View source for Blackstone Inc.

{{Short description|American alternative investment company}}
{{Distinguish|text=[[BlackRock]], also an investment management firm}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| name = Blackstone Inc.
| logo = The Blackstone Group logo (2).svg
| image = Blackstone HQ - 345 Park Avenu.jpg
| image_size = 220px
| image_caption = Blackstone's headquarters are at [[345 Park Avenue]] (pictured in 2008)
| type = [[Public company|Public]]
| traded_as = {{unbulleted list|{{NYSE|BX}}|[[S&P 500]] component}}
| industry = [[Financial services]]
| founders = {{Unbulleted list|[[Peter G. Peterson|Peter Peterson]]|[[Stephen A. Schwarzman|Stephen Schwarzman]]}}
| founded = {{Start date and age|1985}}
| location = [[345 Park Avenue]]<br />New York City, U.S.
| key_people = {{Unbulleted list|Stephen Schwarzman ([[chairman and CEO]])|[[Jonathan D. Gray|Jonathan Gray]] ([[President (corporate title)|president]] and [[Chief operating officer|COO]])|[[Joseph Baratta]] (head of private equity)|[[David Blitzer]] (chairman of tactical opportunities)}}
| products = {{Unbulleted list|[[Alternative investment]]|[[Private equity]]}}
| revenue = {{Increase}} {{US$|13.23&nbsp;billion|link=yes}} (2024)
| operating_income =
| net_income = {{Increase}} US$2.44&nbsp;billion (2024)
| aum = {{Increase}} US$1.13&nbsp;trillion (2024)
| assets = {{nowrap|{{Increase}} US$43.5&nbsp;billion (2024)}}
| equity = {{nowrap|{{Increase}} US$8.21&nbsp;billion (2024)}}
| num_employees = 4,895
| num_employees_year = 2024
| subsid = [[Blackstone Credit]]
| website = {{URL|blackstone.com}}
| footnotes = <ref name=10K>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1393818/000119312525042469/d912273d10k.htm |title=Blackstone Inc. 2024 Annual Report (Form 10-K) |publisher=[[U.S. Securities and Exchange Commission]] |date=February 28, 2025}}</ref>
}}
'''Blackstone Inc.''' is an American [[alternative investment]] management company based in New York City. It was founded in 1985 as a [[mergers and acquisitions]] firm by [[Peter G. Peterson|Peter Peterson]] and [[Stephen A. Schwarzman|Stephen Schwarzman]], who had previously worked together at [[Lehman Brothers]]. Blackstone's [[private equity]] business has been one of the largest investors in [[leveraged buyout]]s in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, [[hedge funds]], secondaries, growth equity, and insurance solutions. As of September 30, 2025, Blackstone has $1.2 trillion in total [[assets under management]], making it the world's largest alternative investment firm.

== History ==
{{History of private equity and venture capital}}

=== Founding and early history ===
Blackstone was founded in 1985 by [[Peter G. Peterson]] and [[Stephen A. Schwarzman]] with {{US$|400000|link=yes}} (equivalent to ${{Inflation|US|0.4|1985|r=1}}{{nbsp}}million in {{Inflation/year|US}}) in [[Seed money|seed capital]].<ref name="Carey-2010">{{cite book |last1=Carey |first1=David |last2=Morris |first2=John E |title=King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone |date=2010 |publisher=Crown |isbn=9780307453013 |url=https://books.google.com/books?id=NRXqjZLCK9QC |access-date=September 7, 2020 |archive-date=January 16, 2021 |archive-url=https://web.archive.org/web/20210116225844/https://books.google.com/books?id=NRXqjZLCK9QC |url-status=live }}</ref>{{RP|45-56}}<ref>[https://money.cnn.com/galleries/2007/fortune/0702/gallery.powerlist.fortune/index.html Private equity power list: #1 The Blackstone Group] {{webarchive|url=https://web.archive.org/web/20090228014752/http://money.cnn.com/galleries/2007/fortune/0702/gallery.powerlist.fortune/index.html |date=February 28, 2009 }}. ''Fortune'', July 2, 2007</ref> The founders derived their firm's name from their names: "Schwarz" is German for "black"; "Peter", "petros" ({{lang|el|πέτρος}}, masculine), or "petra" ({{lang|el|πετρα}}, feminine) means "stone" or "rock" in Greek.<ref>{{Cite web|title=English Translation of "schwarz" {{!}} Collins German-English Dictionary|url=https://www.collinsdictionary.com/dictionary/german-english/schwarz|access-date=July 2, 2021|website=www.collinsdictionary.com|language=en|archive-date=November 18, 2016|archive-url=https://web.archive.org/web/20161118062818/http://www.collinsdictionary.com/dictionary/german-english/schwarz|url-status=live}}</ref><ref>{{Cite web|title=petro-, petr-, petri-, peter- – Word Information|url=https://wordinfo.info/unit/1620|access-date=July 2, 2021|website=wordinfo.info|archive-date=July 9, 2021|archive-url=https://web.archive.org/web/20210709182252/https://wordinfo.info/unit/1620|url-status=live}}</ref> The two founders had previously worked together at [[Lehman Brothers, Kuhn, Loeb Inc.|Lehman Brothers]]. There, Schwarzman served as head of global mergers and acquisitions business.<ref>{{Cite news|url=https://dealbook.nytimes.com/2015/02/02/stephen-schwarzman-has-a-warning-for-wall-streets-entrepreneurs/?_r=0|title=Blackstone's Chief Has a Warning for Wall Street's Entrepreneurs|last=Alden|first=William|newspaper=DealBook|date=February 2, 2015 |language=en|access-date=January 27, 2017|archive-date=July 27, 2020|archive-url=https://web.archive.org/web/20200727054155/https://dealbook.nytimes.com/2015/02/02/stephen-schwarzman-has-a-warning-for-wall-streets-entrepreneurs/?_r=0|url-status=live}}</ref> Prominent investment banker [[Roger C. Altman]], another Lehman veteran, left his position as a managing director of [[Shearson Lehman Brothers|Lehman Brothers]] to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join the [[Clinton administration]] as [[Deputy Secretary of the Treasury|Deputy Treasury Secretary]] and later founded advisory investment bank [[Evercore|Evercore Partners]] in 1995.<ref>{{Cite web |title=Roger C. Altman, '69 |url=https://www.chicagobooth.edu/alumni/distinguished-alumni-award/honorees/roger-altman |access-date=September 30, 2022 |website=The University of Chicago Booth School of Business}}</ref>

Blackstone was originally formed as a mergers and acquisitions advisory boutique. It advised on the 1987 merger of investment banks [[E. F. Hutton & Co.]] and Shearson Lehman Brothers, collecting a $3.5 million fee.<ref>{{cite news |last=Cole |first=Robert J. |date=December 4, 1987 |title=COMPANY NEWS; Hutton-Shearson Deal Announced |url=https://www.nytimes.com/1987/12/04/business/company-news-hutton-shearson-deal-announced.html |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref><ref>{{cite news |date=December 9, 1987 |title=COMPANY NEWS; Hutton Sets Fees |url=https://www.nytimes.com/1987/12/09/business/company-news-hutton-sets-fees.html |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

[[File:PeterGeorgePeterson.jpg|thumb|upright|Blackstone co-founder [[Peter George Peterson|Peter Peterson]] was the former chairman and CEO of [[Lehman Brothers, Kuhn, Loeb Inc.|Lehman Brothers]].]]
From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business but had difficulty in raising their first fund because neither had ever led a leveraged buyout.<ref name="Carey-2010" />{{RP|45-56}} Blackstone finalized fundraising for its first private equity fund in the aftermath of [[Black Monday (1987)|Black Monday]], the October 1987 global stock market crash. After two years of providing strictly advisory services, Blackstone decided to pursue a merchant banking model after its founders determined that many situations required an investment partner rather than just an advisor. The largest investors in the first fund included [[Prudential Insurance Company]], [[Nikko Securities]] and the [[General Motors]] pension fund.<ref>{{cite news |last=Wayne |first=Leslie |date=November 13, 1987 |title=A Big Fund Ready to Capitalize on Hard Times |url=https://www.nytimes.com/1987/11/13/business/a-big-fund-ready-to-capitalize-on-hard-times.html |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with the founders of [[BlackRock]], [[Laurence D. Fink|Larry Fink]] (current CEO of BlackRock), and Ralph Schlosstein (CEO of [[Evercore]]). The two founders, who had previously run the mortgage-backed securities divisions at [[First Boston]] and Lehman Brothers, respectively, initially joined Blackstone to manage an investment fund and provide advice to financial institutions. They also planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments.<ref name="BXS1">{{cite web |title=EDGAR Filing Documents for 0001047469-07-002068 |url=https://www.sec.gov/Archives/edgar/data/1393818/000104746907002068/0001047469-07-002068-index.htm |access-date=January 7, 2009 |website=[[Securities and Exchange Commission]] |date=March 22, 2007}}</ref><ref>{{cite news |last=Sterngold |first=James |date=March 4, 1988 |title=BUSINESS PEOPLE; Mortgage Unit Leaders To Join Blackstone |url=https://www.nytimes.com/1988/03/04/business/business-people-mortgage-unit-leaders-to-join-blackstone.html |access-date=January 15, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone for a $100&nbsp;million investment in 1988 (valuing the firm at $500&nbsp;million). Nikko's investment allowed for a major expansion of the firm and its investment activities.<ref>{{cite news |last=Quint |first=Michael |date=December 13, 1988 |title=Nikko Acquires 20% of Blackstone Group |url=https://www.nytimes.com/1988/12/13/business/nikko-acquires-20-of-blackstone-group.html |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> The growth firm also recruited politician and investment banker [[David Stockman]] from [[Salomon Brothers]] in 1988. Stockman led many key deals in his time at the firm but had a mixed record with his investments.<ref name="Carey-2010" />{{RP|144–147}} He left Blackstone in 1999 to start his own private equity firm, [[Heartland Industrial Partners]], based in [[Greenwich, Connecticut]].<ref>{{cite news |last1=Peters |first1=Jeremy W. |last2=Bunkley |first2=Nick |date=March 27, 2007 |title=Stockman Is Charged With Fraud |url=https://www.nytimes.com/2007/03/27/business/27stockman.html |access-date=February 21, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

The firm advised [[CBS Corporation]] on its 1988 sale of CBS Records to [[Sony]] to form what would become [[Sony Music Entertainment]].<ref>{{cite news |last=Boyer |first=Peter J. |date=September 18, 1988 |title=Sony and CBS Records: What a Romance! |url=https://www.nytimes.com/1988/09/18/magazine/sony-and-cbs-records-what-a-romance.html |archive-url=https://web.archive.org/web/20200729131315/https://www.nytimes.com/1988/09/18/magazine/sony-and-cbs-records-what-a-romance.html |archive-date=29 July 2020 |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref> In June 1989, Blackstone acquired freight railroad operator [[CNW Corporation]].<ref>{{cite news |last=Berg |first=Eric N. |date=June 7, 1989 |title=CNW Accepts Buyout Bid From Blackstone Group |url=https://www.nytimes.com/1989/06/07/business/cnw-accepts-buyout-bid-from-blackstone-group.html |archive-url=https://web.archive.org/web/20200729095908/https://www.nytimes.com/1989/06/07/business/cnw-accepts-buyout-bid-from-blackstone-group.html |archive-date=29 July 2020 |access-date=January 9, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref> The same year, Blackstone partnered with Salomon Brothers to raise $600 million to acquire distressed [[Savings and loan association|thrifts]] in the midst of the [[savings and loan crisis]].<ref>{{cite news |last=Bartlett |first=Sarah |date=May 12, 1989 |title=2 Wall Street Firms Join To Buy Savings Units |url=https://www.nytimes.com/1989/05/12/business/2-wall-street-firms-join-to-buy-savings-units.html |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

=== 1990s ===
[[File:Blackstone Group logo.png|200px|thumb|right|The Blackstone Group logo in use prior to the firm's rebranding as simply Blackstone]]

In 1990, Blackstone launched its hedge funds business, initially intended to manage investments for Blackstone senior management.<ref>{{Cite web|title=Stephen Schwarzman And Blackstone: Wall Street's Unstoppable Force|url=https://www.forbes.com/sites/steveschaefer/2016/05/11/stephen-schwarzman-and-blackstone-wall-streets-unstoppable-force/|last=Schaefer|website=Forbes|language=en|access-date=May 7, 2020|archive-date=May 2, 2020|archive-url=https://web.archive.org/web/20200502073912/https://www.forbes.com/sites/steveschaefer/2016/05/11/stephen-schwarzman-and-blackstone-wall-streets-unstoppable-force/|url-status=live}}</ref> The same year, Blackstone formed a partnership with J. O. Hambro Magan in the UK and [[Credit Agricole Indosuez|Indosuez]] in France.<ref>{{cite news |last=Eichenwald |first=Kurt |date=April 23, 1990 |title=U.S. Mergers Firm Is Forming British Link |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/1990/04/23/business/us-mergers-firm-is-forming-british-link.html |access-date=September 30, 2022 |issn=0362-4331}}</ref><ref>{{cite news |last=Eichenwald |first=Kurt |date=September 19, 1990 |title=Blackstone Widens Link With Europe |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/1990/09/19/business/blackstone-widens-link-with-europe.html |access-date=September 30, 2022 |issn=0362-4331}}</ref> Blackstone and Silverman also acquired a 65% interest in Prime Motor Inn's [[Ramada]] and [[Howard Johnson's|Howard Johnson]] franchises for $140 million, creating Hospitality Franchise Systems as a [[holding company]].<ref>{{cite news|url=https://www.nytimes.com/1990/05/24/business/prime-to-sell-interest-in-inns-to-blackstone.html|title=Prime to Sell Interest in Inns to Blackstone|last=Hylton|first=Richard D.|date=May 24, 1990|newspaper=[[The New York Times]]|access-date=January 8, 2009|archive-url=https://web.archive.org/web/20211107104308/https://www.nytimes.com/1990/05/24/business/prime-to-sell-interest-in-inns-to-blackstone.html|archive-date=November 7, 2021|url-status=live}}</ref>

In 1991, Blackstone created its Europe unit<ref>{{cite news |last=Eichenwald |first=Kurt |date=23 April 1990 |title=U.S. Mergers Firm Is Forming British Link |url=https://www.nytimes.com/1990/04/23/business/us-mergers-firm-is-forming-british-link.html |archive-url=https://web.archive.org/web/20211107104308/https://www.nytimes.com/1990/04/23/business/us-mergers-firm-is-forming-british-link.html |archive-date=November 7, 2021 |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref><ref>{{cite news |last=Wayne |first=Leslie |date=April 5, 1991 |title=BUSINESS PEOPLE; Chairman Is Named For Blackstone Unit |url=https://www.nytimes.com/1991/04/05/business/business-people-chairman-is-named-for-blackstone-unit.html |archive-url=https://web.archive.org/web/20211107104309/https://www.nytimes.com/1991/04/05/business/business-people-chairman-is-named-for-blackstone-unit.html |archive-date=November 7, 2021 |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> and launched its real estate investment business with the acquisition of a series of hotel businesses under [[Henry Silverman]]'s leadership. In October 1991, Blackstone and Silverman added [[Days Inns of America]] for $250 million.<ref>{{cite news |last=McDowell |first=Edwin |date=October 1, 1991 |title=Blackstone Unit to Buy Days Inns |url=https://www.nytimes.com/1991/10/01/business/blackstone-unit-to-buy-days-inns.html |archive-url=https://web.archive.org/web/20211107104309/https://www.nytimes.com/1991/10/01/business/blackstone-unit-to-buy-days-inns.html |archive-date=November 7, 2021 |access-date=January 8, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> In 1993, Hospitality Franchise Systems acquired [[Super 8 Worldwide|Super 8 Motels]] for $125 million.<ref>{{cite news |last=Bryant |first=Adam |date=February 17, 1993 |title=Hospitality to Acquire Super 8 Motels |url=https://www.nytimes.com/1993/02/17/business/hospitality-to-acquire-super-8-motels.html |access-date=January 9, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> Silverman left Blackstone to serve as CEO of HFS, which later became [[Cendant Corporation]].<ref>{{cite web|title=Who the hell is Henry Silverman? He's the king of franchising, for one thing. He's also the CEO whose stock has blown away Intel and Microsoft so far in the 1990s. Now he's going to try something really big.|date=October 27, 1997|url=https://money.cnn.com/magazines/fortune/fortune_archive/1997/10/27/233303/index.htm|website=[[CNN Business]]|access-date=May 7, 2020|archive-date=February 26, 2021|archive-url=https://web.archive.org/web/20210226165801/https://money.cnn.com/magazines/fortune/fortune_archive/1997/10/27/233303/index.htm|url-status=live}}</ref>

