Blackstone is an alternative asset manager that deploys capital on behalf of institutional investors such as pension funds and insurance companies, as well as high-net-worth and mass affluent individuals, across four core strategies: real estate (including opportunistic acquisitions, stabilized income-focused properties, and debt financing), private equity (including corporate buyouts, infrastructure, growth equity, and life sciences investments), credit and insurance solutions (including direct lending and structured credit products), and multi-asset investment strategies. The firm generates revenue through management fees charged on assets under management and performance-based revenues including incentive fees and carried interest. Blackstone's business model emphasizes creating long-term value in portfolio companies and assets while managing capital across varying market conditions and increasingly through perpetual capital vehicles and private wealth channels.