{"id":20901,"date":"2023-07-24T23:56:00","date_gmt":"2023-07-24T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=20901"},"modified":"2025-12-07T11:53:43","modified_gmt":"2025-12-07T03:53:43","slug":"how-blackstone-make-money","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/","title":{"rendered":"How Does Private Equity Giant Blackstone Make Money?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Company_Profile\" >Company Profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Founded\" >Founded<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Founders\" >Founders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Relationship_with_BlackRock\" >Relationship with BlackRock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Key_M_A_History\" >Key M&amp;A History<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Innitial_public_listing\" >Innitial public listing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Main_business\" >Main business<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#History_of_Business_Expansion\" >History of Business Expansion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#The_companys_business_objectives\" >The company&#8217;s business objectives<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#A_Milestone_in_Asset_Management\" >A Milestone in Asset Management<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#1_trillion_dollars\" >1 trillion dollars<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Where_did_1_trillion_come_from\" >Where did $1 trillion come from?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Important_asset_growth_record\" >Important asset growth record<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Performance_of_Q2_2023\" >Performance of Q2 2023<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Revenue_and_net_income\" >Revenue and net income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Fund_use\" >Fund use<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Business_unit_performance\" >Business unit performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Portfolio_Valuation\" >Portfolio Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Investment_performance\" >Investment performance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Unused_investment_funds\" >Unused investment funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Competitors\" >Competitors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#KKR\" >KKR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Carlyle_Group\" >Carlyle Group<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#TPG\" >TPG<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Apollo\" >Apollo<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Profile\"><\/span>Company Profile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Founded\"><\/span>Founded<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Blackstone_Inc.\" target=\"_blank\" rel=\"noreferrer noopener\">Blackstone Group<\/a> (ticker: BX) is a well-known private equity investment and investment management company founded in 1985 by Schwarzman and Peter George Peterson.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Founders\"><\/span>Founders<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Stephen A. Schwarzman, a 38-year-old Jewish immigrant, and his mentor Peter G. Peterson left Lehman Brothers to co-found Blackstone, a $400,000 firm that specializes in leveraged buyouts. The name comes from the two founders, who commemorate their ancestral home. Schwarzman is translated as black in German, and Peter is stone in Greek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relationship_with_BlackRock\"><\/span>Relationship with BlackRock<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 1988, the predecessor of BlackRock &#8211; Blackstone Financial Management was established. In 1992, BlackRock became independent from Blackstone Group (ticker: BX) and changed its name to BlackRock.<\/p>\n\n\n\n<p>For BlackRock, please read my article &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/09\/12\/how-blackrock-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does BlackRock, the world&#8217;s largest index and asset management company, make money<\/a>?&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_M_A_History\"><\/span>Key M&amp;A History<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bought the late Sam Zell&#8217;s empire for a record $36 billion.<\/li>\n\n\n\n<li>Take Hilton Worldwide private for $26 billion.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Innitial_public_listing\"><\/span>Innitial public listing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2007, Blackstone went public successfully, raising more than US$4 billion in public funds, which was the second largest IPO since Google went public that year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Main_business\"><\/span>Main business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"History_of_Business_Expansion\"><\/span>History of Business Expansion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Blackstone\u2019s eyes are not limited to private equity, but it sits on Wall Street. It has long realized the need to diversify beyond the acquisition business, and has begun to develop other asset management businesses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Launched hedge fund business in 1990<\/li>\n\n\n\n<li>Involved in real estate investment in 1991<\/li>\n\n\n\n<li>Involved in credit investment in 1998<\/li>\n\n\n\n<li>Launched a dedicated private wealth business in 2011<\/li>\n\n\n\n<li>2017 Launch of Infrastructure Strategy<\/li>\n\n\n\n<li>Commencement of insurance solutions management and life sciences business in 2018<\/li>\n\n\n\n<li>2020 has its first growth stock fund<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_companys_business_objectives\"><\/span>The company&#8217;s business objectives<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Today, nearly all of these major business areas are leaders in their respective asset classes, with exceptional long-term performance. Over the past 30 years, the Big Mac has risen fiercely and built a huge financial empire. Schwarzman said: &#8220;We started with a private equity fund, and now we have done more than 70 different things.