Bloomberg Talks Blackstone President & COO Jon Gray Talks Earnings & Tariffs
Jul 24, 2025
Jon Gray, President & COO of Blackstone, shares fascinating insights into the firm’s robust $52 billion in earnings and the rising trend of retail investments. He discusses the challenges and opportunities in tariffs and trade deals, along with a bright outlook for real estate. Gray also delves into the Federal Reserve's interest rate policies and their impact on inflation, while highlighting the transformative potential of AI and data center investments, all amidst a dynamic economic landscape.
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Huge Retail Growth Potential
- Blackstone sees vast growth potential as individual investors hold only 1-2% in private assets compared to a third for institutional clients.
- Strong product performance and broad offerings position Blackstone well to capture continued retail interest and inflows.
Positive Outlook Despite Tariffs
- Tariff diplomacy will likely settle with resolution in six to twelve months, reducing tariff uncertainty.
- The US economy's resilience and AI-driven productivity gains provide a positive long-term outlook.
IPO and Exit Activity to Pick Up
- The deal market for private equity exits has been slow but is poised for a heavy comeback in the second half of the year.
- Blackstone's IPO pipeline is the largest since 2021, signaling rising transaction and exit activity ahead.