Blackstone preps for IPO surge, says pipeline stronger than 2021 peak
Trade deals by U.S. President Donald Trump have fueled hopes that his harsh rhetoric on tariffs could be a negotiating tool, while several recent listings have encouraged markets after a prolonged slowdown.
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CEO Steven Schwarzman, a long-time Trump donor, said investors should be patient and "give tariffs diplomacy a chance to work its way through the system", after Blackstone posted stronger-than-expected profit in the second quarter.
"The environment we see emerging of lower short-term interest rates, less uncertainty and continued economic growth, combined with a pent-up desire to transact, is the right recipe to reignite M&A and IPO activity," Gray said.
Shares of the world's largest alternative asset manager rose 3.2% and turned positive for the year after the earnings announcement.
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EARNINGS STRENGTH
The company's second-quarter profit was also boosted by strong gains in its credit business. Blackstone drew total inflows of $52.1 billion, more than half of which went to the credit and insurance segment.
The unit is a key driver of its growing influence in private credit, as more companies turn to investment firms for flexible financing.
Total assets under management rose 13% to $1.2 trillion. Fee-related performance revenue more than doubled to $472.1 million, powered by a 16% growth in perpetual capital assets under management.
Perpetual capital refers to long-term assets under management that does not have a fixed end date and cannot typically be redeemed by investors on demand.
Money managers have struggled to offload some investments made while interest rates were low in recent years, resulting in a rise in funds that hold on to assets for longer.
Fees tied both to those "evergreen" perpetual funds and growth in investments from wealthy individuals contributed to a rise in profit.
"Underlying trends are more consistent with Blackstone's long-term track record, and sets a high bar for peers," analysts at TD Cowen wrote in a note.
Distributable earnings, which represent cash that can be used to pay dividends, grew 25% to $1.6 billion, or $1.21 per share, for the three months ended June 30.
It exceeded analysts' expectation of $1.10, according to data compiled by LSEG.
Gray said Trump's reported aim to make private investments more accessible to retirement plans, where savers hold some $12 trillion, is "compelling". But Blackstone would wait and see if there is rulemaking on this, he added.
Assets under management at the company's real estate division fell 3%, but segment distributable earnings grew 10%. Schwarzman said the business was showing promising signs.
"The enormous need for debt and equity capital to build the infrastructure powering the artificial intelligence revolution has created extremely positive dynamics for our business," he said.
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