain growth and preserve culture as it scales? - The firm emphasizes a strong commitment to delivering for customers and maintaining a performance-driven culture, which is crucial as it continues to grow [62]

The biggest IPO of 2025 is getting in just before the finish line. Medical supply giant Medline (MDLN) said late Tuesday that it had raised $6.26 billion in its IPO, selling a little over 216 million shares at $29 a piece, with the stock set to begin trading on Wednesday. The public offering price values Medline at upward of $50 billion. Private equity giant Blackstone (BX) led a consortium of investors that took a majority stake in the company in 2021, valuing the company at $30 billion. The deal caps ...

Right now, in terms of the IPO, guidance for investors is that that this one will price toward the high end of the range, I'm told by sources, which could make it the biggest IPO globally of 2025. Medline manufactures and distributes medical supply products, things like masks, gowns, and lab kits. It was taken private, as David mentioned, by a consortium of private equity firms, including Blackstone, Carile, and Helman, and Freriedman back in 2021, which was then the largest LBO post financial crisis.At the ...

Identify the goal. Match power with precision. Reach new heights OPPORTUNITY.>> THE BIGGEST IPO IN FOUR YEARS IS GOING TO PRICE AFTER THE CLOSE TODAY, MEDLINE, THE MEDICAL AND SURGICAL PRODUCT COMPANY, MIGHT NOT BE JUST THE BIGGEST SINCE RIVIAN FOUR YEARS AGO. IT COULD ALSO BE ONE OF THE BIGGEST IPOS EVER. AND YET THERE'S VERY LITTLE HOOPLA SURROUNDING IT.LESLIE PICKER HAS MORE ON THE STAKES HERE. HI, LESLIE. >> HEY, KELLY.YEAH, IT'S ALMOST LIKE WE FORGOT HOW TO SPELL IPO, BUT I AM HEARING THAT THIS ONE IS ...

The IPO of medical supply company Medline expected to price tonight. It could be one of the largest debuts we've seen in the public markets this year. Leslie Picker tracks all that action for us.What are we expecting. >> Yeah, it feels like 11th hour here. >> I remember when these guys wasn't that long ago went private, I guess.Right. >> Right. Back in 2021, they went private during kind of the heyday of LBOS's and the pandemic.Obviously, medical supply company. Uh you can see why that was an attractive buy ...

Medline’s long-delayed IPO is on track to raise the most of any listing this year, as investors keen on the medical supply company’s business model look past its rocky path back to the public markets https://t.co/DgF7DvLcgY ...

Core Insights - Medline has established a multi-year prime vendor agreement with LCMC Health for distribution services and supply chain expertise, covering eight hospitals, eight urgent care centers, and ten emergency departments that handle approximately 1.7 million clinic visits annually [1][2] Group 1: Partnership Details - The partnership is aimed at enhancing LCMC Health's supply chain resilience, which is essential for delivering high-quality care [2] - Medline will provide support from its distribution warehouse in Hammond, Louisiana, utilizing AutoStore robotics for supply distribution [2][4] Group 2: Technology and Analytics - LCMC Health will gain access to Medline's analytics platforms to monitor item usage, contract compliance, price accuracy, and expenditure by product category [3] - Medline emphasizes its commitment to technology advancements that improve inventory management and operational efficiency [4] Group 3: Recent Developments - In June, Medline also entered a prime vendor agreement with Santiam Hospital and Clinics, indicating a growing trend in securing partnerships within the healthcare sector [5]