With a strong record of deploying capital at scale in these markets, Blackstone has been at the forefront of these changes. Blackstone ended the year with record assets under management of $881 billion and, within that total, retail assets represented $192 billion, also a record.<\/p>\n\n\n\n
With a strong record of deploying capital at scale in these markets, Blackstone has been at the forefront of these changes. Blackstone ended the year with record assets under management of $881 billion and, within that total, retail assets represented $192 billion, also a record.
<\/p>\n\n\n\n
A Year\u2019s Accomplishments, Advancing into 2022<\/h5>\n\n\n\n<\/div>\n\n\n\n\n\n$881B<\/h2>\n\n\n\n
Total firm assets under management<\/p>\n<\/div>\n\n\n\n
\n $144B <\/h2>\n\n\n\n
Investor capital deployed by the firm in 2021<\/p>\n<\/div>\n\n\n\n
\n$192B<\/h2>\n\n\n\n
Retail assets under management<\/p>\n<\/div>\n<\/div>\n\n\n\n
Highlights of 2021:<\/p>\n\n\n\n
- Firmwide, Blackstone delivered real value to clients with record realization activity of $77 billion and new capital deployment of $144 billion. Click here to read \u201cBlackstone: the First Trillion is the Hardest<\/a>\u201d in the Financial Times\u2019 Lex column.<\/li>
- Across PWS during 2021, we undertook more than 42,000 client meetings (in-person and virtually), made more than 70 new hires, opened two new offices in Europe, and added operations in New York, London, Paris, Switzerland, Hong Kong, Singapore, and Japan.<\/li>
- The year’s ESG milestones included:
- The buildout of an ambitious emissions reduction program for Blackstone portfolio companies.3<\/sup><\/li>
- Several high-profile investments in women-led companies as part of our commitment to women\u2019s entrepreneurship.<\/li>
- Blackstone\u2019s incoming 2021 analyst class achieved 41% female representation globally and 49% racially diverse representation in the U.S., reflecting the ongoing success of the firm\u2019s Diversity, Equity & Inclusion initiative.4<\/sup> <\/li>
- Instituting a goal of one-third diverse representation on portfolio company boards for control investments across the U.S. and Europe.5<\/sup><\/li><\/ul><\/li><\/ul>\n<\/div><\/div>\n\n\n\n
Past performance is not indicative of future results. <\/strong>There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses.<\/em><\/p>\n\n\n\nWhile Blackstone believes ESG factors can enhance long-term value, Blackstone does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their offering documents or other applicable governing documents. Any such considerations do not qualify Blackstone\u2019s objectives to maximize risk-adjusted returns.<\/em><\/p>\n\n\n\n<\/div>\n\n\n\nWe believe these results reflect Blackstone\u2019s large-scale thematic approach to deploying capital toward areas of the economy with outsized secular growth, coupled with robust portfolio management capabilities. President and COO Jon Gray<\/a> highlights these achievements and more in his recent interview on CNBC<\/a>.<\/p>\n\n\n\nHigh Conviction, Thematic Investing<\/h4>\n\n\n\n
Blackstone believes its portfolio overall is well-positioned for future cycles. The firm has been harnessing the power of thematic investing in megatrends and has identified sectors with strong secular tailwinds. Here are three transactions which, in our view, illustrate Blackstone\u2019s investment themes<\/strong> particularly well:<\/p>\n\n\n\n![\"\"](\"https:\/\/qb-pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2022\/02\/Spanx_logo.jpg?w=186\")
<\/figure>\nCategory-Creating Brands: <\/strong><\/strong>Blackstone acquired a majority stake in SPANX, the mission-driven womenswear brand founded by Sara Blakely in 2000, at a $1.2 billion valuation. As a leading apparel, activewear and intimates brand, SPANX pioneered the shapewear category. Blackstone was the chosen partner for entrepreneur Blakely, whose mission is to help empower women globally. Blackstone\u2019s investment in SPANX as well as recent investments in Supergoop!, Hello Sunshine, and Bumble underscore our dedication to partnering with women-led businesses.<\/p>\n<\/div><\/div>\n\n\n\n![\"\"](\"https:\/\/qb-pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2022\/02\/hello-moonbug-westbrook-logo-1.jpg\")
<\/figure>\nContent Creation<\/strong>:<\/strong> <\/strong><\/strong>Blackstone affirmed its commitment to driving innovative content creation by backing and supporting the launch of Candle Media, a next-generation media company run by leading entertainment executives Kevin Mayer and Tom Staggs. The company has established its initial scale via its recent investments in Hello Sunshine, the mission-driven media company founded by Reese Witherspoon in 2016; Moonbug Entertainment, a fast-growing kids\u2019 digital content company behind popular shows including CoComelon (#1 kids program on YouTube and Netflix), Blippi, and Little Baby Bum; and Westbrook Inc., the media company founded by Jada Pinkett Smith, Will Smith, Miguel Melendez, and Ko Yada. <\/p>\n<\/div><\/div>\n\n\n\n![\"\"](\"https:\/\/qb-pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2022\/02\/Guidehouse_logo.jpg\")
<\/figure>\nProfessional Services<\/strong>: <\/strong><\/strong><\/strong><\/strong>Blackstone Credit played a pivotal role in the acquisition of the Dovel Group, a federal government IT consulting firm and leader in the proprietary AI\/machine learning space, by Guidehouse, a portfolio company of Veritas. Specifically, the firm provided $1.9 billion of a $2.85 billion first lien facility (consisting of a $2.65 billion first lien term loan and $200 million revolver) to support the acquisition.6<\/sup> Guidehouse is a leading global provider of consultancy services to public and government sectors with expertise in management, technology, and risk consulting.<\/p>\n<\/div><\/div>\n\n\n\nStaying Connected with Blackstone<\/h4>\n\n\n\n
As you position your business for the future, we are here to partner with you \u2013 and we are grateful for your trust.
