In short: Named only in Sam's list of real-capital players ("Amazon, Blackstone, Brookfield, KKR") that get preferential contracts and supply over "mom-and-pop cowboy developers."
56:18street says, "Hey, I'm building a 50-megawatt data center down the road, I need whatever" — okay, show me what you've got. Amazon, Blackstone, Brookfield, KKR, all these guys are going to gobble up that supply and contract capacity. So you're not going to be able to do anything.
In short: Named through its president Jon Gray, alongside Apollo's Marc Rowan, as holding the view he shares: moving lending out of banks into "investment funds with locked up money" is "way safer for the financial system." He hopes private credit "will come through the bad times and keep growing," but draws the line at retail wrappers: "some of these semi-liquid or supposedly liquid structures… I think it's dumb." No company view.
Blackstone's president, Jon Gray, is the other executive Wigglesworth cites as making the case he agrees with: every dollar of lending that moves out of regulated banks into funds with locked-up money leaves the system "way safer." He calls private credit "fantastic… a great idea" and hopes it keeps growing after the coming bad patch.
Where he parts company with the industry's current direction is retail. Big managers are selling private credit to individuals through "semi-liquid" funds that promise periodic withdrawals. His objection is a mismatch: the loans inside take years to mature, but the investors outside have been promised they can leave much sooner — so when people panic, the fund either gates them or sells loans at a bad price. He now calls those structures "dumb," and goes further: even one-day liquidity for ordinary funds is, in his view, a systemic danger.
So the Blackstone mention is supportive of the private-credit model and sceptical of the product being sold to retail on top of it — a distinction worth watching as those semi-liquid vehicles grow.
48:25That's way better. That's way safer for the financial system. So, I'm actually quite in agreement with people like Marc Rowan and Jon Gray, who all say that actually private credit helps de-risk the system. I don't think, there'll be nuances. There'll be frictions around that. But broadly speaking, if a dollar of lending is moving from a regulated bank to a private credit fund, overall that's actually safer for the system.
In short: Named as the counterparty on Nvidia's announced "$500 billion in financing from Blackstone, some of the investment banks" — which Dowd stresses was a memorandum of understanding, not a contract, so "it can just vaporize overnight."
7:15But what people need to understand was a memorandum of understanding, which is not a contract. So, it can just vaporize overnight. It's not a real commitment until the contracts are written. Same thing happened on the Stargate. And there's a big announcement in the beginning of Trump administration, Stargate 500 billion.
In short: PPL's partner in Invitium Energy, the joint venture that has reserved 5 GW of gas turbines to build new data-center power plants in Pennsylvania — so it sits on the same side of the rule change the article calls a benefit. No view is expressed on Blackstone itself, and the exposure is a single JV inside a very large alternative-asset manager, so the read-through is real but heavily diluted.
Blackstone is a very large investment firm that, among many other things, funds infrastructure. Here it appears as PPL's partner in Invitium Energy, the joint venture that has reserved 5 gigawatts of gas turbines to build dedicated power plants for Pennsylvania data centers.
That means Blackstone sits on the winning side of the rule change for the same reason PPL does — it part-owns the scarce thing data centers are now required to have. But the article expresses no view on Blackstone itself, and one joint venture inside a firm that manages hundreds of billions barely moves the needle. Worth noting as a signal of where private capital is positioning, not as a way to own this specific outcome.
In short: Both a financier of the AI build-out (one of the six firms in Nvidia's $500B platform) and the exhibit for the exit bottleneck: "the giant PE firm Blackstone bought ancestry.com in 2020 for 4.7 billion. Six years later, Blackstone still owns the company and recently negotiated to extend the maturities on its debt, suggesting that the firm expects an even longer hold period."
Full passage: premium transcript (PDF).
In short: Named as one of the five or six alternative managers in NVIDIA's ~$500bn chip-financing MOU (the host's estimate: ~80% debt / 20% equity). His read: the firms will be "very careful about how they protect their own balance sheets but also the balance sheets of their investors," so wait to see what is actually structured. Passing mention, no company view.
8:30Blackstone, BlackRock, KKR, to finance chips and recognize that these are an investable asset class. I asked Claude before this what percentage of that 500 billion is going to be debt versus equity. They said roughly 80% debt 20% equity. So you're the debt guy, so this is good, we're speaking to you.
In short: Consortium member in the $500B AI-infrastructure financing platform. Same framing: fee income now, with the securitized GPU collateral risk distributed to end buyers.
