The signing of “Project Peregrine” on July 25 marks a historic moment for alternative asset managers in 2026. Blackstone Q2 2026: Infrastructure ScaleThe timing of Project Peregrine closely supports Blackstone’s second-quarter 2026 financial performance, which underlined the growing importance of real assets to its compounding earnings engine. Blackstone Inc. (NYSE:BX) trades at a forward price-to-earnings ratio of 17.32x, reflecting its premium platform scale and market-leading persistent capital vehicles. Meanwhile, despite increased top- and bottom-line growth, KKR & Co. Inc. (NYSE:KKR) is trading at a forward P/E ratio of 13.84x, supported by its 40% adjusted net income growth. However, KKR & Co. Inc. (NYSE:KKR) has an even stronger conviction in the industry, with 40% net income growth contributing to an excellent growth-adjusted valuation profile.