We wish you and your family health and well-being, and continued good fortune in 2022.<\/p>\n\n\n\n
<\/div>\n\n\n\n\n![\"\"](\"https:\/\/qb-pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2021\/10\/Headshot-Full-Joan-Solotar-Blackstone_2019-Copy.jpg?w=989\")
<\/figure>\n\n\n\nJoan Solotar<\/a><\/p>\n\n\n\nGlobal Head of Private Wealth Solutions<\/p>\n<\/div><\/div>\n\n\n\n
\n\n\n\nPast performance is not indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses<\/strong><\/p>\n\n\n\n- Money Management Institute, as of 2021.<\/li>
- Morningstar, as of 1\/26\/2022.<\/li>
- We will seek to reduce carbon emissions by 15% in the aggregate within the first three years of ownership across all new investments where we control energy usage.<\/li>
- \u201cAn Integrated Approach to ESG<\/a>,\u201d Blackstone, November 2021.<\/li>
- Applies to control investments made after January 1, 2021. Target of one-third (1\/3) diverse representation on portfolio company boards starting in the US and Europe.<\/li>
- Split between $1.77 billion of the first lien term loan and $133.6 million of the revolver.<\/li><\/ol>\n\n\n\n
Key Risk Factors<\/strong><\/p>\n\n\n\nCapitalized terms used herein but not otherwise defined have the meanings set forth in the “Important Disclosure Information” section.<\/p>\n\n\n\n
Conflicts of Interest.<\/strong> There may be occasions when a Fund\u2019s general partner and\/or the investment advisor, and their affiliates will encounter potential conflicts of interest in connection with such Fund\u2019s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone\u2019s and its affiliates\u2019 investment banking and advisory clients, and the diverse interests of such Fund\u2019s limited partner group. There can be no assurance that the Sponsor will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the Partnership.<\/p>\n\n\n\nEpidemics\/Pandemics.<\/strong> Certain countries have been susceptible to epidemics which may be designated as pandemics by world health authorities, most recently COVID-19. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the countries in which the Funds invest), and thereby is expected to adversely affect the performance of the Funds\u2019 Investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Funds and the performance of their Investments.<\/p>\n\n\n\n
$881B<\/h2>\n\n\n\n
Total firm assets under management<\/p>\n<\/div>\n\n\n\n
$144B <\/h2>\n\n\n\n
Investor capital deployed by the firm in 2021<\/p>\n<\/div>\n\n\n\n
$192B<\/h2>\n\n\n\n
Retail assets under management<\/p>\n<\/div>\n<\/div>\n\n\n\n
Highlights of 2021:<\/p>\n\n\n\n
- Firmwide, Blackstone delivered real value to clients with record realization activity of $77 billion and new capital deployment of $144 billion. Click here to read \u201cBlackstone: the First Trillion is the Hardest<\/a>\u201d in the Financial Times\u2019 Lex column.<\/li>
- Across PWS during 2021, we undertook more than 42,000 client meetings (in-person and virtually), made more than 70 new hires, opened two new offices in Europe, and added operations in New York, London, Paris, Switzerland, Hong Kong, Singapore, and Japan.<\/li>
- The year’s ESG milestones included:
- The buildout of an ambitious emissions reduction program for Blackstone portfolio companies.3<\/sup><\/li>
- Several high-profile investments in women-led companies as part of our commitment to women\u2019s entrepreneurship.<\/li>
- Blackstone\u2019s incoming 2021 analyst class achieved 41% female representation globally and 49% racially diverse representation in the U.S., reflecting the ongoing success of the firm\u2019s Diversity, Equity & Inclusion initiative.4<\/sup> <\/li>
- Instituting a goal of one-third diverse representation on portfolio company boards for control investments across the U.S. and Europe.5<\/sup><\/li><\/ul><\/li><\/ul>\n<\/div><\/div>\n\n\n\n
Past performance is not indicative of future results. <\/strong>There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses.<\/em><\/p>\n\n\n\n
While Blackstone believes ESG factors can enhance long-term value, Blackstone does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their offering documents or other applicable governing documents. Any such considerations do not qualify Blackstone\u2019s objectives to maximize risk-adjusted returns.<\/em><\/p>\n\n\n\n
<\/div>\n\n\n\nWe believe these results reflect Blackstone\u2019s large-scale thematic approach to deploying capital toward areas of the economy with outsized secular growth, coupled with robust portfolio management capabilities. President and COO Jon Gray<\/a> highlights these achievements and more in his recent interview on CNBC<\/a>.<\/p>\n\n\n\n
High Conviction, Thematic Investing<\/h4>\n\n\n\n
