He said the firm has leaned into thematic areas including digital infrastructure (data centers), power and electrification, private credit, life sciences, and regional opportunities in India and Japan. Schwarzman said Blackstone invested $138 billion across the firm in 2025, the highest in four years, and completed eight privatizations across private equity and real estate. He highlighted a secular shift toward investment-grade private credit , where Blackstone manages $130 billion , up 30% year-over-year. He reported fee-related earnings (FRE) of $1.5 billion in Q4, or $1.25 per share, with management fees rising 11% year-over-year to a record $2.1 billion. For the full year, Chae said FRE rose 9% to $5.7 billion, management fees increased 12% to $8.0 billion, and net realizations rose 50% to $2.1 billion.