“Welcome to the four-comma club, Blackstone,” writes today’s Insider. “The firm has reached rarified air, as it now manages more than $1 trillion in assets.”
(We like that turn of phrase, as the newsletter you’re reading is called Rarefied.)
Stephen Schwarzman, the company’s 76-year-old chairman, CEO and co-founder called the $1 trillion benchmark “significant in many ways, including for me personally.”
Blackstone (which deals in private equity, credit and real estate, among other financial sectors) made headlines during the pandemic as one of the household-name firms that moved or expanded into Miami, buying up big-time downtown real estate, including two towers in 2021 (to the tune of $230 million). Blackstone’s success bodes well for the redevelopment of downtown. In addition, this year Blackstone picked up a Miami industrial site for $16 million.
In the philanthropic front, in 2022 Blackstone committed $5 million to fund one Historically Black College and University (HBCU) and three Hispanic Serving Institutions (HSIs) in the state, including Florida International University.
Photo credit: Steele Rutherford