Blackstone made a number of notable investments in the early and mid-1990s, including [[Great Lakes Dredge and Dock Company]] (1991), [[Six Flags]] (1991), US Radio (1994), [[Centerplate]] (1995), [[MEGA Brands]] (1996). Also, in 1996, Blackstone partnered with the [[Loewen Group]], the second-largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses. The partnership's first acquisition was a $295 million buyout of Prime Succession from [[GTCR]].<ref>[http://findarticles.com/p/articles/mi_m0EIN/is_/ai_18390971 The Loewen Group and Blackstone Capital Partners form corporate venture to acquire Prime Succession]{{dead link|date=October 2025}} Business Wire, June 17, 1996. Accessed February 20, 2009.</ref><ref>{{cite news|url=https://www.nytimes.com/1996/06/18/business/company-news-loewen-and-blackstone-to-make-joint-purchase.html|title=Loewen And Blackstone To Make Joint Purchase|date=June 18, 1996|newspaper=[[The New York Times]]|access-date=January 9, 2009}}</ref><ref>{{cite news|url=https://www.nytimes.com/1996/09/21/business/loewen-buys-big-cemetery-and-its-suitor-criticizes-deal.html|title=Loewen Buys Big Cemetery, And Its Suitor Criticizes Deal|last=Myerson|first=Allen J.|date=September 21, 1996|access-date=January 9, 2009|newspaper=[[The New York Times]]}}</ref>

In 1995, Blackstone sold its stake in BlackRock to [[PNC Financial Services]] for $240&nbsp;million. Between 1995 and 2014, PNC reported $12&nbsp;billion in pretax revenues and capital gains from BlackRock. Schwarzman later described the selling of BlackRock as his worst business decision ever.<ref>{{cite web|url=https://fortune.com/2014/07/07/blackrock-larry-fink/|title=BlackRock: The $4.3 trillion force|website=Fortune|access-date=July 4, 2019|archive-date=July 4, 2019|archive-url=https://web.archive.org/web/20190704190341/https://fortune.com/2014/07/07/blackrock-larry-fink/|url-status=live|date=July 7, 2014|last=Loomis|first=Carol J.}}</ref>

In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments<ref>{{cite news |date=October 10, 1997 |title=Blackstone Raises $4 Billion for Fund |url=https://www.nytimes.com/1997/10/10/business/blackstone-raises-4-billion-for-fund.html |archive-url=https://web.archive.org/web/20211107104537/https://www.nytimes.com/1997/10/10/business/blackstone-raises-4-billion-for-fund.html |archive-date=November 7, 2021 |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> and a $1.1-billion real estate investment fund.<ref>{{cite news |last=Eaton |first=Leslie |date=November 6, 1997 |title=Market Place: Red-Hot Revival in Real Estate; Overheating Is Feared With Surge in Vulture Investing |url=https://www.nytimes.com/1997/11/06/business/market-place-red-hot-revival-real-estate-overheating-feared-with-surge-vulture.html |archive-url=https://web.archive.org/web/20211107104537/https://www.nytimes.com/1997/11/06/business/market-place-red-hot-revival-real-estate-overheating-feared-with-surge-vulture.html |archive-date=November 7, 2021 |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref> Also in 1997, Blackstone made its first investment in [[Allied Waste Industries|Allied Waste]].<ref>{{cite news|last=Jereski|first=Laura|date=October 9, 1997|title=Blackstone Group Creates Buyout Fund for $4 Billion|language=en-US|work=[[The Wall Street Journal]]|url=https://www.wsj.com/articles/SB87635063097685500|access-date=May 7, 2020|issn=0099-9660|archive-date=July 27, 2020|archive-url=https://web.archive.org/web/20200727000028/https://www.wsj.com/articles/SB87635063097685500|url-status=live}}</ref> In 1998, Blackstone sold a 7% interest in its management company to [[AIG]], valuing Blackstone at $2.1 billion.<ref>{{cite news |last=Truell |first=Peter |date=July 31, 1998 |title=A.I.G. Will Put $1.35 Billion Into Blackstone |url=https://www.nytimes.com/1998/07/31/business/aig-will-put-1.35-billion-into-blackstone.html |archive-url=https://web.archive.org/web/20211107104538/https://www.nytimes.com/1998/07/31/business/aig-will-put-1.35-billion-into-blackstone.html |archive-date=November 7, 2021 |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref> In 1999, Blackstone partnered with [[Apollo Management]] to provide capital for Allied Waste's acquisition of [[Browning-Ferris Industries]]. Blackstone's investment in Allied was one of its largest at that point in the firm's history.<ref name=":1">{{cite news |last=Barboza |first=David |last2=Holson |first2=Laura M. |date=March 9, 1999 |title=A trash hauler is buying a much bigger rival, a type of deal that makes Wall Street a bit nervous. |url=https://www.nytimes.com/1999/03/09/business/markets-market-place-trash-hauler-buying-much-bigger-rival-type-deal-that-makes.html |access-date=January 15, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

In 1999, Blackstone launched its mezzanine capital business. It brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group, to manage the business.<ref>{{cite news |date=April 8, 1999 |title=Blackstone to Form a New Financing Unit |url=https://www.nytimes.com/1999/04/08/business/blackstone-to-form-a-new-financing-unit.html |archive-url=https://web.archive.org/web/20211107104615/https://www.nytimes.com/1999/04/08/business/blackstone-to-form-a-new-financing-unit.html |archive-date=November 7, 2021 |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

Blackstone's investments in the late 1990s included [[American Machine and Foundry|AMF Group]] (1996), [[Haynes International]] (1997), [[American Axle]] (1997), [[Premcor]] (1997), CommNet Cellular (1998), Graham Packaging (1998), [[Centennial Communications]] (1999), [[Bresnan Communications]] (1999), and [[PAETEC Holding Corp.]] (1999). Haynes and Republic Technologies International both had problems and ultimately filed bankruptcy.<ref name="Carey-2010" />{{RP|145–146}}

Blackstone's investments in telecommunications businesses—four cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan Communications and Intermedia Partners IV) and a cell phone operator in the Rocky Mountain states (CommNet Cellular) were among the most successful of the era, generating $1.5 billion of profits for Blackstone's funds.<ref name="Carey-2010" />{{RP|148–155}}

Blackstone Real Estate Advisers, its real estate affiliate, bought the [[Watergate complex]] in Washington, D.C. in July 1998 for $39 million<ref>{{cite news|url=http://www.bizjournals.com/washington/stories/2002/11/25/story1.html?page=all|title=Watergate Hotel For Sale|author=Cube, Christine|date=November 25, 2002|work=Washington Business Journal|access-date=October 20, 2013|archive-date=September 9, 2015|archive-url=https://web.archive.org/web/20150909025520/http://www.bizjournals.com/washington/stories/2002/11/25/story1.html?page=all|url-status=live}}</ref> and sold it to Monument Realty in August 2004.<ref>{{cite web|url=http://www.crenews.com/general_news/general/monument-realty-buys-watergate-hotel.html|title=Monument Realty Buys Watergate Hotel|date=August 19, 2004|author=<!--Not stated--> |publisher=Commercial Real Estate Direct|access-date=October 20, 2013|archive-date=October 21, 2013|archive-url=https://web.archive.org/web/20131021000745/http://www.crenews.com/general_news/general/monument-realty-buys-watergate-hotel.html|url-status=live}}</ref>

=== Early 2000s ===
In October 2000, Blackstone acquired the mortgage for [[7 World Trade Center (1987–2001)|7 World Trade Center]] from the [[Teachers Insurance and Annuity Association]].<ref>{{cite web|url=http://www.thefreelibrary.com/Blackstone+Acquires+Debt+On+7+World+Trade+Center.-a066149308|title=Blackstone Acquires Debt on 7 World Trade Center|date=October 17, 2000|publisher=Business Wire|access-date=October 20, 2013|archive-date=October 21, 2013|archive-url=https://web.archive.org/web/20131021000239/http://www.thefreelibrary.com/Blackstone+Acquires+Debt+On+7+World+Trade+Center.-a066149308|url-status=dead}}</ref><ref>{{cite press release |title=Blackstone Acquires Debt on 7 World Trade Center |url=https://www.blackstone.com/news/press/blackstone-acquires-debt-on-7-world-trade-center/ |access-date=August 30, 2023 |publisher=Blackstone |language=en-US |date=October 17, 2000}}</ref>

[[File:StephenSchwarzman.jpg|thumb|[[Stephen A. Schwarzman|Schwarzman]]'s Blackstone Group completed the first major IPO of a private equity firm in June 2007.<ref name="WEF">Photographed at the [[World Economic Forum]] in [[Davos, Switzerland]] in January 2008.</ref>]]
In July 2002, Blackstone completed fundraising for a $6.45 billion private equity fund, Blackstone Capital Partners IV, the largest private equity fund at that time.<ref>{{cite news |date=July 17, 2002 |title=Blackstone Amasses a Record Equity Fund |url=https://www.nytimes.com/2002/07/17/business/blackstone-amasses-a-record-equity-fund.html |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

With a significant amount of capital in its new fund, Blackstone was one of a handful of private equity investors capable of completing large transactions in the adverse conditions of the [[early 2000s recession]]. At the end of 2002, Blackstone, [[Thomas H. Lee Partners]], and [[Bain Capital]] acquired [[Houghton Mifflin Company]] for $1.28 billion. The transaction represented one of the first large [[club deal]]s completed since the collapse of the [[dot-com bubble]].<ref>{{cite news |agency=Associated Press |date=January 1, 2003 |title=Vivendi Finishes Sale of Houghton Mifflin To Investors |url=https://www.nytimes.com/2003/01/01/business/company-news-vivendi-finishes-sale-of-houghton-mifflin-to-investors.html |archive-url=https://web.archive.org/web/20201027152850/https://www.nytimes.com/2003/01/01/business/company-news-vivendi-finishes-sale-of-houghton-mifflin-to-investors.html |archive-date=October 27, 2020 |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref>

In 2002, [[Hamilton E. James]] joined Blackstone, where he serves as president and chief operating officer. He also serves on the firm's executive and management committees, and its board of directors.<ref>{{cite news |last=Sender |first=Henny |date=March 23, 2007 |title=At Blackstone, James Builds A Following |url=https://www.wsj.com/articles/SB117461455881946361 |access-date=March 23, 2007 |work=[[The Wall Street Journal]] |language=en-US |issn=0099-9660 |url-access=subscription |archive-url=https://web.archive.org/web/20250828021127/http://www.wsj.com/articles/SB117461455881946361 |archive-date=August 28, 2025 |url-status=live}}</ref> In late 2002, Blackstone acquired [[TRW Automotive]] in a $4.7 billion buyout, the largest private equity deal announced that year (the deal was completed in early 2003). [[TRW Inc.|TRW]]'s parent was acquired by [[Northrop Grumman]], while Blackstone purchased its automotive parts business, a major supplier of automotive systems.<ref name="Carey-2010" />{{RP|176,197,206-207}}<ref>{{cite news|url=https://www.nytimes.com/2002/11/13/business/blackstone-group-may-purchase-auto-parts-business-from-trw.html|title=Blackstone Group May Purchase Auto Parts Business From TRW|last=Sorkin|first=Andrew Ross|author-link=Andrew Ross Sorkin|newspaper=[[The New York Times]]|access-date=January 17, 2009|date=November 13, 2002}}</ref> Blackstone also purchased a majority interest in [[Columbia House]], a music-buying club, in mid-2002.<ref>{{cite news |agency=Associated Press |date=May 15, 2002 |title=Blackstone Buys Majority Stake in Columbia House |url=https://www.nytimes.com/2002/05/15/business/company-news-blackstone-buys-majority-stake-in-columbia-house.html |archive-url=https://web.archive.org/web/20211107104622/https://www.nytimes.com/2002/05/15/business/company-news-blackstone-buys-majority-stake-in-columbia-house.html |archive-date=November 7, 2021 |access-date=January 17, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref>

Blackstone made a significant investment in [[Financial Guaranty Insurance Company]] (FGIC), a [[Monoline insurance|monoline bond insurer]] alongside [[PMI Group]], [[The Cypress Group]] and [[CIVC Partners]]. FGIC incurred heavy losses, along with other bond insurers in the 2008 credit crisis.<ref>{{cite news |last=Bajaj |first=Vikas |date=February 16, 2008 |title=A Split-Up of Insurers of Bonds Is Considered |url=https://www.nytimes.com/2008/02/16/business/16bond.html |access-date=January 17, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331}}</ref>

In 2005, Blackstone was one of seven private equity firms involved in the buyout of [[SunGard]], a transaction valued at $11.3 billion. Blackstone's partners in the acquisition were [[Silver Lake Partners]], Bain Capital, [[Goldman Sachs Capital Partners]], [[Kohlberg Kravis Roberts]], [[Providence Equity Partners]], and [[TPG Capital]]. This represented the largest leveraged buyout completed since the takeover of [[RJR Nabisco]] at the end of the 1980s leveraged buyout boom. Also, at the time of its announcement, SunGard was the largest buyout of a technology company in history, a distinction it ceded to the buyout of Freescale Semiconductor. The SunGard transaction is also notable for the number of firms involved, the largest club deal completed to that point.<ref name="Carey-2010" />{{RP|225}} The involvement of seven firms in the consortium was criticized by investors in private equity who considered crossholdings among firms to be generally unattractive.<ref>{{cite news |date=March 29, 2005 |title=Capital Firms Agree to Buy SunGard Data in Cash Deal |url=https://www.nytimes.com/2005/03/29/business/capital-firms-agree-to-buy-sungard-data-in-cash-deal.html |archive-url=https://web.archive.org/web/20150403222207/http://www.nytimes.com/2005/03/29/business/29sungard.html |archive-date=April 3, 2015 |access-date=January 12, 2009 |work=[[Bloomberg News]] |language=en-US |issn=0362-4331}}</ref><ref>{{cite news |last=Sorkin |first=Andrew Ross |date=April 3, 2005 |title=Do Too Many Cooks Spoil the Takeover Deal? |url=https://www.nytimes.com/2005/04/03/business/yourmoney/do-too-many-cooks-spoil-the-takeover-deal.html |access-date=January 12, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |author-link=Andrew Ross Sorkin}}</ref>

In 2006, Blackstone launched its [[long/short equity]] hedge fund business, Kailix Advisors. According to Blackstone, as of September 30, 2008, Kailix Advisors had $1.9&nbsp;billion of assets under management. In December 2008, Blackstone announced that Kailix would be spun off to its management team to form a new fund as an independent entity backed by Blackstone.<ref name="hedgerationalize">{{cite press release | url=https://www.businesswire.com/news/home/20081223005714/en/Blackstone-Rationalize-Single-Manager-Hedge-Funds-Businesses | title=Blackstone To Rationalize Single Manager Hedge Funds Businesses In Efficiency Move | website=Business Wire | date=December 23, 2008 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224632/https://www.businesswire.com/news/home/20081223005714/en/Blackstone-Rationalize-Single-Manager-Hedge-Funds-Businesses | url-status=live }}</ref>

While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone acquired Prime Hospitality<ref>[http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/08-18-2004/0002234454 The Blackstone Group to Acquire Prime Hospitality Corp]. Press Release, August 18, 2004. Accessed February 20, 2009 {{Webarchive|url=https://web.archive.org/web/20050308214811/http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=%2Fwww%2Fstory%2F08-18-2004%2F0002234454 |date=March 8, 2005 }}</ref> and [[Extended Stay America]] in 2004. Blackstone followed these investments with the acquisition of [[La Quinta Inns & Suites]] in 2005. Blackstone's largest transaction, the $26-billion buyout of [[Hilton Worldwide|Hilton Hotels Corporation]], occurred in 2007 under the tenure of Hilton CFO [[Stephen Bollenbach]].<ref>{{cite news |last1=Silverman |first1=Gary |last2=Nicolaou |first2=Anna Nicolaou |title=Steve Bollenbach, hospitality executive, 1942-2016 |url=https://www.ft.com/content/8b986c06-96d6-11e6-a1dc-bdf38d484582 |access-date=December 19, 2018 |agency=Financial Times |date=October 21, 2016 |quote=He served as the chief financial officer of Marriott and Walt Disney and chief executive of Hilton Hotels, a post he held from 1996 to 2007, when he sold the company to Blackstone for $26bn.  ... He helped craft Marriott's 1992 split into a hotel management operation and a real estate holding company, as well as Disney's $19bn deal to buy Capital Cities/ABC in 1995. |archive-date=December 19, 2018 |archive-url=https://web.archive.org/web/20181219230328/https://www.ft.com/content/8b986c06-96d6-11e6-a1dc-bdf38d484582 |url-status=live }}</ref> Extended Stay Hotels was sold to [[The Lightstone Group]] in July 2007 and Prime Hospitality's [[Wellesley Inns]] were folded into La Quinta.<ref>[http://www.realestatejournal.com/propertyreport/hotel/20050817-chittum.html Private-Equity Firm Sees Room for Value in Hotels] {{Webarchive|url=https://web.archive.org/web/20081012082812/http://www.realestatejournal.com/propertyreport/hotel/20050817-chittum.html |date=October 12, 2008 }}. ''Wall Street Journal'', August 17, 2005</ref> La Quinta Inns & Suites was [[Corporate spin-off|spun out]] for IPO in 2014 and later acquired by [[Wyndham Hotels & Resorts]].<ref>{{Cite web|title=Here's Why Wyndham Worldwide Just Bought La Quinta|url=https://fortune.com/2018/01/18/wyndham-stock-la-quinta-buy/|access-date=May 26, 2021|website=Fortune|language=en|archive-date=May 26, 2021|archive-url=https://web.archive.org/web/20210526050936/https://fortune.com/2018/01/18/wyndham-stock-la-quinta-buy/|url-status=live}}</ref>

