How Blackstone is Unlocking Lasting Value Across Private Equity with Viral Patel

Jun 16, 2025

Viral Patel, CEO of Blackstone Private Equity Strategies, dives into the future of private equity, discussing innovations like perpetual fund structures. He emphasizes the importance of aligning investor and management interests and highlights thematic investments in electrification and AI infrastructure. Patel discusses the critical evaluation of management teams and the shift towards buyer-led M&A processes. He also shares insights on how individual investors are becoming central to private capital, pointing to the growing landscape of alternative investments.

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ANECDOTE

Viral Patel's Blackstone Journey

Viral Patel shared his journey across Blackstone's business units over 20 years.
He started in banking and moved through advisory, Tactical Opportunities, growth, credit, to leading the perpetual private equity strategy.

INSIGHT

Blackstone Culture Pillars

Blackstone's culture is defined by excellence, integrity, and innovation, driven by people.
CEO Steve Schwarzman emphasizes that success depends on the talent and shared mission of the team.

ADVICE

Foster Teamwork and Innovation

Foster a team-oriented and debate-friendly culture to encourage entrepreneurship.
Hire people who perform well in a changing environment and give them freedom to innovate.

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Viral Patel, CEO of Blackstone Private Equity Strategies

Viral Patel unpacks how the firm is reshaping private equity for the next era. From launching new fund structures to leading thematic investments in sectors like electrification and AI infrastructure, Viral shares how Blackstone builds enduring value—and why alignment, data, and management fit are key to every deal. He also breaks down the cultural values that drive Blackstone’s success and why individual investors are the future of private capital.

Things you will learn:

How Blackstone’s investment philosophy is built on long-term secular trends
What makes a management team the right fit—and why talent diligence is critical
Why Blackstone created perpetual funds and how they work
How data, scale, and operating resources become a strategic advantage post-close

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Episode Chapters

[00:01:00] Viral’s 20-year journey across Blackstone’s business units

[00:05:00] The cultural pillars that define Blackstone: excellence, integrity, and innovation

[00:13:00] Blackstone’s thematic investment strategy and sector focus

[00:16:30] Evaluating management fit as a core part of diligence

[00:21:00] Value creation through Blackstone’s operating team and functional specialists

[00:24:30] Using data science during diligence to build early trust with management

[00:27:00] Why Blackstone builds for the long term—not just for a quick exit

[00:32:00] The rise of perpetual fund models for individual investors

[00:36:00] Why private equity access is shifting beyond institutions

[00:44:00] Educating the market: how BXU and Blackstone’s private wealth team bridge the knowledge gap

[00:46:30] Market cycles, public vs. private ownership, and the future of exit strategies

Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.