Blackstone is set to unleash one of its largest IPO pipelines in history as the world’s largest alternative asset manager takes advantage of a favourable equity market backdrop.

In its latest quarterly results, Blackstone beat profit expectations on the back of growth in management fees and a significant pick-up in increase in dealmaking.

“The deal environment has reached escape velocity on the back of moderating cost of capital,” Blackstone president and COO Jon Gray said on its conference call.

“IPO and M&A activity are accelerating, deal sizes are increasing, and sponsor activity is picking up.”

The firm made $957m from profits generated from the sale of its portfolio investments, 59% more than the same period in 2024.  

“We have one of the largest IPO pipelines in our history, reflecting a diverse mix of sectors and geographies,” said Blackstone CEO Stephen Schwarzman.

He added: “More investors are discovering the benefits of private market solutions, including in the vast private wealth and insurance channels.”

“At the same time, we continue to deepen our relationship with institutional limited partners across multiple areas.”

The firm reported $71bn in inflows during the quarter, the highest level in three and a half years.

It saw strong growth from the institutional private wealth and insurance channels in particular, where the firm reported $43bn in fundraising, up 53% year-over-year.

On the conference call, Blackstone CFO Michael Chae said he expects strong inflows again in 2026.