# Who are Blackstone's customers? Who does Blackstone earn revenue from?
Canonical: https://valuechain.wiki/blackstone · Facet: customers · Updated: 2026-10-12T17:27:03.421574+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Blackstone discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-10-12).

### 기관·개인 LP (연기금·국부펀드·보험 등) (high)
- metric: Amount $1.3T · Q2 2026 · Total assets under management
- note: Blackstone earns management, advisory and performance fees by managing institutional and individual capital. At June 30, 2026, total AUM was $1.3463 trillion and fee-earning AUM was $961.6 billion.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-23) https://www.sec.gov/Archives/edgar/data/1393818/000119312526313250/d153439dex991.htm: "At June 30, 2026, total AUM was $1,346.3 billion and fee-earning AUM was $961.6 billion."
- [confirms] ALT2 (KO, news, published 2026-07-23) https://www.alt2.co.kr/events/blackstone-2026-q2-earnings-call: "The Korean earnings review also confirms record Q2 2026 AUM of about $1.35 trillion."
- [confirms] Blackstone (EN, filing, published 2025-01-30) https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf: "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."

### 보험·영구자본 (Credit & Insurance, BIS·리테일) (high)
- metric: Amount $555.6B · Q2 2026 · Perpetual capital AUM
- note: Blackstone earns recurring fees from perpetual capital, including credit and insurance and private-wealth vehicles. Perpetual-capital AUM was $555.6 billion at June 30, 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-23) https://www.sec.gov/Archives/edgar/data/1393818/000119312526313250/d153439dex991.htm: "Perpetual-capital AUM was $555.6 billion at June 30, 2026."
- [mentions] Blackstone (EN, filing, published 2025-01-30) https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf: "Blackstone's global strategies include credit and insurance, a segment driving perpetual-capital growth."

Reverse side: https://valuechain.wiki/blackstone/suppliers.md · Ripple: https://valuechain.wiki/blackstone/ripple.md

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