Last Updated:

2024-04-17 14:25:40

Blackstone Inc.

American alternative investment management company



American alternative investment management company

Blackstone Inc. is a prominent American investment firm headquartered in New York City. Founded in 1985, it is a major player in private equity, real estate, credit, infrastructure, hedge funds, and more. With total assets under management of around US$1 trillion, Blackstone is a global leader in alternative investments.

BlackRock Morgan Stanley State Street Corporation Berkshire Hathaway Goldman Sachs Hedge Fund Target Corporation Bridgewater Associates J.P. Morgan & Co.Bloomberg L.P.

1985

Founding of Blackstone Inc.

Blackstone Inc. was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with seed capital of US$400,000. The name 'Blackstone' was derived from a cryptogram of their names, symbolizing 'black' and 'stone'.

1987-10

Blackstone Finalizes Fundraising for First Private Equity Fund

In the aftermath of Black Monday, the October 1987 global stock market crash, Blackstone successfully completed fundraising for its first private equity fund. This event was crucial for the growth of Blackstone.

1988

Nikko Securities Acquires 20% Interest in Blackstone

In 1988, Japanese bank Nikko Securities invested $100 million to acquire a 20% stake in Blackstone, valuing the firm at $500 million. This investment enabled Blackstone to significantly expand its operations.

1989

Partnership with Salomon Brothers for Distressed Thrifts Acquisition

In 1989, Blackstone partnered with Salomon Brothers to raise $600 million for the acquisition of distressed thrifts during the savings and loan crisis. This collaboration was significant for Blackstone's investment activities.

1990

Launch of Blackstone's Hedge Funds Business

In 1990, Blackstone initiated its hedge funds business to manage investments for Blackstone senior management.

1991

Acquisition of Days Inns of America

Blackstone and Silverman added Days Inns of America to their portfolio for $250 million in October 1991.

1992

Roger C. Altman leaves Blackstone

Roger C. Altman left Blackstone in 1992 to join the Clinton Administration as Deputy Treasury Secretary. He later went on to found advisory investment bank Evercore Partners in 1995.

1993

Acquisition of Super 8 Motels by Hospitality Franchise Systems

Hospitality Franchise Systems, under Blackstone, purchased Super 8 Motels for $125 million in 1993.

1995

Sale of Blackstone's Stake in BlackRock to PNC Financial Services

In 1995, Blackstone sold its stake in BlackRock to PNC Financial Services for $250 million, a decision later regretted by Schwarzman.

1996

Partnership with Loewen Group for Funeral Home and Cemetery Businesses

Blackstone collaborated with the Loewen Group in 1996 to acquire funeral home and cemetery businesses, starting with the buyout of Prime Succession.

1997

Completion of Fundraising for Blackstone's Third Private Equity Fund

In 1997, Blackstone successfully raised funds for its third private equity fund, totaling approximately $4 billion in investor commitments.

1998

Sale of 7% Interest in Blackstone's Management Company to AIG

Blackstone sold a 7% interest in its management company to AIG in 1998, valuing Blackstone at $2.1 billion.

1999

Launch of Blackstone's Mezzanine Capital Business

Blackstone introduced its mezzanine capital business in 1999, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group.

2000-10

Blackstone Acquisition of 7 World Trade Center Mortgage

In October 2000, Blackstone purchased the mortgage for 7 World Trade Center from the Teachers Insurance and Annuity Association.

2002-07

Blackstone Capital Partners IV Fundraising Completion

In July 2002, Blackstone successfully completed fundraising for a $6.45 billion private equity fund known as Blackstone Capital Partners IV, which was the largest private equity fund at that time.

2002-12

Acquisition of Houghton Mifflin Company

At the end of 2002, Blackstone, along with Thomas H. Lee Partners and Bain Capital, acquired Houghton Mifflin Company for $1.28 billion, marking one of the first large club deals post the Dot-com bubble collapse.

2004

Blackstone IPO

Blackstone Group went public with its initial public offering (IPO) in 2004.

2005

Involvement in SunGard Buyout

In 2005, Blackstone was part of a consortium of seven private equity firms involved in the buyout of SunGard, valued at $11.3 billion, marking one of the largest leveraged buyouts since the 1980s.

2006

Launch of Kailix Advisors

Blackstone launched its long/short equity hedge fund business, Kailix Advisors, in 2006, which later managed $1.9 billion of assets under management.

