{"slug":"blackstone","name":"Blackstone","name_en":"Blackstone","ticker":"BX","updated_at":"2026-07-12T03:56:29.332+00:00","canonical":"https://valuechain.wiki/blackstone","same_as":["https://finance.yahoo.com/quote/BX","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1393818"],"citable":"밸류체인 그래프 기준 Blackstone의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Blackstone is directly linked to 1 companies (0 supply, 0 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 대체투자 · AI 인프라 자본 공급자","kicker_en":"NYSE · Alternative assets · Capital supplier to AI infrastructure","lead":"블랙스톤은 운용자산(AUM) 1.1조 달러가 넘는 세계 최대 대체투자 운용사다. 부동산·사모주식(PE)·크레딧과 보험·멀티에셋 네 부문에서 연기금·국부펀드·보험 등 기관과 개인 자금을 운용해 보수와 성과보수를 번다. 동시에 데이터센터 최대 투자자로, 보유 데이터센터 약 700억 달러에 개발 파이프라인 1,000억 달러를 얹어 'AI 인프라 세계 최대 투자자'를 표방하며 AI 사슬에 자본을 공급한다.","lead_en":"Blackstone is the world's largest alternative asset manager, with over $1.1 trillion in assets under management. It earns fees and performance revenue by managing institutional and retail capital across four segments (real estate, private equity, credit and insurance, and multi-asset). It is also the largest data center investor, holding about $70 billion of data centers with a $100 billion development pipeline, and states its aim to be the world's largest investor in AI infrastructure, supplying capital to the AI chain.","segments":{"fy":2024,"parts":[{"desc":"부문 수수료수익 최대. 데이터센터·물류·주거 등 실물자산","name":"부동산 (Real Estate)"},{"desc":"바이아웃·인프라·성장·secondaries","name":"사모주식 (Private Equity)"},{"desc":"사모대출·BIS 보험자금 등 영구자본 성장축","name":"크레딧·보험 (Credit & Insurance)"},{"desc":"헤지펀드 솔루션 등","name":"멀티에셋 (Multi-Asset Investing)"}],"total":"AUM 1.1조 달러 이상(2024). 2024년 수수료관련이익(FRE) 사상 최대 53억 달러(+21%), 4분기 운용보수 19억 달러(60개 분기 연속 증가)","source":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","concentration":"자금 출처는 연기금·국부펀드·보험 등 기관 LP와 개인. 데이터센터 최대 투자자(보유 약 700억 달러, 파이프라인 1,000억 달러 이상)로 AI 인프라에 집중"},"segments_en":{"fy":2024,"parts":[{"desc":"Largest fee-revenue segment; data centers, logistics, residential and other real assets","name":"Real Estate"},{"desc":"Buyout, infrastructure, growth and secondaries","name":"Private Equity"},{"desc":"Private credit and BIS insurance capital, a perpetual-capital growth engine","name":"Credit & Insurance"},{"desc":"Hedge fund solutions and multi-asset strategies","name":"Multi-Asset Investing"}],"total":"AUM over $1.1 trillion (2024). Record 2024 Fee-Related Earnings of $5.3bn (+21%); Q4 management fees of $1.9bn (60th consecutive quarter of growth)","source":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","concentration":"Capital comes from institutional LPs (pensions, sovereign wealth funds, insurers) and retail. As the largest data center investor (about $70bn held, over $100bn pipeline), it is concentrated in AI infrastructure"},"returns_yearly":{"2021":107.1,"2022":-40,"2023":82.7,"2024":35.1,"2025":-7.8,"2026":-18.5},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":1,"returns_yearly":{"2026":24.1}},{"slug":"vertiv","name":"Vertiv","name_en":"Vertiv","tier":2,"returns_yearly":{"2021":33.8,"2022":-45.3,"2023":251.8,"2024":136.8,"2025":42.8,"2026":96.9}},{"slug":"core-scientific","name":"Core Scientific","name_en":"Core Scientific","tier":2,"returns_yearly":{"2025":3.6,"2026":61.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"super-micro","name":"Super Micro","name_en":"Super 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Services","tier":3,"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":3,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":3,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":3,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":3,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"투자 논점은 AI 인프라 붐에 자본을 공급하는 세계 최대 대체투자 운용사라는 포지션이다. 운용자산 1.1조 달러의 척추는 연기금·국부펀드·보험 LP에게서 받는 운용보수로, 2024년 수수료관련이익(FRE)이 사상 최대 53억 달러(+21%)이고 운용보수는 60개 분기 연속 증가한 영구·장기자본 구조다. 동시에 데이터센터 최대 투자자로 보유 약 700억 달러에 파이프라인 1,000억 달러를 얹었고, QTS(2021년 인수·3.5년간 900%+ 성장)·에어트렁크($160억)·코어위브 부채금융($75억)처럼 지분과 부채 양쪽으로 AI 사슬에 자본을 대는 상류 노드다. 