&#8221; Looking back, doing large-scale is one of the most steadfast pursuits of Blackstone&#8217;s rise.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Milestone_in_Asset_Management\"><\/span>A Milestone in Asset Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_trillion_dollars\"><\/span>1 trillion dollars<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On July 20, 2023, Blackstone released its financial report for the second quarter of 2023. Blackstone&#8217;s latest total assets under management (AUM) officially exceeded 1 trillion US dollars (1.00136 trillion US dollars), setting a historical record. Blackstone is the first asset management company whose assets under management exceed US$1 trillion. This pace has been far ahead of other competitors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_did_1_trillion_come_from\"><\/span>Where did $1 trillion come from?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company&#8217;s total asset management scale was US$1 trillion, an increase of 6% year-on-year, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fee AUM was $731.1 billion, up 7% year-over-year<\/li>\n\n\n\n<li>Perpetual capital under management was $384.3 billion, up 8% year-over-year<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_asset_growth_record\"><\/span>Important asset growth record<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When Blackstone went public in 2007, its assets under management had reached US$88 billion, and by the end of 2009, this figure had soared to US$100 billion. Break through 1 in 2023<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Performance_of_Q2_2023\"><\/span>Performance of Q2 2023<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revenue_and_net_income\"><\/span>Revenue and net income<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the second quarter of 2023, the two key indicators of Blackstone\u2019s financial report are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue was US$2.815 billion, a year-on-year increase of 3.47 times.<\/li>\n\n\n\n<li>Net income rose to $601.3 million, or 79 cents a share, compared with a loss of $29.4 million, or 4 cents a share, in the same period in 2022.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fund_use\"><\/span>Fund use<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>$30.1 billion inflows for the quarter and $158.4 billion for the LTM (past year) period<\/li>\n\n\n\n<li>$19.5 billion in deployments and $80.3 billion in LTM deployments this quarter<\/li>\n\n\n\n<li>Realizations of $17.2 billion and LTMs of $64.4 billion in the quarter<\/li>\n<\/ul>\n\n\n\n<p>In terms of distributable earnings, or cash that can be returned to shareholders, Blackstone fell 39% to $1.21 billion from $1.99 billion in the second quarter of 2022. The main reason is the decline in asset sales and the poor environment for initial public offerings. Net profit on asset sales plunged 82% to $390 million from $2.2 billion in the same period in 2022 as rising interest rates, inflation and economic uncertainty continued to weigh on its M&amp;A activity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_unit_performance\"><\/span>Business unit performance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The performance by BUs are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The biggest hole came mainly from its real estate unit, which saw a 94% drop in net profit.<\/li>\n\n\n\n<li>Net income in the credit division also fell by 46%. Especially compared to the second quarter of 2022, when Blackstone sold the Cosmopolitan Hotel and Casino in Las Vegas and recapitalized its large European logistics business.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Portfolio_Valuation\"><\/span>Portfolio Valuation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In terms of investment performance, Blackstone\u2019s portfolio valuations for almost all major strategies increased in the second quarter:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Corporate private equity and private credit strategies were the best performers, with Blackstone&#8217;s private credit segment yielding a stunning 12.7% over the past 12 months.<\/li>\n\n\n\n<li>Only its high-risk, high-reward real estate holdings were flat.<\/li>\n\n\n\n<li>Inflows were $30.1 billion, with insurance and credit (including real estate credit) driving inflows above the threshold. But net inflows totaled $17 billion, down 77% year-over-year.<\/li>\n\n\n\n<li>In the private equity sector, as of the end of the second quarter of this year, the total asset management scale of Blackstone\u2019s private equity business increased by 7% to US$295.3 billion. This quarter, US$8.5 billion was raised, which is US$36.3 billion higher than the long-term asset management scale.