2007-06-21

Blackstone Initial Public Offering

On June 21, 2007, Blackstone became a public company through an initial public offering, selling a 12.3% stake for $4.13 billion, marking the largest U.S. IPO since 2002.

2008-01

Blackstone Investment in Harrah's Entertainment

In January 2008, Blackstone made a small co-investment in the buyout of Harrah's Entertainment alongside TPG Capital and Apollo Management, amidst the 2007-2008 financial crisis.

2008-07

Acquisition of The Weather Channel

In July 2008, Blackstone, NBC Universal, and Bain Capital acquired The Weather Channel from Landmark Communications for $3.5 billion, later selling its digital assets to IBM in 2015.

2010

Blackstone Market Cap in 2010

The market capitalization of Blackstone in the year 2010, calculated by multiplying the stock price by the number of shares outstanding.

2011-02

Acquisition of Centro Properties Group US

In February 2011, Blackstone acquired Centro Properties Group US for $9.4 billion, leading to the formation of Brixmor Property Group and eventual sale of its remaining interest in 2016.

2011-05

Controversy Surrounding Blackstone's Purchase of Southern Cross

The purchase and subsequent IPO of Southern Cross by Blackstone led to controversy in the UK. The split of the business into a property company and a nursing home business faced criticism after Southern Cross faced financial difficulties in 2011.

2011-11

Acquisition of Emdeon

In November 2011, a fund managed by Blackstone acquired medical biller Emdeon for $3 billion, expanding its investment portfolio.

2012-10

Acquisition of G6 Hospitality

In October 2012, Blackstone acquired G6 Hospitality, the operator of Motel 6 & Studio 6 motels, from AccorHotels for $1.9 billion, diversifying its hospitality investments.

2012-11

Acquisition of Vivint and 2GIG Technologies

In November 2012, Blackstone acquired a controlling interest in Vivint, Vivint Solar, and 2GIG Technologies, with 2GIG later being sold to Nortek Security & Control, LLC in February 2013.

2013-04

Blackstone Discusses Buying Dell

In April 2013, Blackstone discussed the possibility of buying Dell but ultimately decided not to pursue the acquisition.

2013-06

Blackstone Acquires Industrial Portfolio

In June 2013, Blackstone Real Estate Partners VII acquired an industrial portfolio from First Potomac Realty Trust for $241.5 million, including the development known as Oakville Triangle, now called National Landing.

2013-08

Blackstone Acquires Strategic Partners

In August 2013, Blackstone acquired Strategic Partners, a manager of secondary funds, from Credit Suisse.

2013-09

Blackstone Invests in ThoughtFocus Technologies

In September 2013, Blackstone announced a strategic investment in ThoughtFocus Technologies LLC, an information technology service provider.

2014-02

Blackstone Buys Stake in Versace

In February 2014, Blackstone purchased a 20% stake in the Italian luxury brand Versace for €150 million.

2014-04

Blackstone Donates to Create Entrepreneurs Network

In April 2014, Blackstone's charitable arm, the Blackstone Charitable Foundation, donated $4 million to establish the Blackstone Entrepreneurs Network in Colorado, aiming to foster collaboration among local business leaders.

2014-05

Blackstone Acquires Cosmopolitan of Las Vegas

In May 2014, Blackstone Group acquired the Cosmopolitan of Las Vegas resort from Deutsche Bank for $1.73 billion.

2014-08

Blackstone Energy Partners Acquires Stake in Haynesville Shale

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.

2015-01

Blackstone Sells Gold Fields House in Sydney

In January 2015, Blackstone Real Estate Partners VI announced the sale of Gold Fields House in Sydney to Dalian Wanda Group for A$415 million.

2015-06

Blackstone Acquires Willis Tower

In June 2015, Blackstone acquired the Willis Tower in Chicago for $1.3 billion.

2015-07

Blackstone Acquires Excel Trust

In July 2015, Blackstone acquired Excel Trust, a real estate investment trust, for around $2 billion.

2015-11

GCA Services Group Sold to Goldman Sachs

In November 2015, the company agreed to sell facility management firm GCA Services Group to Goldman Sachs and Thomas H. Lee Partners.

2016-01

Blackstone Acquires BioMed Realty Trust

In January 2016, Blackstone Real Estate Partners VIII L.P. acquired BioMed Realty Trust for $8 billion.