위험은 금리·조달비용 상승이 자산가치와 신규 조달·엑싯을 동시에 누르는 레버리지 민감도이며, 성과보수(carry)는 자산 매각 사이클에 좌우된다.","analysis_en":"The thesis is a position as the world's largest alternative asset manager supplying capital to the AI-infrastructure boom. The spine of its $1.1tn AUM is management fees from pension, sovereign and insurance LPs: record 2024 Fee-Related Earnings of $5.3bn (+21%), with management fees up for 60 consecutive quarters — a perpetual/long-dated capital structure. It is also the largest data-center investor, holding ~$70bn with a $100bn pipeline, and it feeds the AI chain with both equity and debt — QTS (bought 2021, up 900%+ in 3.5 years), AirTrunk ($16bn) and CoreWeave debt financing ($7.5bn) — an upstream node. Risks are leverage sensitivity as rising rates and funding costs press asset values, fundraising and exits at once, and that carry depends on the asset-sale cycle.","analysis_asof":"2026-07-09"},"edges":[{"direction":"investment","counterparty":"AirTrunk (APAC 데이터센터)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2024-09-04","basis":"에어트렁크 인수(A$24B)","value":16,"period":"2024","basis_en":"AirTrunk acquisition (A$24B)"},"note":"블랙스톤이 CPP인베스트먼트와 함께 아시아태평양 최대 데이터센터 플랫폼 에어트렁크를 약 240억 호주달러(약 160억 달러)에 인수했다(2024). 블랙스톤 아태 지역 역대 최대 투자다.","note_en":"Blackstone, with CPP Investments, acquired AirTrunk, the largest APAC data center platform, for about A$24 billion (about $16 billion) in 2024, its largest-ever Asia-Pacific investment.","sources":[{"stance":"confirms","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"ir","lang":"en","published_at":"2025-01-15","url":"https://www.blackstone.com/insights/article/behind-the-deal-airtrunk/","title":"Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy","title_en":"Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy","excerpt":"블랙스톤이 에어트렁크를 240억 호주달러(약 160억 달러)에 인수했다. 보유 데이터센터는 약 700억 달러, 개발 파이프라인은 1,000억 달러 이상이며 'AI 인프라 세계 최대 투자자'를 목표로 한다.","excerpt_en":"Blackstone acquired AirTrunk for A$24 billion (about $16 billion). Its data center holdings are about $70 billion with over $100 billion in pipeline, and it aims to be the world's largest investor in AI infrastructure."}]},{"direction":"investment","counterparty":"QTS Realty Trust (데이터센터)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2021-06-07","basis":"QTS리얼티 상장폐지 인수","value":10,"period":"2021","basis_en":"QTS Realty take-private"},"note":"블랙스톤이 2021년 데이터센터 운영사 QTS리얼티를 약 100억 달러에 상장폐지 인수했고, 이후 3.5년간 900% 이상 성장시켰다. 블랙스톤 데이터센터 플랫폼의 핵심 축이다.","note_en":"Blackstone took data center operator QTS Realty private for about $10 billion in 2021 and grew it more than 900% over 3.5 years; it is a core pillar of Blackstone's data center platform.","sources":[{"stance":"confirms","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"ir","lang":"en","published_at":"2025-01-15","url":"https://www.blackstone.com/insights/article/behind-the-deal-airtrunk/","title":"Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy","title_en":"Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy","excerpt":"블랙스톤은 QTS를 인수해 3.5년간 900% 이상 성장시킨 경험을 에어트렁크 확장에 활용한다.","excerpt_en":"Blackstone leverages its experience scaling QTS, which grew more than 900% over 3.5 years after acquisition, to expand AirTrunk."}]},{"direction":"investment","counterparty":"CoreWeave","counterparty_slug":"coreweave","confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2024-05-17","basis":"코어위브 부채금융(블랙스톤 주도)","value":7.5,"period":"2024-05","basis_en":"CoreWeave debt financing led by Blackstone"},"note":"블랙스톤이 AI 클라우드·GPU 임대 데이터센터 기업 코어위브의 75억 달러(약 10조원) 부채금융을 주도했다(2024년 5월, 마그네타 공동). 코어위브의 엔비디아 GPU를 담보로, 데이터센터 확장 자금을 댔다.","note_en":"Blackstone led a $7.5 billion debt financing for CoreWeave, the AI cloud and GPU-rental data center firm, in May 2024 (co-led by Magnetar), collateralized by CoreWeave's NVIDIA GPUs to fund data center expansion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526082531/d48618d10k.htm","title":"Blackstone 10-K (FY2025)","title_en":"Blackstone Form 10-K (FY2025)","excerpt":"10-K 기준 운용자산(AUM) 약 $1.1조, 데이터센터가 최대 투자 테마. CoreWeave $75억 부채금융 주도.","excerpt_en":"Per the 10-K, AUM ~$1.1T with data centers as a top theme; led a $7.5B debt financing for CoreWeave."},{"stance":"confirms","publisher":"헤럴드경제","publisher_en":"Herald Corp","kind":"news","lang":"ko","published_at":"2024-05-22","url":"https://biz.heraldcorp.com/article/3395004","title":"美 '코어위브' 무슨 회사길래...블랙스톤 10조원 투자","title_en":"What is CoreWeave, the firm Blackstone put KRW 10tn into?","excerpt":"블랙스톤이 엔비디아 AI 반도체로 데이터센터를 운영·임대하는 코어위브에 75억 달러(약 10조원) 부채금융을 주도했고, 코어위브의 엔비디아 GPU를 담보로 삼았다.","excerpt_en":"Blackstone led a $7.5 billion (about KRW 10tn) debt financing for CoreWeave, which runs and leases data centers on NVIDIA AI chips, using CoreWeave's NVIDIA GPUs as collateral."