=== Buyouts (2005–2007) ===
During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. Its most notable transactions during this period included:

{| class="wikitable"
|-
! Investment!!Year acquired!!Description of transaction!!{{Refh}}
|-
| style="text-align:center;" |[[TDC A/S|TDC]]
| 2005||In December 2005, Blackstone together with a group of firms, including [[Kohlberg Kravis Roberts]], [[Permira]], [[Apax Partners]] and [[Providence Equity Partners]], acquired Tele-Denmark Communications. The company was the former telecom monopoly in Denmark, under the banner Nordic Telephone Company (NTC). The acquisition was made for $11&nbsp;billion.|| style="text-align:center;" |<ref>{{cite news |last=Timmons |first=Heather |date=December 1, 2005 |title=Equity Firms Buy Danish Phone Company |url=https://www.nytimes.com/2005/12/01/business/worldbusiness/equity-firms-buy-danish-phone-company.html |archive-url=https://web.archive.org/web/20170109022039/http://query.nytimes.com/gst/fullpage.html?res=9805E4DC1531F932A35751C1A9639C8B63 |archive-date=January 9, 2017 |access-date=January 17, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref>
|-
| style="text-align:center;" |[[EQ Office]]
| rowspan="7" style="text-align:center;" |2006||Blackstone completed the $37.7 billion acquisition of one of the largest owners of commercial office properties in the US. At the time of its announcement, the EQ Office buyout became the largest in history, surpassing the buyout of [[Hospital Corporation of America]]. It would later be surpassed by [[Kohlberg Kravis Roberts]]'s buyout of [[Energy Future Holdings|TXU]]. [[Vornado Realty Trust]] bid against Blackstone, pushing up the final price.|| style="text-align:center;" |<ref name="Carey-2010" />{{RP|239-254}}<ref>[https://www.nytimes.com/2007/02/08/business/08real.html Blackstone's Bid for Equity Office Prevails] {{Webarchive|url=https://web.archive.org/web/20150605042314/http://www.nytimes.com/2007/02/08/business/08real.html |date=June 5, 2015 }} ''The New York Times'', February 8, 2007</ref>
|-
| style="text-align:center;" |[[Freescale Semiconductor]]
| A consortium led by Blackstone and including the [[Carlyle Group]], Permira and the [[TPG Capital]] completed the $17.6&nbsp;billion takeover of the semiconductor company. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay an extra $800&nbsp;million because KKR made a last minute bid as the original deal was about to be signed. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp., Freescale's former corporate parent and a major customer, began dropping sharply. In addition, in the recession of 2008–2009, Freescale's chip sales to automakers fell off, and the company came under great financial strain.|| style="text-align:center;" |<ref name="Carey-2010" />{{RP|231-235}}<ref>Sorkin, Andrew Ross and Flynn, Laurie J. "[https://www.nytimes.com/2006/09/16/business/16freescale.html Blackstone Alliance to Buy Chip Maker for $17.6 Billion] {{Webarchive|url=https://web.archive.org/web/20161201052830/http://www.nytimes.com/2006/09/16/business/16freescale.html |date=2016-12-01 }}." ''The New York Times'', September 16, 2006</ref>
|-
| style="text-align:center;" |[[Michaels]]
| Blackstone, together with Bain Capital, acquired Michaels, the largest arts and crafts retailer in North America in a $6.0&nbsp;billion leveraged buyout in October 2006. Bain and Blackstone narrowly beat out [[Kohlberg Kravis Roberts]] and TPG Capital in an auction for the company.|| style="text-align:center;" |<ref>{{cite news |last1=Sorkin |first1=Andrew Ross |last2=Barbaro |first2=Michael |date=July 1, 2006 |title=Consortium Buys Michaels for $6 Billion |url=https://www.nytimes.com/2006/07/01/business/01deal.html |access-date=January 17, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |author-link1=Andrew Ross Sorkin |author-link2=Michael Barbaro}}</ref>
|-
| style="text-align:center;" |[[Nielsen Holdings]]
|Blackstone together with [[AlpInvest Partners]], Carlyle Group, [[Hellman & Friedman]], Kohlberg Kravis Roberts and [[Thomas H. Lee Partners]] acquired the global information and media company formerly known as VNU.
|<ref>[https://www.bloomberg.com/apps/news?pid=10000085&sid=apnoYIe8t31A&refer=europe VNU Shareholders Reject $8.9 Bln Offer From KKR Group] {{Webarchive|url=https://web.archive.org/web/20090117121207/https://www.bloomberg.com/apps/news?pid=10000085&sid=apnoYIe8t31A&refer=europe |date=January 17, 2009 }}. Bloomberg, March 8, 2006</ref><ref>{{cite news |last2=Timmons |first1=Eric |last1=Pfanner |first2=Heather |date=January 17, 2006 |title=Buyout Bid For Parent Of Nielsen |url=https://www.nytimes.com/2006/01/17/business/buyout-bid-for-parent-of-nielsen.html |archive-url=https://web.archive.org/web/20161130035932/http://query.nytimes.com/gst/fullpage.html?res=9407E0DA143FF934A25752C0A9609C8B63 |archive-date=November 30, 2016 |access-date=January 17, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref><ref>[http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf VNU Agrees To Public Offer From Private Equity Group] {{Webarchive|url=https://web.archive.org/web/20081116192808/http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf |date=November 16, 2008 }}. Press Release, March 8, 2006</ref>
|-
| style="text-align:center;" |[[Orangina]]
|Blackstone, together with [[Lion Capital LLP|Lion Capital]] acquired Orangina, the bottler, distributor and franchisor of a number of carbonated and other soft drinks in Europe from [[Cadbury Schweppes]] for €1.85&nbsp;billion|| style="text-align:center;" |<ref>[https://www.nytimes.com/2005/11/22/business/worldbusiness/22drink.html Cadbury Sells Beverage Unit to Two Firms] {{Webarchive|url=https://web.archive.org/web/20150404041615/http://www.nytimes.com/2005/11/22/business/worldbusiness/22drink.html |date=April 4, 2015 }}. ''The New York Times'', November 22, 2005</ref>
|-
| style="text-align:center;" |[[Travelport]]
|Travelport, the parent of the travel website Orbitz.com, was acquired from [[Cendant]] by Blackstone and [[Technology Crossover Ventures]] in a deal valued at $4.3&nbsp;billion. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses, [[Realogy Corporation]] and [[Wyndham Worldwide|Wyndham Worldwide Corporation]], respectively, in July 2006. (Later in the year, TPG and Silver Lake would acquire Travelport's chief competitor [[Sabre Holdings]].) Soon after the Travelport buyout, Travelport spun off part of its subsidiary [[Orbitz|Orbitz Worldwide]] in an IPO and bought a Travelport competitor, [[Worldspan]].|| style="text-align:center;" |<ref name="travelport">{{cite news | url=https://www.nytimes.com/2006/07/01/business/blackstone-plans-to-acquire-cendant-travel-services-unit.html | title=Blackstone Plans to Acquire Cendant Travel Services Unit | first=Claudia H. | last=Deutch | work=[[The New York Times]] | date=July 1, 2006 | access-date=March 24, 2018 | archive-date=July 2, 2018 | archive-url=https://web.archive.org/web/20180702210545/https://www.nytimes.com/2006/07/01/business/blackstone-plans-to-acquire-cendant-travel-services-unit.html | url-status=live }}</ref>
|-
| style="text-align:center;" |[[United Biscuits]]
|In October 2006 Blackstone, together with [[PAI Partners]] announced the acquisition of the British biscuit producer. The deal was completed in December 2006.|| style="text-align:center;" |<ref name="find2">{{cite news |last=Parkinson |first=Gary |date=October 26, 2006 |title=Private-equity companies snap up United Biscuits in a £1.6bn deal |url=https://www.independent.co.uk/news/business/news/private-equity-companies-snap-up-united-biscuits-in-a-16316bn-deal-421665.html |work=[[The Independent]] |access-date=April 12, 2007 |archive-date=March 23, 2016 |archive-url=https://web.archive.org/web/20160323162453/http://www.independent.co.uk/news/business/news/private-equity-companies-snap-up-united-biscuits-in-a-16316bn-deal-421665.html |url-status=live }}</ref><ref>{{cite press release|url=http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F|publisher=United Biscuits|date=December 15, 2006|title=Blackstone and PAI complete purchase of UB|access-date=April 12, 2007|archive-url=https://web.archive.org/web/20070927180234/http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F|archive-date=September 27, 2007|url-status=dead}}</ref>
|-
| style="text-align:center;" |RGIS Inventory Specialists
| rowspan="3" style="text-align:center;" |2007||In March 2007, RGIS announced that Blackstone Group purchased a controlling interest in the company, the terms of the transaction were not disclosed. || style="text-align:center;" |<ref>{{cite press release | url=https://www.businesswire.com/news/home/20070501005947/en/Blackstone-Group-Completed-Acquisition-Controlling-Interest-RGIS | title=The Blackstone Group Has Completed Its Acquisition of a Controlling Interest in RGIS | publisher=Business Wire | date=May 1, 2007 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224632/https://www.businesswire.com/news/home/20070501005947/en/Blackstone-Group-Completed-Acquisition-Controlling-Interest-RGIS | url-status=live }}</ref>
|-
| style="text-align:center;" |[[Biomet]]
|Blackstone, Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners acquired Biomet, a medical device manufacturer for $10.9&nbsp;billion.|| style="text-align:center;" |<ref>{{cite press release | url=https://www.businesswire.com/news/home/20061218005461/en/Biomet-Acquired-Private-Equity-Consortium-10.9-Billion | title=Biomet, Inc. to Be Acquired by Private Equity Consortium for $10.9 Billion or $44 Per Share in Cash | publisher=Business Wire | date=December 18, 2006 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324230207/https://www.businesswire.com/news/home/20061218005461/en/Biomet-Acquired-Private-Equity-Consortium-10.9-Billion | url-status=live }}</ref>
|-
| style="text-align:center;" | Hilton Worldwide
|Blackstone acquired the premium hotel operator for approximately $26&nbsp;billion, representing a 25% premium to Hilton's all-time high stock price. The Hilton deal, announced on July 3, 2007, is often referred to as the deal that marked the "high water mark" and the beginning of the end of the multi-year boom in leveraged buyouts. The company restructured its debt in 2010.|| style="text-align:center;" |<ref>[https://www.nytimes.com/2007/07/04/business/04deal.html Blackstone to Buy Hilton Hotels for $26 Billion] {{Webarchive|url=https://web.archive.org/web/20180202232259/http://www.nytimes.com/2007/07/04/business/04deal.html |date=February 2, 2018 }}. ''The New York Times'', July 4, 2007</ref><ref>[https://query.nytimes.com/gst/fullpage.html?res=9C02E3D6103CF937A35754C0A96E9C8B63 High-Water Mark] {{Webarchive|url=https://web.archive.org/web/20160304224858/http://query.nytimes.com/gst/fullpage.html?res=9C02E3D6103CF937A35754C0A96E9C8B63 |date=March 4, 2016 }}. ''The New York Times'', July 4, 2008</ref><ref name="Carey-2010" />{{RP|299-300}}
|}

=== Initial public offering in 2007 ===
In 2004, Blackstone had explored the possibility of creating a [[business development company]] (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management.<ref>[https://www.nytimes.com/2004/04/17/business/17hedge.html?ex=1231909200&en=3e437becdf88809d&ei=5070 Private Firms Use Closed-End Funds to Tap the Market] {{Webarchive|url=https://web.archive.org/web/20150404031932/http://www.nytimes.com/2004/04/17/business/17hedge.html?ex=1231909200&en=3e437becdf88809d&ei=5070 |date=April 4, 2015 }}. ''The New York Times'', April 17, 2004</ref> Blackstone failed to raise capital through an initial public offering that summer and the project were shelved.<ref>[https://query.nytimes.com/gst/fullpage.html?res=9F05E2DE153AF935A25754C0A9629C8B63 Blackstone Group Postpones Fund Offering] {{Webarchive|url=https://web.archive.org/web/20211107104542/https://www.nytimes.com/2004/07/16/business/company-news-blackstone-group-postpones-fund-offering.html |date=November 7, 2021 }}. ''The New York Times'', July 16, 2004</ref> It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co., launched a $5-billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project.<ref name="Carey-2010" />{{RP|221-223}}

In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. The company was sold to Kohlberg Kravis Roberts in 2012.<ref>{{cite news | url=https://www.ft.com/content/5b8c406c-3593-11e2-bf64-00144feabdc0 | title=KKR buys Alliant in 'pass the parcel' deal | first1=Henny | last1=Sender | work=Financial Times | date=November 23, 2012 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224526/https://www.ft.com/content/5b8c406c-3593-11e2-bf64-00144feabdc0 | url-status=live }}</ref>

On June 21, 2007, Blackstone became a public company via an initial public offering, selling a 12.3% stake in the company for $4.13 billion, in the largest U.S. IPO since 2002.<ref>{{cite news |last=Anderson |first=Jenny |date=2007-06-12 |title=Blackstone Founders Prepare to Count Their Billions |url=https://www.nytimes.com/2007/06/12/business/12blackstone.html |archive-url=https://web.archive.org/web/20201124051829/https://www.nytimes.com/2007/06/12/business/12blackstone.html |archive-date=November 24, 2020 |access-date=January 7, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref><ref>{{cite news |last1=Sorkin |first1=Andrew Ross |last2=de la Merced |first2=Michael J. |date=March 19, 2007 |title=Behind the Veil at Blackstone? Probably Another Veil |url=https://www.nytimes.com/2007/03/19/business/19blackstone.html |archive-url=https://web.archive.org/web/20170118034320/http://www.nytimes.com/2007/03/19/business/19blackstone.html |archive-date=January 18, 2017 |access-date=January 7, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |author-link1=Andrew Ross Sorkin |url-status=live}}</ref>

=== 2008 to 2010 ===
During the [[2008 financial crisis]], Blackstone closed only a few transactions. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in their buyout of [[Harrah's Entertainment]], although that transaction had been announced during the buyout boom period. Other notable investments that Blackstone completed in 2008 and 2009 included [[AlliedBarton]], Performance Food Group,<ref>[https://www.nytimes.com/2008/01/19/business/19food.html Equity Firms Acquiring Food Supplier] {{Webarchive|url=https://web.archive.org/web/20171010055327/http://www.nytimes.com/2008/01/19/business/19food.html |date=October 10, 2017 }}. Bloomberg, January 19, 2008</ref><ref>[http://www.altassets.com/news/arc/2008/nz12542.php Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal]. AltAssets, January 18, 2008 {{webarchive |url=https://web.archive.org/web/20080611155237/http://www.altassets.com/news/arc/2008/nz12542.php |date=June 11, 2008}}</ref> Apria Healthcare, and [[CMS Computers]].

