Blackstone, the world’s largest alternative asset manager, manages $512bn in assets
firm, was the first to turn its partnership into a corporation in March last year.did so last July. Mr Schwarzman confesses that Blackstone might have been better off making the switch sooner.
These innovations have served Blackstone rather well, reckons Craig Siegenthaler of Credit Suisse, a bank. So well, in fact, that others are apeing it. Apollo, Carlyle andall now invest in more asset classes. Half the capital managed by Apollo is now held in perpetuity—meaning only the returns earned will be given back to investors, not their initial investment.
Whether it can keep this up is another matter. Academic studies find smaller differences, especially of late. Performance is down from the lofty heights at the turn of the century. Even buy-out advocates doubt double-digit returns can come back.
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