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_performance\"><\/span>Investment performance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The following is investment performance (appreciation\/total return) by market segment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Real Estate: Opportunistic 0.0%; Core%+1.7%<\/li>\n\n\n\n<li>Private Equity: Corporate Private Equity +3.5%; Strategic Opportunities +1.8%; Secondary Opportunities +2.3%<\/li>\n\n\n\n<li>Hedge Fund Solutions: +1.9%<\/li>\n\n\n\n<li>Credit and insurance: private credit +3.3%; liquid credit +2.8%<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unused_investment_funds\"><\/span>Unused investment funds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is worth mentioning that Blackstone currently has unused investment funds of more than $190 billion:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Private equity sector totals $83.5 billion<\/li>\n\n\n\n<li>Real estate sector totals $64 billion<\/li>\n\n\n\n<li>The credit and insurance segment totaled $39.9 billion<\/li>\n\n\n\n<li>Hedge fund sector totals $7.1 billion<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competitors\"><\/span>Competitors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"KKR\"><\/span>KKR<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>KKR &amp; Co (ticker: KKR) is a private equity and real estate investment firm specializing in direct investments and fund-of-funds investments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Carlyle_Group\"><\/span>Carlyle Group<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Carlyle Group (ticker: CG) is an investment firm specializing in direct investments and fund of funds investments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TPG\"><\/span>TPG<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Founded in 1992, TPG (ticker: TPG) is a world-leading alternative asset management company with more than US$109 billion in assets under management.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Apollo\"><\/span>Apollo<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Apollo Global Management (ticker: APO) is a private equity firm that specializes in investing in the credit, private equity and real estate markets. Apollo, the company known for its pioneering insurance business and large credit arm, has also set a goal of reaching $1 trillion in assets by 2026.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"119\" height=\"46\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/07\/bx.jpg\" alt=\"Blackstone\" class=\"wp-image-20902\"\/><figcaption class=\"wp-element-caption\">credit: wiki<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/09\/12\/how-blackrock-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does BlackRock, the world&#8217;s largest index and asset management company, make money<\/a>?&#8221;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/24\/how-blackstone-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Does Private Equity Giant Blackstone Make Money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/12\/04\/how-carlyle-makes-money\/\">How Carlyle makes money?<\/a>&#8220;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/07\/26\/how-to-invest\/\">&#8220;How to Invest&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/04\/u-should-invest-etfs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why most investors should invest ETFs tracking broad market?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/02\/08\/etfs-tracking-us-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">US issued ETFs tracking US market is your best bet<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/13\/top-10-etfs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 10 ETFs and important major US stock market index<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/25\/stock-worth-holding-forever\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investors should care annualized rate of return (IRR), How to calculate?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/30\/irr-calculator\/\">IRR Calculator<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/11\/sp-500-index-querier\/\" target=\"_blank\" rel=\"noreferrer noopener\">Querier to Annualized rate of return for S&amp;P 500 Index<\/a>&#8221; <\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/25\/stock-worth-holding-forever\/\" target=\"_blank\" rel=\"noreferrer noopener\">S&amp;P 500 index, the only stock worth holding forever<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/03\/should-u-chase-esg\/\">Should investors chase the ESG?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Schwarzman and his mentor Peter Peterson left Lehman Brothers to co-found Blackstone with $400,000<\/p>\n","protected":false},"author":1,"featured_media":20902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,82,717,89,88,559,80,468,85,34],"tags":[1019,898,852,851,1018,1017],"class_list":["post-20901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-equity","category-alternative-investment","category-divestiture","category-enterprise-venture","category-acquisition","category-personal-finance-management","category-portfolio-management","category-real-estate-industry","category-venture-capital","category-wealth-management","tag-apo","tag-blk","tag-bx","tag-cg","tag-kkr","tag-tpg"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/20901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=20901"}],"version-history":[{"count":17,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/20901\/revisions"}],"predecessor-version":[{"id":40534,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/20901\/revisions\/40534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/20902"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=20901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=20901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=20901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}