In July 2008, Blackstone, NBC Universal, and Bain Capital acquired The Weather Channel from [[Landmark Communications]] for $3.5 billion. In 2015, the digital assets were sold to [[IBM]] for $2 billion. In 2018, the remainder of the company was sold to [[Byron Allen]] for $300 million.<ref>{{cite news | url=https://www.wsj.com/articles/byron-allens-company-buys-weather-channel-for-300-million-1521753337 | title=Byron Allen's Company Buys Weather Channel for $300 Million | first=Joe | last=Flint | work=The Wall Street Journal | date=November 8, 2013 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224315/https://www.wsj.com/articles/byron-allens-company-buys-weather-channel-for-300-million-1521753337 | url-status=live }}</ref>

In December 2009, Blackstone acquired [[Busch Entertainment Corporation]] from [[Anheuser-Busch InBev]] for $2.9 billion.<ref>{{cite press release | url=http://www.ab-inbev.com/news/press-releases/global-press-releases/2009/12/1358512.html | title=Anheuser-Busch Inbev and Blackstone announce completion of sale of Busch Entertainment Corporation | publisher=Anheuser-Busch InBev | date=December 1, 2009 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325045107/http://www.ab-inbev.com/news/press-releases/global-press-releases/2009/12/1358512.html | url-status=live }}</ref>

In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the [[London Stock Exchange]].<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2013-11-08/merlin-entertainments-advances-on-debut-after-1-5-billion-ipo | title=Merlin Entertainments Gains on Debut After $1.5 Billion IPO | first1=Ruth | last1=David | first2=Natasha | last2=Doff | work=[[Bloomberg L.P.]] | date=November 8, 2013 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325050813/https://www.bloomberg.com/news/articles/2013-11-08/merlin-entertainments-advances-on-debut-after-1-5-billion-ipo | url-status=live }}</ref><ref>{{cite news | url=https://www.ft.com/content/3a5b3474-484e-11e3-a3ef-00144feabdc0 | title=Merlin Entertainments shares rise on London stock market debut | first1=Lina | last1=Saigol | first2=Emily | last2=Cadman | work=Financial Times | date=November 8, 2013 | access-date=March 24, 2018 | archive-date=May 19, 2018 | archive-url=https://web.archive.org/web/20180519082953/https://www.ft.com/content/3a5b3474-484e-11e3-a3ef-00144feabdc0 | url-status=live }}</ref>

In August 2010, Blackstone announced it would buy [[Dynegy]], an energy firm, for nearly $5 billion, but the acquisition was terminated in November 2010.<ref>{{cite news | url=http://fortune.com/2010/11/23/over-and-out-dynegy-and-blackstone-call-it-quits/ | title=Over and out: Dynegy and Blackstone call it quits | first=DAN | last=PRIMACK | work=[[Fortune (magazine)|Fortune]] | date=November 23, 2010 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325045016/http://fortune.com/2010/11/23/over-and-out-dynegy-and-blackstone-call-it-quits/ | url-status=live }}</ref>

=== Investments 2011 to 2015 ===
* In February 2011, the company acquired Centro Properties Group US from [[Vicinity Centres|Centro Retail Trust]] (now Vicinity Centres) for $9.4 billion.<ref>{{cite news | url=https://www.bloomberg.com/news/2011-02-28/blackstone-to-buy-centro-s-u-s-assets-for-9-4-bln-wsj-says.html | work=Bloomberg | first1=Angus | last1=Whitley | first2=Nichola | last2=Saminather | title=Blackstone Said to Acquire Centro's U.S. Shopping Centers for $9.4 Billion | date=February 28, 2011 | access-date=March 11, 2017 | archive-date=April 16, 2014 | archive-url=https://web.archive.org/web/20140416085727/http://www.bloomberg.com/news/2011-02-28/blackstone-to-buy-centro-s-u-s-assets-for-9-4-bln-wsj-says.html | url-status=live }}</ref> The company became [[Brixmor Property Group]] and Blackstone sold its remaining interest in the company in August 2016.<ref>{{cite news | url=https://www.bloomberg.com/news/articles/2016-08-10/blackstone-sells-rest-of-stake-in-shopping-center-reit-brixmor | title=Blackstone Sells Rest of Stake in Shopping-Center REIT Brixmor | first=Hui-Yong | last=Yu | work=[[Bloomberg L.P.]] | date=August 10, 2016 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325045259/https://www.bloomberg.com/news/articles/2016-08-10/blackstone-sells-rest-of-stake-in-shopping-center-reit-brixmor | url-status=live }}</ref>
* In November 2011, a fund managed by the company acquired medical biller [[Emdeon]] for $3 billion.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/blackstone-completes-acquisition-of-emdeon-133069403.html | title=Blackstone Completes Acquisition of Emdeon | publisher=[[PR Newswire]] | date=November 2, 2011 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324223954/https://www.prnewswire.com/news-releases/blackstone-completes-acquisition-of-emdeon-133069403.html | url-status=live }}</ref>
* In late 2011, Blackstone Group LP acquired [[Jack Wolfskin]], a German [[camping]] equipment company. In 2017, the company was handed over to its lenders.<ref>{{cite news | url=https://uk.reuters.com/article/uk-jack-wol-loans/lpc-blackstone-agrees-to-hand-over-jack-wolfskin-to-lenders-idUKKBN17E27P | title=Blackstone agrees to hand over Jack Wolfskin to lenders | agency=Reuters| date=April 12, 2017 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325045123/https://uk.reuters.com/article/uk-jack-wol-loans/lpc-blackstone-agrees-to-hand-over-jack-wolfskin-to-lenders-idUKKBN17E27P | url-status=dead }}</ref>
* In August 2012, Blackstone was part of a consortium that financed [[Knight Capital]] after a software glitch threatened Knight's ability to continue operations.<ref>{{cite news | url=http://www.businessinsider.com/blackstone-dodged-a-bullet-with-knight-capital-2012-8 | title=WHEW: Blackstone Almost Bought Knight Capital Before Its Stock Collapsed | first=Simone | last=Foxman | work=[[Business Insider]] | date=August 8, 2012 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224300/http://www.businessinsider.com/blackstone-dodged-a-bullet-with-knight-capital-2012-8 | url-status=live }}</ref>
* In October 2012, the company acquired G6 Hospitality, operator of [[Motel 6]] & Studio 6 motels from [[AccorHotels]], for $1.9 billion.<ref>{{cite news | url=https://dealbook.nytimes.com/2012/05/22/accor-to-sell-motel-6-to-blackstone-for-1-9-billion/ | title=Accor to Sell Motel 6 to Blackstone for $1.9 Billion | first=Mark | last=Scott | work=[[The New York Times]] | date=May 22, 2012 | access-date=March 24, 2018 | archive-date=February 15, 2018 | archive-url=https://web.archive.org/web/20180215102242/https://dealbook.nytimes.com/2012/05/22/accor-to-sell-motel-6-to-blackstone-for-1-9-billion/ | url-status=live }}{{subscription required}}</ref>
* In November 2012, the company acquired a controlling interest in Vivint, [[Vivint Solar]], and 2GIG Technologies.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20121119005281/en/Blackstone-Announces-Closing-Vivint-Transaction | title=Blackstone Announces Closing of Vivint Transaction | publisher=Business Wire | date=November 19, 2012 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324231739/https://www.businesswire.com/news/home/20121119005281/en/Blackstone-Announces-Closing-Vivint-Transaction | url-status=live }}</ref> In February 2013, 2GIG was flipped to Nortek Security & Control, LLC for $135 million.<!-- Bloomberg's name --><ref>{{cite web |url=https://www.cepro.com/article/nortek_to_acquire_2gig_for_135m_fold_into_linear_security |title=Nortek to Acquire 2Gig for $135M, Fold into Linear Security |last1=Jacobson |first1=Julie |date=February 15, 2013 |website=cepro.com |publisher=CEPro |access-date=May 10, 2018 |archive-date=May 11, 2018 |archive-url=https://web.archive.org/web/20180511013358/https://www.cepro.com/article/nortek_to_acquire_2gig_for_135m_fold_into_linear_security |url-status=live }}</ref>
* In April 2013, the company discussed buying [[Dell]], but it did not pursue the acquisition.<ref>{{cite news | url=https://www.usatoday.com/story/money/business/2013/04/19/blackstone-dell/2096055/ | title=Blackstone drops out of race to buy Dell | agency=[[Associated Press]] | newspaper=[[USA Today]] | date=April 19, 2013 | access-date=March 24, 2018 | archive-date=March 25, 2018 | archive-url=https://web.archive.org/web/20180325045036/https://www.usatoday.com/story/money/business/2013/04/19/blackstone-dell/2096055/ | url-status=live }}</ref>
* In June 2013, Blackstone Real Estate Partners VII acquired an industrial portfolio from [[First Potomac Realty Trust]] for $241.5 million.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/first-potomac-realty-trust-completes-sale-of-industrial-portfolio-for-259-million-212032531.html | title=First Potomac Realty Trust Completes Sale Of Industrial Portfolio For $259 Million | publisher=[[PRNewswire]] | date=June 18, 2013 | access-date=March 24, 2018 | archive-date=November 7, 2017 | archive-url=https://web.archive.org/web/20171107022739/https://www.prnewswire.com/news-releases/first-potomac-realty-trust-completes-sale-of-industrial-portfolio-for-259-million-212032531.html | url-status=live }}</ref> Part of this portfolio was developed by StonebridgeCarras as [[Oakville Triangle]] (Now "[[National Landing]]")<ref>{{cite news |last1=Neibauer |first1=Michael |title=StonebridgeCarras to transform industrial park opposite Potomac Yard |url=https://www.bizjournals.com/washington/breaking_ground/2016/02/stonebridgecarras-to-transform-industrial-park.html |access-date=November 19, 2018 |date=February 10, 2016 |archive-date=November 8, 2020 |archive-url=https://web.archive.org/web/20201108110524/https://www.bizjournals.com/washington/breaking_ground/2016/02/stonebridgecarras-to-transform-industrial-park.html |url-status=live }}</ref>
* In September 2013, Blackstone announced a strategic investment in ThoughtFocus Technologies LLC, an [[information technology]] service provider.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20130930005351/en/Blackstone-Announces-Strategic-Investment-ThoughtFocus-Technologies | title=Blackstone Announces Strategic Investment in ThoughtFocus Technologies | publisher=Business Wire | date=September 30, 2013 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324230214/https://www.businesswire.com/news/home/20130930005351/en/Blackstone-Announces-Strategic-Investment-ThoughtFocus-Technologies | url-status=live }}</ref>
* In August 2013, Blackstone acquired Strategic Partners, manager of [[private equity secondary market|secondaryfunds]], from [[Credit Suisse]].<ref>{{cite press release | url=https://www.businesswire.com/news/home/20130805005045/en/Blackstone-Closes-Acquisition-Strategic-Partners-Credit-Suisse | title=Blackstone Closes Acquisition of Strategic Partners from Credit Suisse | publisher=Business Wire | date=August 5, 2013 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224648/https://www.businesswire.com/news/home/20130805005045/en/Blackstone-Closes-Acquisition-Strategic-Partners-Credit-Suisse | url-status=live }}</ref>
* In February 2014, Blackstone purchased a 20% stake in the Italian luxury brand [[Versace]] for €150 million.<ref>[https://www.reuters.com/article/us-versace-blackstone-idUSBREA1Q0KE20140227 Versace deal with Blackstone values group at 1 billion euros] {{Webarchive|url=https://web.archive.org/web/20151118051044/http://www.reuters.com/article/2014/02/27/us-versace-blackstone-idUSBREA1Q0KE20140227 |date=November 18, 2015 }}, Reuters, February 26, 2014</ref><ref name="Versace Sells Minority Stake to Blackstone">{{cite magazine | author=Zargani, Luisa | date=February 27, 2014 | title=Versace Sells Minority Stake to Blackstone | url=http://www.wwd.com/business-news/financial/versace-sells-minority-stake-to-blackstone-7516741?src=n/newsAlert/20140227-1 | magazine=Women's Wear Daily | access-date=February 27, 2014 | archive-date=April 9, 2014 | archive-url=https://web.archive.org/web/20140409124211/http://www.wwd.com/business-news/financial/versace-sells-minority-stake-to-blackstone-7516741?src=n%2FnewsAlert%2F20140227-1 | url-status=live }}</ref>
* In April 2014, Blackstone's charitable arm, the Blackstone Charitable Foundation, donated $4 million to create the Blackstone Entrepreneurs Network in Colorado. The program encourages increased collaboration among local business leaders with the goal of retaining high-growth companies in the state.<ref>{{cite news | last=Vuong | first=Andy | title=Blackstone grants $4 million to create Colorado entrepreneurs network | url=https://www.denverpost.com/2014/04/18/blackstone-grants-4-million-to-create-colorado-entrepreneurs-network/ | work=[[The Denver Post]] | date=April 20, 2014 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324223806/https://www.denverpost.com/2014/04/18/blackstone-grants-4-million-to-create-colorado-entrepreneurs-network/ | url-status=live }}</ref>
* In May 2014, Blackstone Group acquired the [[Cosmopolitan of Las Vegas]] resort from [[Deutsche Bank]] for $1.73 billion.<ref>{{cite news | url=https://www.reuters.com/article/us-deutsche-bank-casino/deutsche-bank-sells-casino-to-blackstone-for-1-7-billion-idUSBREA4E0LF20140515 | title=Deutsche Bank sells casino to Blackstone for $1.7 billion | first1=Arno | last1=Schuetze | first2=Edward | last2=Taylor | agency=Reuters | date=May 15, 2014 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224222/https://www.reuters.com/article/us-deutsche-bank-casino/deutsche-bank-sells-casino-to-blackstone-for-1-7-billion-idUSBREA4E0LF20140515 | url-status=live }}</ref>
* In August 2014, Blackstone Energy Partners acquired [[Shell Oil]]'s 50% stake in a shale-gas field in the [[Haynesville Shale]] for $1.2 billion.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20140814005131/en/Vine-Oil-Gas-Blackstone-Energy-Partners-Acquire | title=Vine Oil & Gas and Blackstone Energy Partners to Acquire Shell's Haynesville Assets | publisher=Business Wire | date=August 14, 2014 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324230226/https://www.businesswire.com/news/home/20140814005131/en/Vine-Oil-Gas-Blackstone-Energy-Partners-Acquire | url-status=live }}</ref>
* In January 2015, Blackstone Real Estate Partners VI announced it would sell a [[Gold Fields House]] in [[Sydney]] to [[Dalian Wanda Group]] for A$415 million.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20150126005955/en/Blackstone-Announces-Sale-Gold-Fields-House-Sydney | title=Blackstone Announces Sale of Gold Fields House in Sydney to Dalian Wanda Group | publisher=Business Wire | date=January 26, 2015 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224609/https://www.businesswire.com/news/home/20150126005955/en/Blackstone-Announces-Sale-Gold-Fields-House-Sydney | url-status=live }}</ref>
* In June 2015, Blackstone acquired the [[Willis Tower]] in [[Chicago]] for $1.3 billion.<ref>{{Cite web|url=https://www.chicagobusiness.com/article/20150605/NEWS12/150609841/willis-tower-s-new-owner-blackstone-plans-additions-to-chicago-skyscraper|title=Adding on to the Willis Tower?|date=June 5, 2015|website=Crain's Chicago Business|language=en|access-date=August 25, 2019|archive-date=August 25, 2019|archive-url=https://web.archive.org/web/20190825064657/https://www.chicagobusiness.com/article/20150605/NEWS12/150609841/willis-tower-s-new-owner-blackstone-plans-additions-to-chicago-skyscraper|url-status=live}}</ref>
* In July 2015, Blackstone acquired Excel Trust, a real estate investment trust, for around $2 billion.<ref>{{cite press release |title=Blackstone Completes Acquisition of Excel Trust |date=July 31, 2015 |publisher=MarketWired |url=http://www.marketwired.com/press-release/blackstone-completes-acquisition-of-excel-trust-nyse-exl-2044134.htm |access-date=March 24, 2018 |url-status=dead |archive-url=https://web.archive.org/web/20180324224054/http://www.marketwired.com/press-release/blackstone-completes-acquisition-of-excel-trust-nyse-exl-2044134.htm |archive-date=March 24, 2018}}</ref>
* In November 2015, the company agreed to sell facility management firm GCA Services Group to [[Goldman Sachs]] and [[Thomas H. Lee Partners]].<ref>{{cite press release | url=https://www.businesswire.com/news/home/20151116006076/en/Blackstone-Sell-GCA-Services-Group-Thomas-H. | title=Blackstone to Sell GCA Services Group to Thomas H. Lee Partners and Goldman Sachs | publisher=Business Wire | date=November 16, 2015 | access-date=March 24, 2018 | archive-date=May 14, 2018 | archive-url=https://web.archive.org/web/20180514065231/https://www.businesswire.com/news/home/20151116006076/en/Blackstone-Sell-GCA-Services-Group-Thomas-H. | url-status=live }}</ref>

