Blackstone’s private credit assets under management (AUM) rose by 22 per cent to $432bn (£323bn) in the third quarter, driven by $36bn in inflows and $13bn in realisations.
In its third-quarter 2025 results, published today (23 October), Blackstone reported that its global direct lending strategy continued to dominate private credit inflows at $14.2bn, while inflows for infrastructure and asset-based credit strategies followed at $11.3bn, alongside $8bn for insurance separately managed accounts.
In terms of performance, private credit returned a gross 2.6 per cent over the quarter, outperforming liquid credit, which posted a gross return of 1.6 per cent.
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Overall, Blackstone’s third-quarter results showed that its total AUM increased to $1.2tn, up 12 per cent year on year, with profits of $625m for the quarter and $2bn year to date.
The US alternatives manager also reported fee-related earnings of $1.5bn in the quarter. Blackstone’s fee-earning AUM reached $906.2bn, up 10 per cent year on year, with $39bn in inflows for the quarter and $164.3bn over the last twelve months (LTM).
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“Blackstone reported an exceptional third quarter, highlighted by outstanding financial results and robust fundraising momentum across our three major channels, institutions, insurance and individuals,” said Steve Schwarzman, chairman and chief executive of Blackstone. “Inflows reached $54bn in the quarter and $225bn over the last 12 months.”
Blackstone also reported total dry powder of $188.1bn available for future investments, with the largest allocation to private equity ($73.7bn), followed by credit and insurance ($57.1bn).
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