Blackstone Inc on Thursday said distributable earnings rose by 55% to a record high, as the world’s largest manager of alternative assets took advantage of rising markets to sell assets for top dollar.
Blackstone said it generated $21 billion from cashing out investments, including the sale of sub-prime auto lender Exeter Finance to private equity firm Warburg Pincus and the divestment of jeweler Diamond Direct to Signet Jewelers Ltd in a $490 million transaction.
Total assets under management rose to a record $881 billion, up 21% from the $730.7 billion posted three months earlier owing to a record amount of fundraising.
As a result, Blackstone said it now expects to reach its goal of managing $1 trillion in assets this year, much earlier than a previously announced target of 2026. Its unspent capital stood at $135.8 billion.
Read more: Reuters
