Blackstone Inc.

Blackstone’s pricing power stems from premium fee terms on specialized strategies and the ability to scale perpetual vehicles in private wealth. On GAAP, LTM management and advisory fees reached $7.88B, up 13% y/y, reflecting both AUM growth and product mix. Fee‑related performance revenues and incentive fees add upside in supportive markets.

The firm has demonstrated ability to raise large flagship funds at target fees even through volatile periods, including new closes in European opportunistic real estate and real estate debt. BREIT and BCRED carry higher take rates than institutional drawdown funds and have resumed healthy net capital formation.

Latent pricing power remains in private wealth distribution and in specialized areas like digital infrastructure where asset scarcity drives returns, though competitive entry requires scale and credibility.

Key risk: sustained underperformance could pressure incentive fees or fee rates; however, the shift toward perpetual AUM reduces near‑term sensitivity to fundraising cycles.