Blackstone’s earnings and fundraising activity have fallen during Q1 this year, amid higher interest rates and a wider slowdown in commercial real estate.
The private equity giant drew in $40bn (£32bn) in new investor capital in the quarter, decreasing by more than 5% from the previous quarter, on the back of fewer investor commitments to real estate and private equity funds.
Assets under management rose by 8% to $991.3bn, falling short of a $1tn target that it was aiming to meet by the end of last year.
Distributable earnings fell by 36% to $1.25bn, while net income decreased to $210.7m, from $2.5bn.
The group’s $70bn Blackstone Real Estate Income Trust has been dealing with heavy redemption requests in recent months.