=== Investments 2016 to 2020 ===
* In January 2016, Blackstone Real Estate Partners VIII L.P. acquired BioMed Realty Trust for $8 billion.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/blackstone-completes-acquisition-of-biomed-realty-trust-300210789.html | title=Blackstone Completes Acquisition Of BioMed Realty Trust | publisher=[[PR Newswire]] | date=January 27, 2016 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224034/https://www.prnewswire.com/news-releases/blackstone-completes-acquisition-of-biomed-realty-trust-300210789.html | url-status=live }}</ref>
* In February 2016, Blackstone sold four office buildings to Douglas Emmett for $1.34 billion.<ref>{{cite news | url=https://www.bisnow.com/los-angeles/news/office/blackstone-sells-four-office-towers-to-douglas-emmett-for-134b-55916 | title=Blackstone Sells 4 Office Towers To Douglas Emmett For $1.34B | first=Karen | last=Jordan | work=[[Bisnow Media]] | date=February 15, 2016 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224509/https://www.bisnow.com/los-angeles/news/office/blackstone-sells-four-office-towers-to-douglas-emmett-for-134b-55916 | url-status=live }}</ref>
* In April 2016, Blackstone acquired 84% of [[Hewlett Packard Enterprise]]'s stake in the Indian IT services firm [[Mphasis]].<ref>{{cite news|title=Blackstone buys control of Mphasis|url=http://www.thehindu.com/business/Industry/blackstone-india-to-acquire-majority-stake-in-mphasis-in-a-upto-11-billion-deal/article8432367.ece|access-date=April 27, 2016|work=The Hindu|archive-date=May 11, 2017|archive-url=https://web.archive.org/web/20170511182132/http://www.thehindu.com/business/Industry/blackstone-india-to-acquire-majority-stake-in-mphasis-in-a-upto-11-billion-deal/article8432367.ece|url-status=live}}</ref>
* On January 4, 2017, Blackstone acquired [[SESAC]], a music-rights organization.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20170104005784/en/Leading-Music-Rights-Organization-SESAC-Acquired-Blackstone | title=Leading Music Rights Organization SESAC to Be Acquired by Blackstone | publisher=Business Wire | date=January 4, 2017 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324230208/https://www.businesswire.com/news/home/20170104005784/en/Leading-Music-Rights-Organization-SESAC-Acquired-Blackstone | url-status=live }}</ref>
* On February 10, 2017, [[Aon PLC]] agreed to sell its human resources outsourcing platform for $4.3 billion to Blackstone Group L.P.,<ref>{{Citation | last=Jamerson | first=Joshua | date=February 10, 2017 | title=Blackstone to Buy Aon's Human Resources Outsourcing Platform for $4.3 Billion | work=The Wall Street Journal | location=New York City | url=https://www.wsj.com/articles/blackstone-to-buy-aons-human-resources-outsourcing-platform-for-4-3-billion-1486728608?tesla=y | access-date=February 12, 2017 | archive-date=February 11, 2017 | archive-url=https://web.archive.org/web/20170211155103/https://www.wsj.com/articles/blackstone-to-buy-aons-human-resources-outsourcing-platform-for-4-3-billion-1486728608?tesla=y | url-status=live }}</ref> creating a new company, [[Alight Solutions]].<ref name="Alight">{{cite web |url=http://www.hrdive.com/news/alight-formerly-part-of-aon-hewitt-seeks-to-expand-its-cloud-services-por/444413/ |title=Alight, formerly part of Aon Hewitt, seeks to expand its cloud services portfolio |first=Valerie |last=Bolden-Barrett |date=June 7, 2017 |publisher=HR Dive |access-date=August 5, 2017 |archive-date=August 4, 2017 |archive-url=https://web.archive.org/web/20170804214812/http://www.hrdive.com/news/alight-formerly-part-of-aon-hewitt-seeks-to-expand-its-cloud-services-por/444413/ |url-status=live }}</ref>
* On June 19, 2017, Blackstone acquired a majority interest in The Office Group, valuing the company at $640 million.<ref>{{cite news | url=https://uk.reuters.com/article/uk-officegroup-m-a-blackstone/buyout-fund-blackstone-buys-the-office-group-valuing-it-at-640-million-idUKKBN19A1J4 | title=Buyout fund Blackstone buys The Office Group valuing it at $640 million | first=Dasha | last=Afanasieva | agency=Reuters | date=June 19, 2017 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224018/https://uk.reuters.com/article/uk-officegroup-m-a-blackstone/buyout-fund-blackstone-buys-the-office-group-valuing-it-at-640-million-idUKKBN19A1J4 | url-status=dead }}</ref>
* In July 2017, the company announced an investment in [[Leonard Green & Partners]].
* In July 2017, Blackstone acquired Clarion Events, a global event and exhibition organizer, for 600 million pounds ($802 million).<ref>{{Cite news |date=July 24, 2017 |title=Private Equity Firm Blackstone Buys U.K.-based Clarion Events |url=https://www.tsnn.com/trade-show-marketing/private-equity-firm-blackstone-buys-u-k-based-clarion-events |access-date=September 23, 2025 |work=TSNN}}</ref><ref>{{Cite news |date=May 20, 2025 |title=Blackstone launches Clarion sale as markets stabilise, sources say |url=https://www.reuters.com/business/blackstone-launches-clarion-sale-markets-stabilise-sources-say-2025-05-20/ |access-date=September 23, 2025 |work=Reuters}}</ref>
* In January 2018, the company acquired Pure Industrial, a Canadian [[real estate investment trust]] for C$2.5 billion.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/pure-industrial-real-estate-trust-enters-into-definitive-agreement-to-be-acquired-by-blackstone-for-810-in-cash-per-unit-in-a-38-billion-transaction-668433513.html | title=Pure Industrial Real Estate Trust enters into definitive agreement to be acquired by Blackstone for $8.10 in cash per unit in a $3.8 billion transaction | publisher=[[PR Newswire]] | date=January 9, 2018 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224036/https://www.prnewswire.com/news-releases/pure-industrial-real-estate-trust-enters-into-definitive-agreement-to-be-acquired-by-blackstone-for-810-in-cash-per-unit-in-a-38-billion-transaction-668433513.html | url-status=live }}</ref>
* In January 2018, the company announced acquisition agreement for 55% of [[Thomson Reuters]] Financial & Risk unit for $20&nbsp;billion.<ref>{{citation | url=https://www.nytimes.com/2018/01/30/business/dealbook/blackstone-thomson-reuters-talks.html | title=Thomson Reuters Sells Stake in Unit to Blackstone-Led Group | work=[[The New York Times]] | date=January 30, 2018 | access-date=April 10, 2018 | archive-date=April 25, 2018 | archive-url=https://web.archive.org/web/20180425164827/https://www.nytimes.com/2018/01/30/business/dealbook/blackstone-thomson-reuters-talks.html | url-status=live }}</ref>
* In March 2018, Blackstone Real Estate Income Trust, Inc. acquired a 22-million-square-foot portfolio of industrial properties from Cabot Properties for $1.8 billion.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20180312006233/en/Blackstone-Real-Estate-Income-Trust-Acquires-1.8 | title=Blackstone Real Estate Income Trust Acquires $1.8 Billion Canyon Industrial Portfolio | publisher=Business Wire | date=March 12, 2018 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224619/https://www.businesswire.com/news/home/20180312006233/en/Blackstone-Real-Estate-Income-Trust-Acquires-1.8 | url-status=live }}</ref><ref>{{cite news | url=https://www.bisnow.com/national/news/industrial/blackstone-group-to-acquire-18b-industrial-portfolio-83017 | title=Blackstone Group Buys 22M SF Industrial Portfolio For $1.8B | first=Lara | last=O'Keefe | work=[[Bisnow Media]] | date=December 21, 2017 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224506/https://www.bisnow.com/national/news/industrial/blackstone-group-to-acquire-18b-industrial-portfolio-83017 | url-status=live }}</ref>
* In March 2018, Blackstone's Strategic Capital Holdings Fund invested in [[Rockpoint Group]].<ref>{{cite press release | url=https://www.businesswire.com/news/home/20180313006429/en/Blackstone-Strategic-Minority-Investment-Rockpoint | title=Blackstone to Make Strategic Minority Investment in Rockpoint | publisher=Business Wire | date=March 13, 2018 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224506/https://www.businesswire.com/news/home/20180313006429/en/Blackstone-Strategic-Minority-Investment-Rockpoint | url-status=live }}</ref>
* In March 2018, the company's Strategic Capital Holdings Fund announced an investment in [[Kohlberg & Company]], a private equity firm.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20180323005123/en/Kohlberg-Announces-Strategic-Investment-Blackstone | title=Kohlberg Announces Strategic Investment by Blackstone | publisher=Business Wire | date=March 23, 2018 | access-date=March 24, 2018 | archive-date=March 24, 2018 | archive-url=https://web.archive.org/web/20180324224646/https://www.businesswire.com/news/home/20180323005123/en/Kohlberg-Announces-Strategic-Investment-Blackstone | url-status=live }}</ref>
* In August 2018, PSAV was able to merge with Encore Global due to the help from an investment firm Blackstone.<ref>{{Cite web|url=https://www.tsnn.com/news/freeman-finalizes-sale-encore-event-technologies-psav|title=Freeman Finalizes Sale of Encore Event Technologies to PSAV|website=TSNN}}</ref><ref>{{Cite web |title=Blackstone Agrees to Buy Event Experience Company PSAV |url=https://www.tsnn.com/trade-show-marketing/blackstone-agrees-to-buy-event-experience-company-psav |access-date=2025-09-17 |website=www.tsnn.com |language=en}}</ref>
* In September 2018, the company acquires control of [[Luminor Bank]] in the [[Baltic countries]].<ref>{{Cite web |url=https://www.blackstone.com/media/press-releases/article/blackstone-to-acquire-1-billion-majority-stake-in-luminor-through-a-corporate-partnership |title=Blackstone to Acquire €1 billion Majority Stake in Luminor Through a Corporate Partnership |access-date=September 13, 2018 |archive-date=September 13, 2018 |archive-url=https://web.archive.org/web/20180913184943/https://www.blackstone.com/media/press-releases/article/blackstone-to-acquire-1-billion-majority-stake-in-luminor-through-a-corporate-partnership |url-status=live }}</ref>
* In October 2018, Blackstone launched [[Refinitiv]], the company resulting from its January deal for a 55% stake in Thomson Reuters Financial and Risk business.<ref>{{Cite news|url=https://www.nasdaq.com/article/thomson-reuters-closes-deal-with-blackstone-20181001-01265|title=Thomson Reuters closes deal with Blackstone|date=October 1, 2018|work=MASDAQ.com|access-date=October 1, 2018|language=en-US|archive-date=November 19, 2018|archive-url=https://web.archive.org/web/20181119173544/https://www.nasdaq.com/article/thomson-reuters-closes-deal-with-blackstone-20181001-01265|url-status=live}}</ref>
* In October 2018, Blackstone announced to buy [[Clarus]]. The deal includes assets worth $2.6 billion.<ref>{{Cite news|url=https://www.wsj.com/articles/blackstone-to-buy-clarus-as-it-jumps-into-life-sciences-1538625780|title=Blackstone to Buy Clarus as It Jumps Into Life Sciences|last=Gottfried|first=Miriam|date=October 4, 2018|work=[[The Wall Street Journal]]|access-date=October 4, 2018|language=en-US|issn=0099-9660|archive-date=October 4, 2018|archive-url=https://web.archive.org/web/20181004062013/https://www.wsj.com/articles/blackstone-to-buy-clarus-as-it-jumps-into-life-sciences-1538625780|url-status=live}}</ref>
* In March 2019, Blackstone purchased, with [[Yankee Global Enterprises]], a minority stake in [[YES Network]].<ref>{{Cite web|date=August 29, 2019|title=Yankee Global Enterprises with Strategic Partners Sinclair and Amazon Acquire YES Network from Disney|url=https://www.businesswire.com/news/home/20190829005737/en/Yankee-Global-Enterprises-with-Strategic-Partners-Sinclair-and-Amazon-Acquire-YES-Network-from-Disney|access-date=March 25, 2021|website=www.businesswire.com|language=en|archive-date=October 26, 2020|archive-url=https://web.archive.org/web/20201026082713/https://www.businesswire.com/news/home/20190829005737/en/Yankee-Global-Enterprises-with-Strategic-Partners-Sinclair-and-Amazon-Acquire-YES-Network-from-Disney|url-status=live}}</ref><ref>{{Cite web|last=Gasparino|first=Charlie|date=March 8, 2019|title=Yankees partner with Amazon, Sinclair, and Blackstone to buy YES Network|url=https://www.foxbusiness.com/features/yankees-partner-with-amazon-sinclair-and-blackstone-to-buy-yes-network|access-date=March 25, 2021|website=FOXBusiness|language=en-US|archive-date=December 5, 2020|archive-url=https://web.archive.org/web/20201205125128/https://www.foxbusiness.com/features/yankees-partner-with-amazon-sinclair-and-blackstone-to-buy-yes-network|url-status=live}}</ref>
* In April 2019, Blackstone acquired a majority stake in the [[Tube (packaging)|tube packaging]] company, [[Essel Propack]] for $310 million.<ref>{{Cite web|title=Sudhanshu Vats Appointed CEO And MD At Essel Propack|url=http://businessworld.in/article/Sudhanshu-Vats-Appointed-CEO-And-MD-At-Essel-Propack/15-04-2020-189298|date=April 15, 2020|website=[[BW Businessworld]]|language=en|access-date=May 19, 2020|archive-date=May 13, 2020|archive-url=https://web.archive.org/web/20200513095627/http://www.businessworld.in/article/Sudhanshu-Vats-Appointed-CEO-And-MD-At-Essel-Propack/15-04-2020-189298/|url-status=live}}</ref>
* In April 2019, Blackstone invested $480 million in Starfield, a shopping mall brand run by Shinsegae Group, securing a 17.15% stake.<ref>{{cite web |date=February 18, 2019 |title=[글로벌-Biz 24] 美사모펀드 블랙스톤, 하남 스타필드 등 아시아 3개쇼핑몰에 4억8천만달러 투자 |url=https://www.g-enews.com/article/Distribution/2019/02/201902180916297155b5d048c6f3_1 |access-date=January 3, 2025 |website={{ill|Global Economic|ko|글로벌이코노믹}} |language=ko}}</ref>
* In June 2019, Blackstone announced it had teamed with the Canada Pension Plan Investment Board and KIRKBI to buy [[Merlin Entertainment]], the owners of [[Legoland]] in a deal worth £5.9 billion (about $7.5 billion). This was the second time Blackstone owned the company, having previously purchased it in 2005.<ref>{{Cite news|url=https://pitchbook.com/news/articles/blackstone-joins-59b-deal-to-take-legoland-owner-private|title=Blackstone joins £5.9B deal to take Legoland owner private|last=Hodgson|first=Leah|work=PitchBook|date=June 28, 2019|access-date=October 26, 2019|archive-date=October 26, 2019|archive-url=https://web.archive.org/web/20191026150835/https://pitchbook.com/news/articles/blackstone-joins-59b-deal-to-take-legoland-owner-private|url-status=live}}</ref>
* On July 15, 2019, Blackstone announced its plans to acquire [[Vungle Inc.]], a leading mobile performance marketing platform.<ref>{{cite web|url=https://www.blackstone.com/media/press-releases/article/blackstone-announces-agreement-to-acquire-vungle-a-leading-mobile-performance-marketing-platform|title=Blackstone Announces Agreement to Acquire Vungle, a Leading Mobile Performance Marketing Platform|work=Blackstone|date=July 15, 2019|access-date=July 15, 2019|archive-date=July 15, 2019|archive-url=https://web.archive.org/web/20190715172937/https://www.blackstone.com/media/press-releases/article/blackstone-announces-agreement-to-acquire-vungle-a-leading-mobile-performance-marketing-platform|url-status=live}}</ref>
* In September 2019, Blackstone announced it agreed to purchase 65% controlling interest in [[Great Wolf Resorts]] from [[Centerbridge Partners]]. They planned to form a joint venture worth $2.9 billion or more to own the company.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2019-10-02/blackstone-to-buy-65-of-great-wolf-resorts-waterparks-operator|title=Blackstone to Buy 65% of Park Operator Great Wolf Resorts|last=Clark|first=Patrick|work=Bloomberg|date=October 2, 2019|access-date=October 26, 2019|archive-date=October 12, 2019|archive-url=https://web.archive.org/web/20191012120956/https://www.bloomberg.com/news/articles/2019-10-02/blackstone-to-buy-65-of-great-wolf-resorts-waterparks-operator|url-status=live}}</ref>
* On November 8, 2019, Blackstone Group acquired a majority stake in [[MagicLab]], the owner of dating app [[Bumble (app)|Bumble]].<ref>{{Cite news|url=https://www.wsj.com/articles/blackstone-takes-controlling-stake-in-owner-of-dating-app-bumble-11573225201|title=Blackstone Takes Controlling Stake in Owner of Dating App Bumble|last=Gottfried|first=Miriam|newspaper=The Wall Street Journal|date=November 8, 2019|language=en-US|access-date=December 2, 2019|archive-date=December 2, 2019|archive-url=https://web.archive.org/web/20191202042607/https://www.wsj.com/articles/blackstone-takes-controlling-stake-in-owner-of-dating-app-bumble-11573225201|url-status=live}}</ref>
* Blackstone Group on November 15, 2019, invested $167 million in the holding company of Future Lifestyle Fashions Ltd., Ryka Commercial Ventures Pvt. Ltd.<ref>{{Cite web|url=https://www.vccircle.com/blackstone-bets-167-mn-more-on-future-group-s-fashion-business|title=Blackstone bets $167 mn more on Future Group's fashion business|author-last1=Roy|author-first1=Debjyoti|date=November 15, 2019|website=VCCircle|language=en-US|access-date=December 2, 2019|archive-date=November 18, 2019|archive-url=https://web.archive.org/web/20191118233647/https://www.vccircle.com/blackstone-bets-167-mn-more-on-future-group-s-fashion-business/|url-status=live}}</ref>
* On November 18, 2019, Blackstone Real Estate Income Trust, Inc. acquired the [[Bellagio (resort)|Bellagio resort]] in [[Las Vegas|Las Vegas, Nevada]], from [[MGM Resorts International|MGM Resorts]] in a [[Leaseback|sale-leaseback]] transaction.<ref>{{Cite web|url=https://www.blackstone.com/the-firm/press-releases/article/blackstone-real-estate-income-trust-completes-acquisition-of-bellagio-real-estate-from-mgm-resorts-international-for-$4.25-billion-in-sale-leaseback-transaction|title=Blackstone Real Estate Income Trust Completes Acquisition of Bellegio from MGM Resorts International|website=www.blackstone.com|date=November 18, 2019 |access-date=February 15, 2020|archive-date=February 15, 2020|archive-url=https://web.archive.org/web/20200215154413/https://www.blackstone.com/the-firm/press-releases/article/blackstone-real-estate-income-trust-completes-acquisition-of-bellagio-real-estate-from-mgm-resorts-international-for-$4.25-billion-in-sale-leaseback-transaction|url-status=live}}</ref>
* On November 25, 2019, Reuters reported that Blackstone planned to invest $400 million in a [[joint venture]] with [[Switzerland|Swiss]] drug company [[Ferring Pharmaceuticals|Ferring]]. The joint venture will work on gene therapy for [[bladder cancer]]. The investment represented Blackstone Group's largest investment in drug development to date.<ref>{{Cite news|last=Spalding|first=Rebecca|url=https://www.reuters.com/article/us-blackstone-ferring-idUSKBN1XZ1IF|title=Blackstone to invest $400 million in gene therapy venture with Ferring|date=November 25, 2019|agency=Reuters|access-date=December 2, 2019|language=en|archive-date=November 29, 2019|archive-url=https://web.archive.org/web/20191129072017/https://www.reuters.com/article/us-blackstone-ferring-idUSKBN1XZ1IF|url-status=live}}</ref>
* In March 2020, Blackstone announced that it was buying a majority stake in HealthEdge, a health-care software company.<ref>{{Cite news|last=Gottfried|first=Miriam|url=https://www.wsj.com/articles/blackstone-buys-majority-stake-in-software-company-healthedge-11583767161|title=Blackstone to Buy Majority Stake in Software Company HealthEdge|date=March 9, 2020|work=[[The Wall Street Journal]]|access-date=March 11, 2020|language=en-US|issn=0099-9660|archive-date=March 10, 2020|archive-url=https://web.archive.org/web/20200310234249/https://www.wsj.com/articles/blackstone-buys-majority-stake-in-software-company-healthedge-11583767161|url-status=live}}</ref> The deal, worth $700 million, was completed on April 13, 2020.<ref>{{Cite web|url=https://pitchbook.com/newsletter/blackstone-wraps-up-700m-deal-for-healthedge|title=Blackstone wraps up $700M deal for HealthEdge|date=April 13, 2020|website=PitchBook|language=en|access-date=April 14, 2020|archive-date=July 26, 2020|archive-url=https://web.archive.org/web/20200726234903/https://pitchbook.com/newsletter/blackstone-wraps-up-700m-deal-for-healthedge|url-status=live}}</ref>
* In July 2020, Blackstone invested $200 million in the Swedish oat milk brand [[Oatly]], for a 7% stake in the company, triggering outrage among some segments of its customer base.<ref name="TG-20200902">{{cite news|last1=Helmore|first1=Edward|date=September 2, 2020|title=Activists sour on Oatly vegan milk after stake sold to Trump-linked Blackstone|work=The Guardian|url=https://www.theguardian.com/food/2020/sep/01/oatly-vegan-milk-sale-blackstone|access-date=September 7, 2020|archive-date=September 6, 2020|archive-url=https://web.archive.org/web/20200906174947/https://www.theguardian.com/food/2020/sep/01/oatly-vegan-milk-sale-blackstone|url-status=live}}</ref><ref>{{cite web|last1=Harrison|first1=Olivia|title=Is There No Ethical Oat Milk Consumption Under Capitalism?|url=https://www.refinery29.com/en-us/oatly-boycott-blackstone-investor|access-date=September 7, 2020|website=Refinery29|archive-date=September 9, 2020|archive-url=https://web.archive.org/web/20200909174947/https://www.refinery29.com/en-us/oatly-boycott-blackstone-investor|url-status=live}}</ref>
* In August 2020, Blackstone announced that it would buy a majority stake in [[Ancestry.com]] for $4.7 billion (including debt).<ref>{{cite news|url=https://www.ft.com/content/b84613e4-8751-45e6-94ff-a014de6e4c0d|title=Blackstone snaps up Ancestry.com in $4.7bn deal|work=Financial Times|last1=Aliaj|first1=Ortenca|last2=Wiggins|first2=Kaye|date=August 5, 2020|access-date=August 5, 2020|archive-date=August 6, 2020|archive-url=https://web.archive.org/web/20200806094405/https://www.ft.com/content/b84613e4-8751-45e6-94ff-a014de6e4c0d|url-status=live}}{{subscription required}}</ref>
* In August 2020, Blackstone acquired Takeda Consumer Healthcare for $2.3 billion.<ref>{{Cite web|last=Lewis|first=Leo|date=August 24, 2020|title=Blackstone buys Takeda's over-the-counter business for $2.3bn|url=https://www.ft.com/content/e325a256-55b8-4b2e-8c87-fe18adca10e1|access-date=September 22, 2020|website=Financial Times|language=en-GB|archive-date=August 31, 2020|archive-url=https://web.archive.org/web/20200831232413/https://www.ft.com/content/e325a256-55b8-4b2e-8c87-fe18adca10e1|url-status=live}}</ref>
* In December 2020, Blackstone invested nearly $400 million in [[Liftoff (company)|Liftoff]], a mobile advertising company.<ref>{{cite news |title=Blackstone will invest close to $400 million in mobile app marketer Liftoff |url=https://venturebeat.com/2020/12/22/blackstone-will-invest-close-to-400-million-in-mobile-app-marker-liftoff/ |access-date=October 18, 2021 |work=VentureBeat |date=December 22, 2020 |archive-date=October 18, 2021 |archive-url=https://web.archive.org/web/20211018001829/https://venturebeat.com/2020/12/22/blackstone-will-invest-close-to-400-million-in-mobile-app-marker-liftoff/ |url-status=live }}</ref>

