Blackstone Group could double its assets under management to US$800 billion in five years, according to chief executive Steve Schwarzman.
“We have internal targets, plans, aspirations to basically double where we are which would take us to $800 billion,” Schwarzman said in Bloomberg TV interview in Riyadh on Wednesday. When asked whether the New York-based asset manager could be a trillion dollar fund, he said: “That’s possible.”
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Schwarzman, 70, said last week that he expects Blackstone’s assets to continue rising in the fourth quarter. The firm is raising money for its new infrastructure fund, and it’s making a foray into early-stage growth investing, President Tony James said.
Overseeing $387.4bn across private equity, real estate, credit and hedge funds as of September 30, Blackstone is considered a bellwether for the alternative-asset industry. The firm added an additional $10 billion this week with the acquisition of energy investor Harvest Fund Advisors.