July 19, 2018 / 4:19 PM / 9 months ago

Blackstone sees asset base exceeding $500 billion within a year

FILE PHOTO - The logo of Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Blackstone Group LP expects its assets under management (AuM) to exceed half a trillion dollars within the next year, Chairman and Chief Executive Stephen Schwarzman said on Thursday.

“We will begin raising our flagship private equity and real estate funds in the next several months. We expect our fundraising supercycle to bring the firm’s total AuM above the $500 billion milestone, likely in the first half of next year,” Schwarzman said in an investor call for Blackstone’s second-quarter earnings.

Reporting by Joshua Franklin in New York; editing by Jonathan Oatis

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