Blackstone Bets on Wealthy Individuals as IPO Boom Lifts Banks

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Blackstone is launching two new funds with Wellington Management and Vanguard aimed at wealthy individuals, as the alternative asset manager seeks new distribution channels while Wall Street banks reap record IPO and deal fees. The funds, announced on July 22, 2026, will blend public and private markets and be offered through Merrill and Bank of America Private Bank advisors, targeting a global high-net-worth market that reached $98.3 trillion by end-2025. The move comes as Blackstone shares have slumped more than 20% year-to-date, while Goldman Sachs, Morgan Stanley, JPMorgan, and Citigroup have each climbed over 18% in the past 12 months, fueled by a record IPO cycle including SpaceX's public listing. Blackstone, which manages over $1.3 trillion, has seen its dealmaking slow amid a $4 trillion backlog of unsold private equity deals and elevated borrowing costs tied to the Iran conflict. Analysts are split on the derating, with HSBC raising its price target to $135 and Oppenheimer cutting to $139, while short interest rose to 23.14 million shares as of June 30, 2026.

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Blackstone Group Inc
BX
▼ NegativeCapitalrelevance

Blackstone shares slumped over 20% YTD amid slow dealmaking, $4 trillion backlog of unsold PE deals, and elevated borrowing costs from Iran conflict.

Space Economy▲ · 1 stocks

Off-coverage companies 2

The Vanguard Group, Inc.Private± Mixed
relevance

Wellington Management CompanyPrivate± Mixed
relevance

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