Private equity giant Blackstone reported that assets under management for its core+ funds surged 88% year-on-year to $31.6 bn, less than five years after launching the business.
Overall AUM for its global real estate business grew 15% in the second quarter of the year, with fee-earning AUM up 20% year-on-year.
'We continue to expand our leading position in a growth industry, and we now head into another fundraising supercycle with our global flagship funds beginning to raise capital in the next several months,' chairman and CEO Stephen A. Schwarzman said.
Recent media reports have suggested that Blackstone is planning to launch a new global real estate fund this year.
According to the company, total AUM inflows of $5.1 bn in the second quarter were primarily driven by $2.6 bn in the core+ platform. Blackstone actively invested around $4.6 bn over the three month period, and committed an additional $6.0 bn.
According to the private equity house, its opportunistic funds and core+ funds carrying value increased 2.7% and 2.4% respectively over the quarter.
Describing the group's results as a whole, Schwarzman said: 'Despite renewed turbulence in global markets, our investment funds delivered compelling returns to our limited partner investors, driving excellent second-quarter results for the firm’s shareholders.'
Its real estate realisations for the second three months of the year reached $4.3 bn (€3.7 bn), driven by the sale of Blackstone's remaining ownership stage in Hilton and three UK office properties.
