Spotlight: Blackstone and Its BREIT, BCRED and BXPE Private Wealth Lineup

Since November 2025, BREIT has also sold Delaware statutory trust interests that its operating partnership can later exchange for units, adding a DST program to Blackstone’s lineup of perpetual funds for individual investors.

October 19, 2026

Blackstone (NYSE: BX) is a New York alternative asset manager that reported $1,346.3 billion in assets under management as of June 30, 2026, across real estate, private equity, credit and insurance, and multi-asset investing. The firm said on September 24, 2026 that its Private Wealth business, which reaches individual investors through financial advisors, accounts for $324 billion of that total. Joan Solotar is Global Head of Private Wealth.

Most of that business runs through perpetual vehicles that accept subscriptions on an ongoing basis and offer limited periodic liquidity, in place of the commitment-and-drawdown structure of Blackstone's institutional funds. The first, Blackstone Real Estate Income Trust (BREIT), began operating in January 2017. Since November 2025, BREIT has also been selling interests in Delaware statutory trusts.

BREIT and its DST program

BREIT is a non-listed, perpetual-life REIT. Blackstone reported $56.6 billion of total AUM for BREIT as of June 30, 2026, and BREIT's September 16 prospectus supplement put its aggregate net asset value at $57.7 billion at the end of August. The same supplement records that David Levine and Giovanni Cutaia are now Global Co-Heads of Blackstone's real estate business.

Under the DST program, which BREIT and its operating partnership, BREIT OP, began in November 2025, each property is held in its own DST. The properties can come from BREIT's existing portfolio or from third parties. A wholly owned BREIT OP subsidiary master leases each property from the trust, subleases it, and covers its operating costs, and BREIT OP guarantees the master lease. BREIT OP also holds a fair market value purchase option that lets it acquire a trust's DST interests during a defined period in exchange for operating partnership units, or in some cases units and cash. After a one-year holding period, investors who receive units this way can ask BREIT OP to redeem them, with BREIT choosing whether to pay in its common stock, cash, or both.

BCRED, BXPE and BXINFRA

Blackstone Private Credit Fund (BCRED) launched in January 2021, focuses on U.S. direct lending, and reached its fifth anniversary with $82 billion in total investments. Blackstone reported $94.6 billion of BCRED AUM at June 30, 2026, a figure that counts gross assets plus amounts borrowed or available to borrow under certain credit facilities. BCRED's net asset value on the same date was $42.8 billion.

Blackstone Private Equity Strategies Fund Program (BXPE) followed in January 2024 and Blackstone Infrastructure Strategies Fund Program (BXINFRA) in January 2025. Each operates U.S. and non-U.S. vehicles, and Blackstone reported net asset values of $25.3 billion for the BXPE platform and $6.0 billion for BXINFRA as of June 30. The U.S. BXPE vehicle and its tax-exempt feeder then sold a combined $740 million of units on July 1. In the second quarter of 2026, the firm raised $2.4 billion for BXPE, $861 million for BXINFRA, $1.2 billion for BREIT, and $1.0 billion of equity for BCRED.

An interval fund and a listed REIT

Blackstone Private Multi-Asset Credit and Income Fund (BMACX) launched on May 1, 2025, as the firm's first interval fund, initially available through select registered investment advisers. It invests across private corporate credit, asset-based and real estate credit, structured credit, and liquid credit, and pays a monthly distribution. Heather von Zuben is its chief executive and Dan Oneglia its chief investment officer.

Blackstone Digital Infrastructure Trust (BXDC) began trading on the New York Stock Exchange in May 2026 after pricing its initial public offering at $20 per share. Blackstone reported raising $2.0 billion through the offering. BXDC targets newly built, stabilized data centers leased to hyperscale tenants on long-term contracts.

Single-allocation products

Two recent launches package several Blackstone strategies into one holding. In July 2026, Blackstone, Wellington Management and Vanguard introduced the first products of an alliance formed in April 2025. The WVB All Markets Fund combines Wellington's active public equities and Vanguard's active fixed income and index strategies with exposure to Blackstone's perpetual private markets platform, while the WVB Blackstone All Privates Fund holds Blackstone's private equity, infrastructure, real estate and credit strategies in a single allocation. Both were available at launch through Merrill and Bank of America Private Bank.

On September 24, 2026, Blackstone launched Blackstone Private Markets Fund (BXPM), a Luxembourg vehicle for eligible non-U.S. investors that is not offered to U.S. persons. BXPM holds the firm's perpetual funds directly: its stated allocation is 50% to BXPE's Luxembourg vehicle, 20% split between the U.S. and Luxembourg BXINFRA vehicles, 20% to BREIT, and the remainder across BCRED, Blackstone European Credit Fund and a real estate credit strategy. It is the first multi-strategy product from Blackstone Portfolio Solutions, the private wealth unit led by Rashmi Madan, who is also BXPM's chief executive.