=== Investments since 2021 ===
* In January 2021, Blackstone acquired a majority shareholding in [[Bourne Leisure]], a UK holiday and leisure company that owns [[Butlin's]], [[Haven Holidays]], and [[Warner Leisure Hotels|Warner Leisure]], for £3 billion.<ref>{{Cite news|last=Hancock|first=Alice|date=September 11, 2021|title=Butlin's owner Bourne Leisure slumps to loss as pandemic takes toll|work=Financial Times|url=https://www.ft.com/content/a166af94-d387-49ba-8ce4-4fca6880d261|access-date=November 12, 2021}}</ref>
* In March 2021, Blackstone made a $6.2-billion takeover bid for Australian casino operator [[Crown Resorts]], offering a 20% premium to its closing share price at the time of the offer. At the time, Blackstone had a near 10% stake in the company.<ref>{{Cite news|last=Cherney|first=Mike|date=March 22, 2021|title=Blackstone Bids to Buy Australia's Crown Resorts|language=en-US|work=[[The Wall Street Journal]]|url=https://www.wsj.com/articles/blackstone-bids-to-buy-australias-crown-resorts-11616373001|access-date=March 25, 2021|issn=0099-9660|archive-date=March 24, 2021|archive-url=https://web.archive.org/web/20210324200832/https://www.wsj.com/articles/blackstone-bids-to-buy-australias-crown-resorts-11616373001|url-status=live}}</ref><ref>{{Cite news|first1=Byron |last1=Kaye |first2=Rashmi|last2=Ashok|date=March 22, 2021|title=Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts|language=en|agency=Reuters|url=https://www.reuters.com/article/us-crown-resorts-m-a-blackstone-group-idUSKBN2BD0SM|access-date=March 25, 2021|archive-date=March 23, 2021|archive-url=https://web.archive.org/web/20210323090750/https://www.reuters.com/article/us-crown-resorts-m-a-blackstone-group-idUSKBN2BD0SM|url-status=live}}</ref>
* In April 2021, Blackstone acquired [[eOne Music]] from [[Hasbro]] for $385 million.<ref>{{Cite web|date=April 26, 2021|title=Hasbro to Sell EOne Music Unit to Blackstone for $385 Million – BNN Bloomberg|url=https://www.bnnbloomberg.ca/hasbro-to-sell-eone-music-unit-to-blackstone-for-385-million-1.1595526|access-date=April 26, 2021|website=BNN|archive-date=April 26, 2021|archive-url=https://web.archive.org/web/20210426225216/https://www.bnnbloomberg.ca/hasbro-to-sell-eone-music-unit-to-blackstone-for-385-million-1.1595526|url-status=live}}</ref>
* In June 2021, Blackstone agreed to acquire datacenter operator [[Quality Technology Services]] for approximately $10 billion.<ref>{{Cite news |last=Gopal |first=Prashant |date=June 7, 2021 |title=Blackstone to Buy Data-Center Operator QTS for 21% Premium |url=https://www.bloomberg.com/news/articles/2021-06-07/blackstone-to-buy-data-center-firm-qts-realty-dow-jones-says |publisher=Bloomberg News}}</ref>
* In July 2021, [[MGM Resorts International]] announced it sold [[Aria Resort and Casino]] and [[Vdara]] to Blackstone for $3.89 billion in a [[Leaseback|sale-leaseback]] transaction.<ref>{{Cite press release|last=International|first=MGM Resorts|title=MGM Resorts International Announces Agreements To Purchase Infinity World's 50% Interest In CityCenter And Monetize CityCenter Real Estate Assets|url=https://www.prnewswire.com/news-releases/mgm-resorts-international-announces-agreements-to-purchase-infinity-worlds-50-interest-in-citycenter-and-monetize-citycenter-real-estate-assets-301323940.html|access-date=July 2, 2021|website=www.prnewswire.com|language=en|archive-date=July 1, 2021|archive-url=https://web.archive.org/web/20210701165310/https://www.prnewswire.com/news-releases/mgm-resorts-international-announces-agreements-to-purchase-infinity-worlds-50-interest-in-citycenter-and-monetize-citycenter-real-estate-assets-301323940.html|url-status=live}}</ref>
* In July 2021, Blackstone Group and [[AIG]] announced that the company would acquire 9.9% of AIG's life and retirement insurance investment portfolio for $2.2 billion cash, during AIG's [[Corporate spin-off|spin-off]] of the unit by IPO in 2022. The two firms also entered a long-term asset management agreement for about 25% of AIG's life and retirement portfolio, scheduled to increase in subsequent years.<ref>{{cite news|url=https://www.reuters.com/business/aig-sell-10-stake-life-retirement-business-blackstone-2021-07-14/|title=AIG to sell life and retirement unit stake to Blackstone, another with IPO|access-date=March 8, 2022 |agency=Reuters |date=July 15, 2021 }}</ref>
* In August 2021, the merger of two Blackstone portfolio companies, Vungle and Liftoff, was announced. Both companies are in mobile advertising.<ref>{{cite news |title=Liftoff and Vungle Merge: 2 Top-Ten Mobile Ad Networks Owned By Private Equity Fund Blackstone Combine Forces |url=https://www.forbes.com/sites/johnkoetsier/2021/08/24/liftoff-and-vungle-merge-2-top-ten-mobile-ad-networks-owned-by-private-equity-fund-blackstone-combine-forces/?sh=a3307fd33738 |access-date=October 18, 2021 |work=Forbes |date=August 24, 2021 |archive-date=October 18, 2021 |archive-url=https://web.archive.org/web/20211018002233/https://www.forbes.com/sites/johnkoetsier/2021/08/24/liftoff-and-vungle-merge-2-top-ten-mobile-ad-networks-owned-by-private-equity-fund-blackstone-combine-forces/?sh=a3307fd33738 |url-status=live }}</ref>
* In October 2021, the Blackstone Group acquired a majority stake of [[Spanx, Inc.]] The company was valued at $1.2 billion.<ref>{{Cite web|url=https://www.blackstone.com/press-releases/article/blackstone-buys-majority-stake-in-spanx-inc/|title=Blackstone buys majority stake in SPANX, Inc.|website=Blackstone press releases|date=October 20, 2021 |language=en|access-date=November 14, 2021|archive-date=November 13, 2021|archive-url=https://web.archive.org/web/20211113114747/https://www.blackstone.com/press-releases/article/blackstone-buys-majority-stake-in-spanx-inc/|url-status=live}}</ref> The deal was prepared by an all-female investment team from Blackstone, and it was announced that the [[board of directors]] would be all female.
* In October 2021, Blackstone acquired the Nucleus Network, Australia's premier clinical researcher, which is providing staple "healthy" volunteers large financial rewards for drug trials.<ref>{{cite web|url=https://www.blackstone.com/news/press/blackstone-to-acquire-nucleus-network-australias-largest-phase-one-clinical-trials-specialist-2/ |title=Blackstone to Acquire Nucleus Network, Australia's Largest Phase One Clinical Trials Specialist |date=October 29, 2021 }}</ref>
* On February 14, 2022, [[Crown Resorts]] accepted Blackstone's takeover offer. Blackstone will pay $6.6 billion for 90% of shares outstanding.<ref>{{cite web|url=https://www.channelnewsasia.com/business/australias-crown-resorts-backs-us63-billion-blackstone-buyout-offer-2496266|title=Australia's Crown Resorts backs US$6.3 billion Blackstone buyout offer|date=February 14, 2022}}</ref><ref>{{Cite web |last=Gibbs |first=Erik |date=June 24, 2022 |title=Crown Resorts Finalizes $6.6B Blackstone Group Acquisition |url=https://www.casino.org/news/crown-resorts-now-belongs-to-the-blackstone-group-as-it-finalizes-acquisition/ |access-date=June 24, 2022 |website=Casino.org |language=en-US}}</ref>
* In April 2022, Blackstone agreed to acquire the Austin-based [[American Campus Communities|American Campus Communities, Inc.]] for nearly $13 billion.<ref>{{Cite news |date=April 19, 2022 |title=Blackstone to buy American Campus Communities for nearly $13 billion |language=en |agency=Reuters |url=https://www.reuters.com/business/blackstone-buy-american-campus-communities-128-bln-deal-wsj-2022-04-19/ |access-date=April 20, 2022}}</ref>
* In April 2022, Blackstone announced that it would acquire [[PS Business Parks]] for $7.6 billion.<ref>{{cite web|url=https://www.barrons.com/articles/blackstone-buy-ps-business-parks-real-estate-51650896661|work=[[Barron's (newspaper)|Barron's]]|date=April 25, 2022|first=Karishma|last=Vanjani|title=Blackstone Is Buying PS Business Parks for $7.6 Billion|access-date=May 3, 2022}}</ref>
* In October 2022, [[Emerson Electric]] agreed to sell a 55% stake in its climate technologies business to Blackstone in a $14-billion deal, including debt.<ref>{{cite web |url=https://www.wsj.com/articles/blackstone-emerson-electric-strike-14-billion-buyout-deal-11667188861 |title=Blackstone, Emerson Electric Strike $14 Billion Buyout Deal |date=October 31, 2022 |last1=Cooper |first1=Laura |last2=Gottfried |first2=Miriam |work=[[The Wall Street Journal]]}}</ref><ref>{{cite web |url=https://apnews.com/article/technology-business-emerson-electric-co-115443b1fe7fcfa8e3b482cfc945945f |title=Emerson selling climate technologies in $14B deal |date=October 31, 2022 |agency=[[Associated Press]]}}</ref>
* In June 2023, Blackstone acquired cloud-based event-software provider [[Cvent]] for $4.6 billion.<ref>{{cite web |last=Clabaugh |first=Jeff |date=June 16, 2023 |title=Blackstone completes $4.6B acquisition of Tysons-based Cvent |url=https://wtop.com/business-finance/2023/06/blackstone-completes-4-6b-acquisition-of-tysons-based-cvent/ |website=[[WTOP-FM|WTOP]]}}</ref><ref>{{cite news |last=Schuetz |first=Molly |date=March 14, 2023 |title=Blackstone to Buy Cvent in Deal Valued at $4.6 Billion |url=https://www.bloomberg.com/news/articles/2023-03-14/blackstone-to-buy-cvent-in-deal-valued-at-4-6-billion |work=[[Bloomberg News]]}}</ref>
* In October 2023, Blackstone announced that, as part of a [[club deal]] alongside private equity firm [[Vista Equity Partners]], it would acquire leading energy market analytics and simulation software firm Energy Exemplar for approximately $1.6 billion.<ref>{{cite web |last=Sen |first=Anirban |date=October 31, 2023 |title=Blackstone, Vista Equity to buy software firm Energy Exemplar |url=https://www.reuters.com/markets/deals/blackstone-vista-equity-buy-software-firm-energy-exemplar-sources-2023-10-31/ |website=[[Reuters]]}}</ref>
* In December 2023, Blackstone announced an agreement to acquire a majority stake in Sony Payment Services Inc. from [[Sony Bank]].<ref>{{Cite web |date=2023-12-22 |title=Blackstone Signs Definitive Agreement to Acquire Sony Payment Services, Broadening its Japan Private Equity Portfolio |url=https://www.blackstone.com/news/press/blackstone-signs-definitive-agreement-to-acquire-sony-payment-services-broadening-its-japan-private-equity-portfolio/ |access-date=2024-01-05 |website=Blackstone |language=en-US}}</ref>
* In January 2024, Blackstone agreed to acquire Canadian real-estate company [[Tricon Residential]] for $3.5 billion.<ref>{{cite news |last1=Clark |first1=Patrick |title=Blackstone to Take Tricon Private in $3.5 Billion Housing Deal |url=https://www.bloomberg.com/news/articles/2024-01-19/blackstone-is-buying-landlord-tricon-private-for-3-5-billion |access-date=January 19, 2024 |work=Bloomberg News |date=January 19, 2024 |language=en}}</ref>
* In February 2024, Blackstone made a growth equity investment in American [[drive-thru]] [[coffeehouse]] chain [[7 Brew]].<ref>{{Cite web |title=Blackstone Announces Growth Investment in 7 Brew |url=https://www.blackstone.com/news/press/blackstone-announces-growth-investment-in-7-brew/ |access-date=2025-10-15 |website=Blackstone |language=en-US}}</ref>
* In February 2024, Blackstone acquired online pet marketplace [[Rover.com]] for $2.3 billion in an all-cash deal that it first announced in November 2023.<ref>{{Cite news |last=Ott |first=Ott |date=November 29, 2023 |title=Blackstone acquires pet care app Rover in $2.3 billion all-cash deal |url=https://apnews.com/article/rover-blackstone-acquisition-pet-care-4158f82e99a8eda1c5f14a1675fa4c6f |agency=Associated Press}}</ref><ref>{{Cite web |last=Soper |first=Taylor |date=February 27, 2024 |title=Rover CEO on company's next chapter as pet-sitting giant completes $2.3B deal with Blackstone |url=https://www.geekwire.com/2024/rover-ceo-on-companys-next-chapter-as-pet-sitting-giant-completes-2-3b-deal-with-blackstone/ |website=GeekWire}}</ref>
* In April 2024, Blackstone announced a deal for a 50.7% share in Irish turnkey data center developer Winthrop Technologies.<ref>{{cite web | url=https://www.independent.ie/business/technology/blackstone-confirms-deal-for-majority-stake-in-barry-englishs-winthrop-technologies/a72592739.html | title=Blackstone confirms deal for majority stake in Barry English's Winthrop Technologies | date=April 11, 2024 }}</ref>
* In April 2024, Blackstone made a $1.57 billion offer, outbidding [[Concord (entertainment company)|Concord]], to acquire British music IP investment and song management company [[Hipgnosis Songs Fund]].<ref>{{Cite news |url=https://www.reuters.com/markets/deals/blackstone-outbids-concord-16-bln-takeover-battle-hipgnosis-2024-04-29/ |title=Blackstone beats Concord with $1.6 bln bid for Hipgnosis Songs |date=April 29, 2024 |agency=Reuters}}</ref> The acquisition was completed in July.<ref>{{Cite magazine |last=Peoples |first=Glenn |date=July 29, 2024 |title=Blackstone Completes Acquisition of Hipgnosis Songs Fund |url=https://www.billboard.com/pro/blackstone-completes-acquisition-hipgnosis-songs-fund/ |magazine=Billboard}}</ref>
* In September 2024, Blackstone entered into a definitive agreement to acquire [[AirTrunk]], a data center platform in the [[Asia–Pacific|Asia-Pacific]] region, for an enterprise value of over A$24 billion.<ref>{{Cite web |title=Blackstone Announces Agreement to Acquire AirTrunk in a A$24B Transaction |url=https://www.blackstone.com/news/press/blackstone-announces-agreement-to-acquire-airtrunk-in-a-a24b-transaction/ |access-date=2025-03-04 |website=Blackstone |language=en-US}}</ref>
* On November 19, 2024, Blackstone announced it is acquiring [[Jersey Mike's Subs]]. The transaction is expected to close in early 2025.<ref>{{Cite web |last=Grantham-Philips |first=Wyatte |date=November 19, 2024 |title=Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion |url=https://finance.yahoo.com/news/jersey-mikes-sandwich-chain-acquired-143649792.html |access-date=November 20, 2024 |website=Yahoo! Finance}}</ref>
* In March 2025, Blackstone acquired a 22% stake in [[AGS Airports]], which owns three airports in the UK, for £235 million.<ref>{{Cite news |last=Levingston |first=Ivan |last2=Georgiadis |first2=Philip |date=2025-03-28 |title=Blackstone buys stake in UK airports group for £235mn |url=https://www.ft.com/content/0c6b8f06-288f-4c97-b08e-f42f7ba12ce9 |access-date=2025-04-24 |work=Financial Times}}</ref>
* In June 2025, Blackstone acquired Assent, an Ottawa-based compliance software company for the supply chain industry, for $1.3 billion.<ref>{{Cite news |date=2025-06-15 |title=Vista and Blackstone quietly buy Assent, valuing Ottawa compliance software company at $1.3-billion |url=https://www.theglobeandmail.com/business/article-vista-blackstone-assent-compliance-software-first-ascent/ |access-date=2025-06-30 |work=The Globe and Mail |language=en-CA}}</ref>
* In August 2025, Blackstone-backed Legence filed for a U.S. IPO after reporting losses that nearly tripled to $26.5M in the first half of 2025 despite revenue growth.<ref>{{Cite news |date=August 16, 2025 |title=Blackstone-backed Legence reveals revenue rise but wider loss in US IPO filing |url=https://www.reuters.com/markets/us/blackstone-backed-legence-reveals-revenue-rise-wider-loss-us-ipo-filing-2025-08-15/}}</ref>

