Blackstone Misses Goal of Managing $1 Trillion by End of ‘22 (3)

One year after Blackstone Inc. Chief Executive Officer Steve Schwarzman told investors the firm would reach $1 trillion in assets under management in 2022, it’s shy of that mark.

The world’s largest alternative asset manager commanded $975 billion at the end of last year, up from $951 billion in the prior quarter, short of the milestone its senior leaders once thought was just around the corner. The target was originally set for 2026, but was accelerated amid a market boom.

Now the private equity giant is feeling the weight of higher interest rates on its valuations of some past investments ...