Blackstone plans to double assets to $800 billion by 2023

Firm is raising money for new infrastructure fund and looking at early-stage growth investing

ABU DHABI, UNITED ARAB EMIRATES - June 14, 2017:HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (R), meets with Steve Schwarzman CEO of Blackstone Group and Chairman of the US Strategic and Policy Forum (L), at Al Bateen Palace. 
( Hamad Alkaabi / Crown Prince Court - Abu Dhabi )
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Blackstone Group could double its assets under management to US$800 billion in five years, according to chief executive Steve Schwarzman.

“We have internal targets, plans, aspirations to basically double where we are which would take us to $800 billion,” Schwarzman said in Bloomberg TV interview in Riyadh on Wednesday. When asked whether the New York-based asset manager could be a trillion dollar fund, he said: “That’s possible.”

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Schwarzman, 70, said last week that he expects Blackstone’s assets to continue rising in the fourth quarter. The firm is raising money for its new infrastructure fund, and it’s making a foray into early-stage growth investing, President Tony James said.

Overseeing $387.4bn across private equity, real estate, credit and hedge funds as of September 30, Blackstone is considered a bellwether for the alternative-asset industry. The firm added an additional $10 billion this week with the acquisition of energy investor Harvest Fund Advisors.