=== July 2025 mass shooting ===
In July 2025, a mass shooting occurred at the Manhattan headquarters of Blackstone. The gunman, identified as 27-year-old Shane Devon Tamura, entered the building wearing body armor and carrying an AR-15–style rifle. He opened fire in the lobby, killing four people. The victims included Wesley LePatner, a senior managing director at Blackstone and CEO of the real estate fund BREIT, an off-duty New York City police officer working security, a security guard, and another employee in the building.<ref>{{Cite news |last=Guzman |first=Chad de |title=What to Know About the 2025 Shooting at 345 Park Avenue |url=https://time.com/7306101/345-park-avenue-nyc-shooting-what-to-know/ |archive-url=http://web.archive.org/web/20250828204043/https://time.com/7306101/345-park-avenue-nyc-shooting-what-to-know/ |archive-date=2025-08-28 |access-date=2025-11-11 |work=TIME |language=en}}</ref><ref>{{Cite web |date=2025-07-29 |title=Midtown mass shooting victims: What we know about those killed or wounded |url=https://abc7ny.com/post/345-park-avenue-nyc-shooting-what-know-victims/17349860/ |access-date=2025-11-11 |website=ABC7 New York |language=en}}</ref><ref>https://www.bloomberg.com/news/videos/2025-07-29/blackstone-executive-killed-in-shooting-at-headquarters-video</ref>

== 2020s divestment ==

=== IBS Software ===
In May 2023, Blackstone entered into an agreement to divest its stake in IBS Software, a Kerala-based software-as-a-service (SaaS) provider. The transaction, valued at $450 million, involved the sale of Blackstone's stake to the global private equity firm [[Apax Partners|Apax]].<ref>{{Cite news|url=https://www.business-standard.com/india-news/blackstone-sells-stake-worth-450-mn-in-saas-firm-ibs-software-to-apax-123051500691_1.html|title=Blackstone sells stake worth $450 mn in SaaS firm IBS Software to Apax|date=May 15, 2023|work=Business Standard|access-date=January 2, 2024|language=en}}</ref><ref>{{Cite news|url=https://www.apax.com/news-views/apax-funds-make-approximately-450m-investment-in-travel-tech-company-ibs-software/|title=Apax Funds make approximately $450m investment in travel tech company IBS Software|date=May 16, 2023|work=Apax|access-date=January 2, 2024|language=en}}</ref>

=== Hotel Investment Partners ===

In October 2023, Blackstone divested its stake in the Spanish hotel conglomerate Hotel Investment Partners (HIP) to the Singaporean sovereign wealth fund [[GIC (sovereign wealth fund)|GIC]]. As part of the agreement, GIC secured a 35% stake in HIP, with the deal establishing a valuation exceeding €4 billion for the company.<ref>{{Cite news|url=https://www.ft.com/content/e85d4f49-0ce5-4d37-902d-eaa49c58791c|title=Blackstone sells stake in €4bn Spanish hotel chain to GIC|date=October 31, 2023|work=Financial Times|access-date=January 2, 2024|language=en}}</ref>

=== Embassy Office Parks ===
In December 2023, Blackstone announced its intention to divest its entire 23.59% stake, valued at $833 million, in [[Embassy Group|Embassy Office Parks]], India's largest real estate investment trust. The decision came four years after the initial listing of the REIT, as revealed in a term sheet disclosed by [[Reuters]].<ref>{{Cite news|url=https://www.reuters.com/markets/deals/blackstone-sell-833-mln-stake-embassy-reit-document-2023-12-19/|title=Blackstone to sell $833 mln stake in Embassy REIT- document|last=Sriram|first=M|date=December 19, 2023|agency=Reuters|access-date=January 2, 2024|language=en}}</ref>

=== HealthEdge ===
In April 2025, Blackstone sold its controlling stake in HealthEdge, a US software company, which it had owned since 2020.<ref name=":0">{{Cite news |last=Gara |first=Antoine |last2=Barnes |first2=Oliver |date=2025-04-08 |title=Bain Capital clinches $2.6bn deal to buy Blackstone-backed HealthEdge |url=https://www.ft.com/content/111dc9d7-9c55-4d75-8cde-94c4dd4433ed |access-date=2025-04-24 |work=Financial Times}}</ref> The company was acquired by [[Bain Capital]] in a deal that valued the company at $2.6 billion including debt.<ref name=":0" />

== Personnel ==
In November 2025, Kathleen McCarthy Baldwin, global co-head of real estate, announced that she will leave the firm at the end of the year. Baldwin is one of Wall Street’s highest-ranking female executives.<ref>{{Cite web |last=Gottfried |first=Miriam |date=2025-11-11 |title=One of Blackstone’s Top-Ranking Women to Leave Firm |url=https://www.wsj.com/business/deals/one-of-blackstones-top-ranking-women-to-leave-firm-d682eb8e |access-date=2025-11-11 |website=The Wall Street Journal |language=en-US}}</ref>

== Operations ==
Blackstone operates through four primary departments: [[private equity]], [[real estate]], [[hedge fund]]s, and [[credit]].<ref name=BXS1 />

=== Corporate private equity ===
{{hatnote|Employees: 250 (approximate)}}
{{As of|2019}}, Blackstone was the world's largest private equity firm by [[capital commitment]]s as ranked by [[Private Equity International]]'s PEI 300 ranking.<ref>{{cite web|url=https://www.privateequityinternational.com/pei-300|title=PEI 300 Ranking|website=Private Equity International|access-date=September 7, 2020|archive-date=September 3, 2020|archive-url=https://web.archive.org/web/20200903161011/https://www.privateequityinternational.com/database/#/pei-300|url-status=live}}</ref> After dropping to second behind [[Kohlberg Kravis Roberts|KKR]] in the 2022 ranking,<ref>{{cite web|url=https://www.privateequityinternational.com/pei-300-kkr-beats-the-crowd-to-claim-pes-throne/|title=PEI 300: KKR beats the crowd to claim PE's throne|website=Private Equity International|date=June 2022 |access-date=March 28, 2023}}</ref> it regained the top spot in 2023,<ref>{{Cite web |last=Farman |first=Madeleine |date=June 1, 2023 |title=Blackstone once again crowned largest private equity fundraiser in PEI 300 |url=https://www.privateequityinternational.com/blackstone-once-again-crowned-largest-private-equity-fundraiser-in-pei-300/ |access-date=June 1, 2023 |website=Private Equity International |language=en-GB}}</ref> and retained it in 2024,<ref>{{Cite web |last=Beer |first=Helen de |date=2024-06-03 |title=Blackstone holds PEI 300 top spot |url=https://www.privateequityinternational.com/blackstone-holds-pei-300-top-spot/ |access-date=2024-06-04 |website=Private Equity International |language=en-GB}}</ref> before slipping to third in the 2025 list.<ref>{{Cite web |last=Zhang |first=Hannah |date=2025-06-02 |title=KKR tops PEI 300 as industry-wide fundraising stalls |url=https://www.privateequityinternational.com/kkr-tops-pei-300-as-fundraising-stalls/ |access-date=2025-06-24 |website=Private Equity International |language=en-GB}}</ref> The firm invests through minority investments, corporate partnerships, and [[rollup|industry consolidations]], and occasionally [[Startup company|start-up investments]]. The firm focuses on [[takeover#Friendly takeovers|friendly investments]] in [[Market capitalization|large capitalization companies]].<ref name="BXS1" />

Blackstone has primarily relied on [[private equity fund]]s, pools of committed capital from [[pension fund]]s, [[Insurance company|insurance companies]], endowments, [[fund of funds]], [[high-net-worth individual]]s, [[sovereign wealth fund]]s, and other [[institutional investors]].<ref>[https://www.latimes.com/archives/la-xpm-2007-aug-12-op-candaele12-story.html New bosses, new rules] .|work=Los Angeles Times, August 12, 2007{{full citation needed|date=September 2020}}</ref> From 1987 to its IPO in 2007, Blackstone invested approximately $20 billion in 109 private equity transactions.<ref name="BXS1" />

Blackstone's most notable investments include [[Allied Waste]],<ref name=":1" /> AlliedBarton Security Services, Graham Packaging, [[Celanese]], [[Nalco Holding Company|Nalco]], [[HealthMarkets]], [[Houghton Mifflin]], [[American Axle]], [[TRW Automotive]], [[Catalent|Catalent Pharma Solutions]], Prime Hospitality, [[Legoland]], [[Madame Tussauds]],<ref>{{cite news|url=https://www.nytimes.com/2007/03/06/business/06wax.html|title=Equity Firm Attracted to Attractions|last=Werdigier|first=Julia|date=March 6, 2007|newspaper=[[The New York Times]]|access-date=February 21, 2009}}</ref> Luxury Resorts (LXR), [[Pinnacle Foods]], [[Hilton Hotels Corporation]], Motel 6, Apria Healthcare, Travelport, [[The Weather Channel]] (United States) and The [[PortAventura World|PortAventura Resort]]. In 2009, Blackstone purchased [[Busch Entertainment]] (comprising the Sea World Parks, Busch Garden Parks and the two water parks).<ref>{{Cite news|url=https://www.theguardian.com/business/2009/oct/07/blackstone-buys-american-theme-parks|title=Blackstone buys into the world of American theme parks|first=Andrew|last=Clark|date=October 7, 2009|newspaper=The Guardian}}</ref> In 2020 it acquired [[Ancestry.com]].