2016-02

Blackstone Sells Office Buildings to Douglas Emmett

In February 2016, Blackstone sold four office buildings to Douglas Emmett for $1.34 billion.

2016-04

Blackstone Acquires Stake in Mphasis

In April 2016, Blackstone acquired 84 percent of Hewlett Packard Enterprise's stake in the Indian IT services firm Mphasis.

2017-01-04

Blackstone Acquires SESAC

On January 4, 2017, Blackstone acquired SESAC, a music-rights organization.

2017-02-10

Aon PLC Sells HR Platform to Blackstone

On February 10, 2017, Aon PLC agreed to sell its human resources outsourcing platform to Blackstone Group L.P. for $4.3 billion, forming Alight Solutions.

2017-06-19

Blackstone Acquires The Office Group

On June 19, 2017, Blackstone acquired a majority interest in The Office Group, valuing the company at $640 million.

2018-01

Thomson Reuters Financial & Risk Unit Acquisition

In January 2018, the company announced an acquisition agreement for 55% of Thomson Reuters Financial & Risk unit for $20 billion.

2018-03

Blackstone Acquires Industrial Properties Portfolio

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.

2018-08

PSAV Merger with Encore Global

In August 2018, PSAV merged with Encore Global with the assistance of investment firm Blackstone.

2018-09

Blackstone Acquires Luminor Bank

In September 2018, the company acquired control of Luminor Bank in the Baltic countries.

2018-10

Launch of Refinitiv

In October 2018, Blackstone launched Refinitiv, a company resulting from its deal for a 55 percent stake in Thomson Reuters Financial and Risk business.

2019-07-15

Acquisition of Vungle Inc.

On July 15, 2019, Blackstone announced its plans to acquire Vungle Inc., a leading mobile performance marketing platform.

2019-11-08

Acquisition of MagicLab

On November 8, 2019, Blackstone Group acquired a majority stake in MagicLab, the owner of the dating app Bumble.

2019-11-15

Investment in Future Lifestyle Fashions Ltd.

On November 15, 2019, Blackstone Group invested $167 million in the holding company of Future Lifestyle Fashions Ltd., Ryka Commercial Ventures Pvt. Ltd.

2019-11-18

Acquisition of Bellagio Resort

On November 18, 2019, Blackstone Real Estate Income Trust, Inc. acquired the Bellagio resort in Las Vegas, Nevada, from MGM Resorts in a sale-leaseback transaction.

2019-11-25

Investment in Ferring Joint Venture

On November 25, 2019, Blackstone planned to invest $400 million in a joint venture with Swiss drug company Ferring for gene therapy in bladder cancer.

2020-03

Majority Stake in HealthEdge

In March 2020, Blackstone announced the acquisition of a majority stake in HealthEdge, a health-care software company, for $700 million.

2020-07

Investment in Oatly

In July 2020, Blackstone invested $200 million in the Swedish oat milk brand Oatly, acquiring a 7% stake in the company.

2020-08

Majority Stake in Ancestry.com

In August 2020, Blackstone announced the acquisition of a majority stake in Ancestry.com for $4.7 billion.

2020-12

Investment in Liftoff

In December 2020, Blackstone invested nearly $400 million in Liftoff, a mobile advertising company.

2021-11-29

Blackstone Stock Reaches All-Time High Closing Price

On November 29, 2021, Blackstone stock achieved its highest closing price ever at $143.39.

2022-02-14

Blackstone's Takeover of Crown Resorts

On February 14, 2022, Crown Resorts accepted Blackstone's takeover offer of $6.6 billion for 90% of outstanding shares.

2022-12-01

Blackstone Restricts Withdrawals from Real Estate Investment Fund BREIT

On December 1, 2022, Blackstone restricted withdrawals from its $125 billion real estate investment fund BREIT due to a surge in redemption requests, causing investor concerns and limiting new capital attraction.

2023-05

Divestment of IBS Software

In May 2023, Blackstone divested its stake in IBS Software to Apax for $450 million.

2023-06

Acquisition of Cvent

In June 2023, Blackstone acquired cloud-based event-software provider Cvent for $4.6 billion.

2023-10

Energy Exemplar Acquisition

In October 2023, Blackstone, alongside Vista Equity Partners, announced the acquisition of Energy Exemplar for approximately $1.6 billion.

2023-11

Acquisition of Civica

In November 2023, Blackstone acquired the UK-based software company Civica for approximately $2.5 billion.