Blackstone reported $1 trillion in assets under management as of Dec. 31, up 3% from three months earlier and up 7% from a year earlier.
The alternative-investments manager attributed the new record AUM to its credit and insurance business.
"Total inflows reached nearly $150 billion for the full year, the third-best in our history, despite the challenging fundraising environment, highlighting the firm's expansive breadth of strategies," Blackstone CFO Michael Chae said on the firm's Jan. 25 earnings call.
Net inflows for Blackstone's credit and insurance business in the year ended Dec. 31 were $45.3 billion, compared with $38.3 billion in real estate net inflows, $20.7 billion for private equity and $1.5 billion in net outflows for hedge fund solutions.
Of the credit and insurance inflows, more than $30 billion came from Blackstone's four insurance company partners, Chae said.
"While changing market conditions take time to fully translate to our financial results, the fourth quarter reflected an acceleration in key forward indicators, including both fundraising and deployment," CEO Stephen A. Schwarzman said on the same call. "I believe that we'll look back at 2023 as the cyclical bottom for our firm."
One of the highlights for the firm in 2023 was that Blackstone was one of the first in its sector to be added to the S&P 500 index, Schwarzman said.
"We were pleased that BX shares ranked in the top 20 best-performing out of the 500 stocks in the S&P 500 index last year," Schwarzman said. "Blackstone is now the 55th-largest U.S. public company by market cap, exceeding the market value of all other asset managers.