(HedgeCo.Net) Blackstone Inc. remains the world’s largest alternative-asset manager, now with roughly US$1.2 trillion in assets under management (AUM) as of late 2025 — a figure that highlights how dominant private markets have become. Wikipedia+1

Yet behind the headline number, Blackstone is navigating significant change. In 2025, the firm sold its controlling stake in a U.S. software company, HealthEdge — a sign of recalibration in its private-equity holdings. Wikipedia Meanwhile, at the end of November, the firm announced that a longtime top executive in its real-estate division, global co-head of real estate Kathleen McCarthy Baldwin, will depart by year-end. Wikipedia

These shifts come as Blackstone — like many peers — rethinks allocation across private equity, real estate, credit, and hedge funds to adapt to a world where interest rates, capital flows, and public-market volatility remain unpredictable.

Industry-wide, alternative assets are no longer niche: over the past decade, private-equity and private-credit holdings as a percentage of global portfolio value have roughly doubled. J.P. Morgan Private Bank+2CBH+2

For Blackstone, the task is balancing size and agility. Its diverse mix — private equity, real estate, credit, infrastructure, and hedge-fund funds — gives scale and resilience. Wikipedia+1 But divestments and high-level turnover suggest a recognition that even giants must pivot.

In short: Blackstone’s towering AUM underscores private markets’ mainstream status. Yet, to remain ahead, it’s subtly reshaping its portfolio — trimming some holdings, refocusing leadership, and balancing growth with risk in a changing macro and capital environment.