},{"stance":"confirms","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"ir","lang":"en","published_at":"2024-05-17","url":"https://www.blackstone.com/news/press/coreweave-secures-7-5-billion-debt-financing-facility-led-by-blackstone-and-magnetar/","title":"CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar","title_en":"CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar","excerpt":"코어위브가 블랙스톤이 주도하고 마그네타가 공동 주도한 75억 달러 부채금융 계약을 체결했다. 자금은 AI 이노베이터·기업 고객 계약 이행을 위한 고성능 컴퓨트 확충에 쓰인다.","excerpt_en":"CoreWeave signed a $7.5 billion debt financing facility led by Blackstone and co-led by Magnetar; the funds develop its fleet of high-performance compute to execute contracts with enterprise customers and AI innovators."}]},{"direction":"revenue","counterparty":"기관·개인 LP (연기금·국부펀드·보험 등)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD조","as_of":"2024-12-31","basis":"총 운용자산(AUM)","value":1.1,"period":"2024","basis_en":"total AUM"},"note":"블랙스톤 매출의 근간은 기관 LP와 개인 자금을 운용해 받는 운용보수와 성과보수(carry)다. 2024년 수수료관련이익(FRE) 사상 최대 53억 달러, AUM 1.1조 달러 이상.","note_en":"Blackstone's revenue is rooted in management fees and performance revenue (carry) from managing institutional LP and retail capital, with record 2024 Fee-Related Earnings of $5.3bn and AUM over $1.1 trillion.","sources":[{"stance":"confirms","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"filing","lang":"en","published_at":"2025-01-30","url":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","title":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","title_en":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","excerpt":"블랙스톤은 세계 최대 대체투자 운용사로, 부동산·사모주식·인프라·크레딧·헤지펀드 등에 1.1조 달러 이상의 운용자산을 두고 기관·개인 투자자 자금을 운용한다.","excerpt_en":"Blackstone is the world's largest alternative asset manager, with more than $1.1 trillion in AUM across real estate, private equity, infrastructure, credit and hedge funds, managing institutional and individual investor capital."}]},{"direction":"revenue","counterparty":"보험·영구자본 (Credit & Insurance, BIS·리테일)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"크레딧·보험 부문에서 보험사 자금(BIS)과 리테일 영구자본을 운용해 안정적 보수를 받는다. 사모대출·데이터센터 부채금융 등 크레딧이 빠르게 커지는 축이다.","note_en":"In Credit & Insurance, Blackstone manages insurance capital (BIS) and retail perpetual capital for steady fees; private credit, including data center debt financing, is a fast-growing engine.","sources":[{"stance":"mentions","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"filing","lang":"en","published_at":"2025-01-30","url":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","title":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","title_en":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","excerpt":"블랙스톤의 글로벌 투자전략에는 크레딧과 보험이 포함되며, 이 부문이 영구자본 성장을 이끈다.","excerpt_en":"Blackstone's global strategies include credit and insurance, a segment driving perpetual-capital growth."}]},{"direction":"cost","counterparty":"인건비·보상 (투자전문가·임직원)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"운용사 특성상 최대 비용은 투자전문가·임직원에 대한 보상(급여·성과급·carry 배분)이다. 세부 내역은 공시 재무제표 기준.","note_en":"As an asset manager, Blackstone's largest cost is compensation to investment professionals and staff (salaries, bonuses and carry allocations), per its disclosed financial statements.","sources":[{"stance":"mentions","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"filing","lang":"en","published_at":"2025-01-30","url":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","title":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","title_en":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","excerpt":"블랙스톤의 실적은 운용보수와 성과보수에서 나오며, 주요 비용으로 보상을 포함한다.","excerpt_en":"Blackstone's results derive from management and performance fees, with compensation among its principal costs."}]},{"direction":"cost","counterparty":"펀드 운용·일반관리비 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"펀드 운용과 딜 소싱·실사, 일반관리(법률·IT·부동산 등)에 비용을 지출한다. 개별 내역은 공시 재무제표 기준.","note_en":"Blackstone spends on fund operations, deal sourcing and diligence, and general administration (legal, IT, real estate), per its disclosed financial statements.","sources":[{"stance":"mentions","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"filing","lang":"en","published_at":"2025-01-30","url":"https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf","title":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","title_en":"Blackstone Reports Fourth Quarter and Full Year 2024 Results","excerpt":"블랙스톤은 운용보수관련이익(FRE) 산출 시 보상과 일반관리비 등 운영비용을 차감한다.","excerpt_en":"Blackstone deducts compensation and general and administrative operating expenses in arriving at Fee-Related Earnings."}]}]}