Blackstone believes its portfolio overall is well-positioned for future cycles. The firm has been harnessing the power of thematic investing in megatrends and has identified sectors with strong secular tailwinds. Here are three transactions which, in our view, illustrate Blackstone\u2019s investment themes<\/strong> particularly well:<\/p>\n\n\n\n
<\/figure>\nCategory-Creating Brands: <\/strong><\/strong>Blackstone acquired a majority stake in SPANX, the mission-driven womenswear brand founded by Sara Blakely in 2000, at a $1.2 billion valuation. As a leading apparel, activewear and intimates brand, SPANX pioneered the shapewear category. Blackstone was the chosen partner for entrepreneur Blakely, whose mission is to help empower women globally. Blackstone\u2019s investment in SPANX as well as recent investments in Supergoop!, Hello Sunshine, and Bumble underscore our dedication to partnering with women-led businesses.<\/p>\n<\/div><\/div>\n\n\n\n
<\/figure>\nContent Creation<\/strong>:<\/strong> <\/strong><\/strong>Blackstone affirmed its commitment to driving innovative content creation by backing and supporting the launch of Candle Media, a next-generation media company run by leading entertainment executives Kevin Mayer and Tom Staggs. The company has established its initial scale via its recent investments in Hello Sunshine, the mission-driven media company founded by Reese Witherspoon in 2016; Moonbug Entertainment, a fast-growing kids\u2019 digital content company behind popular shows including CoComelon (#1 kids program on YouTube and Netflix), Blippi, and Little Baby Bum; and Westbrook Inc., the media company founded by Jada Pinkett Smith, Will Smith, Miguel Melendez, and Ko Yada. <\/p>\n<\/div><\/div>\n\n\n\n
<\/figure>\nProfessional Services<\/strong>: <\/strong><\/strong><\/strong><\/strong>Blackstone Credit played a pivotal role in the acquisition of the Dovel Group, a federal government IT consulting firm and leader in the proprietary AI\/machine learning space, by Guidehouse, a portfolio company of Veritas. Specifically, the firm provided $1.9 billion of a $2.85 billion first lien facility (consisting of a $2.65 billion first lien term loan and $200 million revolver) to support the acquisition.6<\/sup> Guidehouse is a leading global provider of consultancy services to public and government sectors with expertise in management, technology, and risk consulting.<\/p>\n<\/div><\/div>\n\n\n\n
Staying Connected with Blackstone<\/h4>\n\n\n\n
As you position your business for the future, we are here to partner with you \u2013 and we are grateful for your trust.
We wish you and your family health and well-being, and continued good fortune in 2022.<\/p>\n\n\n\n<\/div>\n\n\n\n\n<\/figure>\n\n\n\nJoan Solotar<\/a><\/p>\n\n\n\n
Global Head of Private Wealth Solutions<\/p>\n<\/div><\/div>\n\n\n\n
\n\n\n\nPast performance is not indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses<\/strong><\/p>\n\n\n\n
- Money Management Institute, as of 2021.<\/li>
- Morningstar, as of 1\/26\/2022.<\/li>
- We will seek to reduce carbon emissions by 15% in the aggregate within the first three years of ownership across all new investments where we control energy usage.<\/li>
- \u201cAn Integrated Approach to ESG<\/a>,\u201d Blackstone, November 2021.<\/li>
- Applies to control investments made after January 1, 2021. Target of one-third (1\/3) diverse representation on portfolio company boards starting in the US and Europe.<\/li>
- Split between $1.77 billion of the first lien term loan and $133.6 million of the revolver.<\/li><\/ol>\n\n\n\n
Key Risk Factors<\/strong><\/p>\n\n\n\n
Capitalized terms used herein but not otherwise defined have the meanings set forth in the “Important Disclosure Information” section.<\/p>\n\n\n\n
Conflicts of Interest.<\/strong> There may be occasions when a Fund\u2019s general partner and\/or the investment advisor, and their affiliates will encounter potential conflicts of interest in connection with such Fund\u2019s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone\u2019s and its affiliates\u2019 investment banking and advisory clients, and the diverse interests of such Fund\u2019s limited partner group. There can be no assurance that the Sponsor will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the Partnership.<\/p>\n\n\n\n
Epidemics\/Pandemics.<\/strong> Certain countries have been susceptible to epidemics which may be designated as pandemics by world health authorities, most recently COVID-19. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the countries in which the Funds invest), and thereby is expected to adversely affect the performance of the Funds\u2019 Investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Funds and the performance of their Investments.<\/p>\n\n\n\n