Blackstone Inc.

Intangible assets and brand (score 90; weight 25%): Blackstone’s 40‑year record, global reputation, and multi‑cycle performance underpin fundraising across institutions, insurance and individuals. Being chosen as the allocator for very large mandates is trust‑driven and self‑reinforcing.

Switching costs and relationships (score 80; weight 20%): While LPs can rebalance, commitments are locked for years and fiduciaries value continuity with a manager that can deliver co‑invest, secondaries, continuation vehicles and perpetual options. This embeddedness is higher than in traditional asset management.

Network effects and ecosystem (score 85; weight 20%): The platform’s scale improves sourcing, underwriting data, operating expertise, and exit optionality across private equity, real estate, secondaries, infrastructure and credit; more deals and operating insights attract more LP capital and vice versa.

Cost advantages and data/operating leverage (score 88; weight 20%): Spreading fixed research, technology, operating team and distribution over $906B fee‑earning AUM lowers unit costs and allows investment in new products (e.g., private wealth) that smaller rivals struggle to match.

Efficient scale in mega‑cap private markets (score 90; weight 15%): In very large transactions (digital infrastructure, energy transition, secondaries) there are few credible competitors with comparable financing relationships and operational resources.

Moat durability watch‑outs: disruption from democratized alts distribution, fee pressure if returns lag, and real‑estate valuation cycles. Still, rising perpetual capital and an expanding credit franchise strengthen the moat over time.