Market Insights | Blackstone 4Q21 Soundbites

• Our LPs entrusted us with $270 billion of inflows in 2021, with AuM rising 42% to $881 billion – our fastest growth rate in over a decade.

• In 4Q21, AUM increased $150 billion, the equivalent of a top 10 global alternatives firm. No other alternatives firm in the world has approached this level of growth.

• There’s a sea change underway in asset management and our positioning within it. We offer nearly 60 investment strategies, up from 35 five years ago.

• Flows continue to accelerate to alternatives and we expect the fundraising momentum to continue, with 80% of LPs concentrating capital with fewer managers, which favors Blackstone.

• We’re not yet hearing any change in sentiment among our LPs despite the recent sell-off as total returns are up nearly 40% in 2 years.

• Our Head of Technology, John Stecher, estimates our portfolio companies are spending 15% to 20% more on technology this year.

• In the US, rent in the industrial, multifamily, and life sciences sectors are growing at 2-3X the rate of inflation.

• As the cost of construction rises with inflation, it greatly benefits the value of our holdings.

• The pullback in technology, technology services, and content creation could lead to more opportunities and more rational pricing.

The contents presented here are excerpts on micro/macro trends from recent conference call held by Blackstone Inc. The information contained herein has been compiled from third party sources believed to be reliable; however, no representation or warranty is given as to the truth and accuracy of the information contained herein.