Bloomberg Talks Blackstone President Jonathan Gray Talks Q3 Earnings
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Oct 23, 2025 Jonathan Gray, President and COO of Blackstone, shares insights on the firm's impressive 48% increase in Q3 distributable earnings. He highlights a potential resurgence in deal-making driven by improving IPOs and M&A activity. Gray addresses concerns over tariffs and persistent inflation and underscores that recent challenges in private credit were mainly linked to banks. He argues that private credit remains a golden opportunity, enhanced by AI's ability to boost productivity across the firm.
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Quarterly Surge Driven By Strategic Sectors
- Blackstone saw distributable earnings jump about 50% after strong deal exits and inflows of over $50 billion.
- Jonathan Gray attributes gains to focus on digital and energy infrastructure plus growing markets like insurance and India.
Deal Activity Recovering Gradually
- Deal activity is recovering but will not rebound overnight to prior record highs.
- Gray notes improving cost of capital, IPOs and M&A increases, and expects better deal flow next year.
Wait For Tariff Diplomacy To Play Out
- Let tariff negotiations settle and expect noise during negotiations but eventual normalization.
- Use improving CPI and rental data as signals that the Fed can lower rates, which helps deal activity.