Blackstone

Blackstone is the world’s largest alternative asset manager, with $1.1 trillion in assets under management—more than double the $578 billion of #3 KKR. Founded in 1985 by Stephen Schwarzman and Pete Peterson with just $400,000, it now dominates real estate, private equity, credit, and infrastructure. Its $350 million MIT donation for AI research in 2019 signals a strategic pivot toward technology. With a 12.7% net internal rate of return across its private equity funds since 2007, Blackstone outperforms the median buyout fund by over 2 percentage points, cementing its top-tier status.