Blackstone Inc. (NYSE:BX) Bank of America Securities Financial Services Conference 2025 February 11, 2025 10:30 AM ET

Company Participants

Michael Chae - Vice Chairman and Chief Financial Officer

Conference Call Participants

Craig Siegenthaler - Bank of America

Craig Siegenthaler

Good morning, everyone. And welcome to Bank of America's 33rd Annual Financial Services Conference. This is Craig Siegenthaler, North America Head of Diversified Financials at BofA.

And it's my pleasure to introduce Michael Chae. Michael is the Chief Financial Officer of Blackstone and also Vice Chairman. He joined Blackstone in 1997 and had several senior roles at the firm, including Head of International Private Equity, Head of Private Equity for Asia Pacific. He was also a senior partner in the U.S. private equity business. Michael is also a member of the management committee and sits on several investment committees across the firm's business Michael, thank you for joining us.

Michael Chae

Great to be here, Craig. Thanks. Nice to see everyone.

Craig Siegenthaler

So quick intro on Blackstone. Blackstone's AUM is now $1.1 trillion. It makes it the largest alts business in the world. It also has the largest individual investor business, which it started much earlier and has dedicated significantly more resources than its peers. The firm has also grown AUM by about 13x since its 2007 IPO. And Blackstone is a highly diverse business with leading and scaled businesses across real estate, private equity, credit and hedge funds. It also strategic partnerships with 4 life insurance companies and doesn't have exposure to any of their liabilities. Michael, let's start with the macro.

Question-and-Answer Session

Q - Craig Siegenthaler

You have a very large portfolio across different industries, different geographies. It's always helpful to provide us insights in terms of what you're seeing, including around growth. So what is the state of the macro