In 2012, Blackstone acquired a controlling interest in Utah-based [[Vivint|Vivint, Inc.]], a home automation, security, and energy company.<ref>{{cite news|last1=Kim|first1=Soyoung|first2=Greg|last2=Roumeliotis|url=https://www.reuters.com/article/us-blackstone-acquisition-idUSBRE88I0LF20120919|title=Blackstone buys security firm Vivint for over $2 billion|agency=Reuters|date=September 19, 2012|access-date=March 23, 2013|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724051914/https://www.reuters.com/article/us-blackstone-acquisition/blackstone-buys-security-firm-vivint-for-over-2-billion-idUSBRE88I0LF20120919}}</ref>

=== Real estate ===
{{hatnote|Employees: 500 (approximate)}}
Blackstone's most notable real estate investments have included [[Quality Technology Services|QTS]],<ref>{{Cite news |last=Lim |first=Dawn |date=January 29, 2024 |title=Blackstone Is Building a $25 Billion Empire of Power-Hungry Data Centers |url=https://www.bloomberg.com/news/articles/2024-01-29/blackstone-is-building-a-25-billion-ai-data-center-empire |publisher=Bloomberg News}}</ref> [[EQ Office]], [[Hilton Worldwide]], [[Trizec Properties]], [[Center Parcs UK]], [[La Quinta Inns & Suites]], [[Motel 6]], [[Wyndham Worldwide]], [[Southern Cross Healthcare (United Kingdom)|Southern Cross Healthcare]] and [[Vicinity Centres]].<ref>[http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?Order=ByTransactionSize Blackstone Real Estate Investment Portfolio] (company website). Accessed February 20, 2009 {{webarchive|url=https://web.archive.org/web/20090117012108/http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?Order=ByTransactionSize|date=January 17, 2009}}</ref>

The purchase and subsequent IPO of Southern Cross led to controversy in the UK. Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone claimed would become "the leading company in the elderly care market". In May 2011, Southern Cross, now independent, was almost bankrupt, jeopardizing 31,000 elderly residents in 750 care homes. It denied blame, although Blackstone was widely accused in the media for selling on the company with an unsustainable business model and crippled with an impossible sale and leaseback strategy.<ref>{{cite news |last=Hawkes |first=Alex |date=June 2, 2011 |title=Blackstone denies blame for Southern Cross's plight |url=https://www.theguardian.com/business/2011/jun/02/blackstone-denies-blame-for-southern-cross?INTCMP=SRCH |access-date=June 3, 2011 |work=[[The Guardian]] |language=en-GB |issn=0261-3077}}</ref><ref>{{cite news |last=Pratley |first=Nils |date=June 2, 2011 |title=Was Southern Cross always sickly underneath? |url=https://www.theguardian.com/business/2011/jun/02/was-southern-cross-always-sickly?INTCMP=SRCH |access-date=June 3, 2011 |work=[[The Guardian]] |language=en-GB |issn=0261-3077}}</ref>

After the 2007–2010 [[subprime mortgage crisis]] in the United States, Blackstone Group LP bought more than $5.5 billion worth of multi-family homes to rent and be sold when the prices rise.<ref>{{cite news|url=https://www.wsj.com/articles/SB10001424127887324769704579009071517729420|title=Blackstone to Buy Stakes in Apartment Complexes From GE Unit|last=Karmin|first=Craig|date=August 12, 2013|work=The Wall Street Journal|access-date=March 11, 2017|archive-date=December 5, 2016|archive-url=https://web.archive.org/web/20161205184709/http://www.wsj.com/articles/SB10001424127887324769704579009071517729420|url-status=live}}{{subscription required}}</ref>

In 2014, Blackstone sold Northern California office buildings for $3.5 billion.<ref>{{cite news|url=https://dealbook.nytimes.com/2014/12/08/blackstone-to-sell-california-office-buildings-for-3-5-billion/|title=Blackstone to Sell California Office Buildings for $3.5 Billion|last=Alden|first=William|date=December 8, 2014|work=[[The New York Times]]|access-date=March 5, 2017|archive-date=September 12, 2017|archive-url=https://web.archive.org/web/20170912220338/https://dealbook.nytimes.com/2014/12/08/blackstone-to-sell-california-office-buildings-for-3-5-billion/|url-status=live}}{{subscription required}}</ref> The buildings sold in San Francisco and Silicon Valley included 26 office buildings and two development parcels.<ref>{{Cite web |last=Alden |first=William |date=December 8, 2014 |title=Blackstone to Sell California Office Buildings for $3.5 Billion |url=https://dealbook.nytimes.com/2014/12/08/blackstone-to-sell-california-office-buildings-for-3-5-billion/ |access-date=September 30, 2022 |website=DealBook |language=en}}</ref>

In 2018, Blackstone's Danish partner North 360 made a purchase agreement on several hundred apartments in [[Frederiksberg]], Denmark, with Frederiksberg Boligfond, a nonprofit housing organization Frederiksberg Municipality established in 1930. After resistance by residents and questions about the purchase agreement's legality, Blackstone withdrew from it in October 2019.<ref>{{cite news|url=https://www.tv2lorry.dk/artikel/blackstone-traekker-sig-fra-omstridt-ejendomhandel/|title=Blackstone traekker sig fra omstridt ejendomhandel (Blackstone withdraws from disputed real estate trade)|last=Beck|first=Anders Malling|date=October 4, 2019|work=[[TV 2 (Denmark)|TV 2]]|access-date=October 4, 2019|archive-date=December 1, 2020|archive-url=https://web.archive.org/web/20201201183557/https://www.tv2lorry.dk/artikel/blackstone-traekker-sig-fra-omstridt-ejendomhandel|url-status=live}}</ref>

On December 1, 2022, Blackstone restricted withdrawals from its $125-billion real estate investment fund [[BREIT]] (Blackstone Real Estate Investment Trust) due to a surge in redemption requests from investors.<ref>{{cite web |last=Guilford |first=Jonathan |date=December 2, 2022 |title=Blackstone's BREIT slump looks nasty but not fatal |url=https://www.reuters.com/breakingviews/blackstones-breit-slump-looks-nasty-not-fatal-2022-12-02/ |agency=[[Reuters]]}}</ref> The move caused investor consternation and limited the ability to attract new capital for BREIT.<ref>{{Cite web |last=Bary |first=Andrew |title=Blackstone Just Limited Withdrawals From REIT |url=https://www.barrons.com/articles/blackstone-reit-51669913002 |access-date=December 3, 2022 |website=[[Barron's (newspaper)|Barron's]] |language=en-US}}</ref>

In November 2024, Blackstone acquired a group of four retail buildings in [[SoHo, Manhattan|Soho]] for approximately $200 million from ASB Real Estate Investments. This transaction marked the largest Manhattan retail deal by an investor in over three years, signaling a resurgence in the retail asset class. The properties, which house tenants such as [[Patagonia, Inc.|Patagonia]] and Amiri, were purchased with the strategy of increasing revenue by bringing below-market leases up to current rates. The deal included buildings at 61 Crosby Street, 72-76 Greene Street, 465 Broadway, and 415 West Broadway.<ref>{{Cite web |last=Bockmann |first=Rich |date=2024-11-21 |title=Blackstone buying $200M Soho retail portfolio |url=https://therealdeal.com/new-york/2024/11/21/blackstone-buying-soho-retail-from-asb-real-estate/ |access-date=2024-11-27 |website=The Real Deal |language=en}}</ref>

=== Marketable alternative asset management ===
In 1990, Blackstone created a [[fund of hedge funds]] business to manage internal assets for Blackstone and its senior managers. This business evolved into Blackstone's marketable alternative asset management segment, which was opened to institutional investors. Among the investments included in this segment are funds of hedge funds, [[Mezzanine capital|mezzanine funds]], [[Collateralized loan obligation|senior debt vehicles]], proprietary hedge funds and [[Closed-end fund|closed-end mutual funds]].<ref name=BXS1 />

[[File:N113CS.jpg|alt=|thumb|Gulfstream [[Gulfstream G650|G650ER]] jet owned by Blackstone]]

In March 2008, Blackstone acquired [[GSO Capital Partners]], a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through an [[earnout]] over the next five years based on earnings targets. The combined entity created one of the largest credit platforms in the alternative asset management business, with over $21 billion under management.<ref>{{cite news|url=https://mobile.reuters.com/article/amp/idUSN1010529720080110|title=Blackstone to acquire GSO Capital, buy back shares|date=January 10, 2008|agency=Reuters|first1=Joseph A.|last1=Giannone|first2=Megan|last2=Davies|access-date=February 9, 2021|archive-date=February 13, 2021|archive-url=https://web.archive.org/web/20210213004921/https://mobile.reuters.com/article/amp/idUSN1010529720080110|url-status=live}}</ref> GSO was founded in 2005 by Bennett Goodman, Tripp Smith, and Doug Ostrover. The GSO team had previously managed the leveraged finance businesses at [[Donaldson, Lufkin & Jenrette]] and later [[Credit Suisse First Boston]], after it acquired DLJ. Blackstone was an original investor in GSO's funds. After the acquisition, Blackstone merged GSO's operations with its existing debt investment operations.<ref>{{cite news |last=de la Merced |first=Michael J. |date=January 11, 2008 |title=Blackstone to Buy Hedge Fund to Strengthen Credit Operations |url=https://www.nytimes.com/2008/01/11/business/11blackstone.html |archive-url=https://web.archive.org/web/20171201134354/http://www.nytimes.com/2008/01/11/business/11blackstone.html |archive-date=December 1, 2017 |access-date=January 21, 2009 |work=[[The New York Times]] |language=en-US |issn=0362-4331 |url-status=live}}</ref><ref name=hedgerationalize />

== Controversies ==
=== Warrantless disclosure of Motel 6  occupancies ===
In separate cases in 2018 and 2019, the hotel chain [[Motel 6]], owned by Blackstone, agreed to settle for $19.6 million for giving guest lists to [[U.S. Immigration and Customs Enforcement]] (ICE) without a warrant.<ref>{{cite news |last1=Stempel |first1=Jonathan |title=Motel 6 to pay $7.6 million for giving guest lists to U.S. immigration |url=https://www.reuters.com/article/us-blackstone-group-motel6-immigration-s-idUSKCN1NB23Q |access-date=October 27, 2019 |agency=Reuters |date=November 6, 2018 |language=en |archive-date=October 28, 2019 |archive-url=https://web.archive.org/web/20191028052502/https://www.reuters.com/article/us-blackstone-group-motel6-immigration-s-idUSKCN1NB23Q |url-status=live }}</ref><ref>{{cite news |last1=Stempel |first1=Jonathan |title=Motel 6 pays $12 million for sharing guest lists with U.S. immigration: Washington AG |url=https://uk.reuters.com/article/us-blackstone-group-motel6-immigration-s/motel-6-pays-12-million-for-sharing-guest-lists-with-us-immigration-washington-ag-idUKKCN1RG2ZA |access-date=October 27, 2019 |agency=Reuters |date=April 5, 2019 |language=en |archive-date=October 27, 2019 |archive-url=https://web.archive.org/web/20191027160701/https://uk.reuters.com/article/us-blackstone-group-motel6-immigration-s/motel-6-pays-12-million-for-sharing-guest-lists-with-us-immigration-washington-ag-idUKKCN1RG2ZA |url-status=dead }}</ref>

=== Ancestry acquisition and data leaks ===
In 2020, Blackstone acquired a majority stake in Ancestry.com, which controls access to millions of people's genetic data, heightening concern about Blackstone's data privacy practices.<ref>{{Cite web |title=Blackstone's Acquisition of Ancestry.com {{!}} Student Journal of Information Privacy Law |url=https://sjipl.mainelaw.maine.edu/2023/09/25/blackstones-acquisition-of-ancestry-com/ |access-date=2024-07-17 |website=sjipl.mainelaw.maine.edu}}</ref> This data was disclosed to Blackstone, and it has aggressively defended itself against class action litigation relating to misuse of the data of people who did not consent to genetic testing but were affected through direct biological relations or other means of identification.<ref>{{Cite web |date=2021-11-02 |title=Class Action Claims Ancestry.com Violated Genetic Privacy Law by Disclosing Data in Blackstone Acquisition |url=https://www.classaction.org/news/class-action-claims-ancestry.com-violated-genetic-privacy-law-by-disclosing-data-in-blackstone-acquisition |access-date=2024-07-17 |website=www.classaction.org |language=en}}</ref>

=== Illegal child labor ===
An investigation by the U.S. Department of Labor showed that [[Packers Sanitation Services illegal employment of children|more than 100 American children had been working illegally for Packers Sanitation Services Inc.]] (PSSI), a slaughterhouse cleaning firm owned by Blackstone. The investigation began after a Walnut Middle School teacher in [[Grand Island, Nebraska]], reported a student with hydrochloric acid burns on his hands and knees to the Department of Labor.<ref>{{cite web |title=야간에 도축장 청소하는 14살 소녀...美노동부가 공개한 충격적 사진 |url=https://n.news.naver.com/mnews/article/023/0003763003?sid=104 |access-date=January 6, 2025 |website=[[Naver News]] |language=ko}}</ref> Under the Fair Labor Standards Act, the Labor Department fined PSSI $15,138 for each minor who was employed in breach of the law, totaling $1.5 million in civil money penalties.<ref>{{cite news |date=April 28, 2023 |title=Child-Labor Scandal Hits Blackstone-Backed Slaughterhouse Cleaner |url=https://www.bloomberg.com/news/articles/2023-04-28/slaughterhouse-scandal-sends-blackstone-firm-s-debt-tumbling-44 |access-date=November 27, 2024 |work=Bloomberg}}</ref><ref>{{cite news |last=Cumming |first=Chris |date=February 24, 2023 |title=Investors Quiet on Blackstone-Owned Company's Child-Labor Fine |url=https://www.wsj.com/articles/investors-quiet-on-blackstone-owned-companys-child-labor-fine-b7167160 |access-date=November 27, 2024 |work=[[The Wall Street Journal]] |language=en-US |issn=0099-9660}}</ref>

=== Deforestation of the Amazon rainforest ===
Blackstone has invested in companies with links to the commercialization and [[deforestation of the Amazon rainforest]].<ref name=Intercept-20190827>{{cite news |last1=Grim |first1=Ryan |title=A Top Financier of Trump and McConnell Is a Driving Force Behind Amazon Deforestation |url=https://theintercept.com/2019/08/27/amazon-rainforest-fire-blackstone/ |access-date=September 7, 2020 |work=[[The Intercept]] |date=August 27, 2019 |archive-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128091229/https://theintercept.com/2019/08/27/amazon-rainforest-fire-blackstone/ |url-status=live }}</ref><ref name="Politico-20191216">{{cite news |last1=O'Donnell |first1=Katy |title=Warren says Blackstone worsening climate change in new private equity salvo |url=https://www.politico.com/news/2019/12/16/elizabeth-warren-blackstone-086197 |access-date=September 7, 2020 |work=Politico |date=December 16, 2019 |archive-date=September 8, 2020 |archive-url=https://web.archive.org/web/20200908042452/https://www.politico.com/news/2019/12/16/elizabeth-warren-blackstone-086197 |url-status=live }}</ref><ref>{{cite news |last1=Newmyer |first1=Tory |last2=Griffiths |first2=Brent D |title=The Finance 202: Elizabeth Warren is escalating attacks on private equity. The industry is ready to fight back. |url=https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2019/12/17/the-finance-202-elizabeth-warren-is-escalating-attacks-on-private-equity-the-industry-is-ready-to-fight-back/5df8240488e0fa32a51409d4/ |access-date=September 7, 2020 |newspaper=The Washington Post |date=December 17, 2019 |archive-date=October 15, 2020 |archive-url=https://web.archive.org/web/20201015202542/https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2019/12/17/the-finance-202-elizabeth-warren-is-escalating-attacks-on-private-equity-the-industry-is-ready-to-fight-back/5df8240488e0fa32a51409d4/ |url-status=live }}</ref><ref>{{cite web |last1=Stacey |first1=George |title=Norvergence reveals the real culprit of Amazon deforestation and wildfires |url=https://www.nationofchange.org/2019/11/19/norvergence-reveals-the-real-culprit-of-amazon-deforestation-and-wildfires/ |website=Nation of Change |date=November 19, 2019 |access-date=September 7, 2020 |archive-date=September 7, 2020 |archive-url=https://web.archive.org/web/20200907235723/https://www.nationofchange.org/2019/11/19/norvergence-reveals-the-real-culprit-of-amazon-deforestation-and-wildfires/ |url-status=live }}</ref>

== Business trends ==
The key trends for Blackstone are (as of the financial year ending December 31)<ref>{{Cite web |title=Blackstone - SEC Filings |url=https://ir.blackstone.com/sec-filings/default.aspx |access-date=2025-05-18 |website=ir.blackstone.com}}</ref>
{| class="wikitable float-left" style="text-align: right;"
!Year
!Revenue<br />in million USD
!Net income<br />in million USD
!Total assets<br />in million USD
![[Assets under management|AUM]]<br />in million USD
!Employees
|-
|2009
|1,774
|(715)
|9,409
|
|1,295
|-
|2010
|3,119
|(370)
|18,845
|
|1,440
|-
|2011
|3,253
|(168)
|21,909
|
|1,585
|-
|2012
|4,019
|327
|28,932
|
|1,780
|-
|2013
|6,613
|219
|29,679
|
|2,010
|-
|2014
|7,485
|1,171
|31,497
|290,400
|2,190
|-
|2015
|4,647
|1,585
|22,526
|336,400
|2,060
|-
|2016
|5,146
|1,039
|26,403
|366,600
|2,240
|-
|2017
|7,145
|1,471
|34,416
|434,100
|2,360
|-
|2018
|6,833
|1,542
|28,925
|472,200
|2,615
|-
|2019
|7,338
|2,050
|32,586
|571,100
|2,905
|-
|2020
|6,102
|1,045
|26,269
|618,600
|3,165
|-
|2021
|22,577
|5,857
|41,196
|880,900
|3,795
|-
|2022
|8,518
|1,748
|42,524
|974,700
|4,695
|-
|2023
|8,023
|1,391
|40,288
|1,040,200
|4,735
|-
|2024
|13,230
|2,777
|43,470
|1,127,200
|4,895
|}
*

== See also ==
{{Portal|Companies}}
* [[List of outdoor industry parent companies]]
* [[List of venture capital firms]]

== References ==

{{Reflist|30em}}

==External links==
* {{Official website|https://www.blackstone.com/}}
* {{Finance links
| symbol = BX
| sec_cik = 1393818
| google = BX:NYSE
| yahoo = BX
| bloomberg = BX:US
| reuters = BX.N
}}

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