33:56slower growth in the AI sector. Take a look at this story that was released just two days ago. Nvidia and AI compute $500 billion of third party capital. Nvidia today announced strategic partnerships to establish independent compute financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion of third party capital for the buildout of AI infrastructure over time.
In short: An MOU signatory in the $500B NVIDIA consortium and one of the private-equity names having a strong session. Brown's framing explains the appeal to these firms: "there's trillions of dollars in dry powder between private credit, private equity… everybody's looking for new products to bring their clients that have a yield attached to them." No committee position.
In short: Amoroso's final trade: "private markets — I think a lot of bad news is priced in… earnings may be high for portfolio companies, but fundraising is strong. It's Blackstone, biggest in private equity." Also named as one of the Wall Street giants (with Apollo, BlackRock's GIP, Brookfield, Goldman and KKR) in the FT's $500B NVIDIA AI-financing partnership — the private-capital plumbing behind the buildout she says "is certainly going to take private markets as well."
Blackstone is the largest private-equity and alternative-asset manager — it raises money from institutions and invests it in companies, property and credit, earning management and performance fees. Anastasia Amoroso made it her final trade: "a lot of bad news is priced in… earnings may be high for portfolio companies, but fundraising is strong."
Translation: the market has already marked down these stocks for the risk that the businesses they own are worth less than claimed, but the fee engine — new money coming in the door — is still running. Blackstone also turns up in the day's other story, as one of the six firms reportedly assembling $500 billion of financing for Nvidia — the same "AI buildout needs private capital" theme she describes.
In short: Named with Ares and KKR among the private-equity names moving on the software stabilisation. Context: financials overall are going for a tenth straight week of gains, the longest streak since at least 1989. No committee position.
In short: Named in Brown's neocloud-financing chain: the ten neoclouds building data centers "don't have their own cash flow, so they obviously are going to be out there borrowing money — they're working with companies like Blackstone to finance these facilities." Context for why NVIDIA vendor-finances rather than a stance on Blackstone.
In short: "The results were good, but also mixed" — EPS $1.52 vs $1.36 expected on transaction revenue and strong realizations, fundraising $68B — but slow base-fee growth and only modest performance in real estate and credit. "Two major issues facing Blackstone and the private equity sector": exit timelines keep lengthening, and private credit's software problems bite when the refinancing cycle begins next year. Management "bragged that it is the biggest financier of AI data centers… that may or may not prove to be a great bet."
Blackstone is the largest private-markets manager: it raises money from institutions and wealthy investors, buys companies, real estate and loans with it, and earns management fees plus a share of profits. The quarter beat expectations, helped by deal activity and by selling assets at better prices than expected, and it raised $68 billion of new money.
Eisman's two unresolved worries are structural, not quarterly. First, the time it takes to sell portfolio companies and hand investors their cash back "keeps lengthening" — money stays locked up longer. Second, private credit (direct lending, much of it to software companies) only really faces its test when those loans must be refinanced next year. He also notes management boasting that Blackstone is the biggest financier of AI data centers: "that may or may not prove to be a great bet."
15:09Yes, the numbers were pretty good, but there are two major issues facing Blackstone and the private equity sector. The first, the time it takes to sell companies and give investors their money back keeps lengthening. And private credit's problems with software will really start to matter until next year when the refinancing cycle begins.
In short: Named with Apollo on the ~$35B TPU financing — peer reference only; the unnamed office/low-cap-rate PE short is deliberately NOT attributed to any ticker.
41:51— done well, no doubt, because none of them trade particularly well. — That's been our main financial short along with some of the — Is that related to the AI spend? Blackstone and this is Apollo flew out. No, yeah. But Apollo and Blackstone did that deal, I want to say a month or so ago, really June, where they basically raised $35 billion to invest in TPUs or it was like the Broadcom — what we're involved with is not only in AI, but it's an office building and it's in
In short: Terranova: the one private-equity name he'd "step out and take a chance on" — up about 10% so far in July, and "probably seen the worst."
Blackstone is the biggest private-equity/alternative-asset manager. Joe Terranova singles it out as the one private-equity name he'd "step out and take a chance on" — it's up about 10% in July and, in his view, has "probably seen the worst" of the negative sentiment that hit the group.
In short: The interviewer's firm (it put $7.5B behind CoreWeave). Noted only in the orbital-compute aside — terrestrial-data-center exposure would be "a lot of trouble with Blackstone." No stance.
18:51Neoclouds. I called you in the summer when you were on vacation somewhere to bug you about a company called CoreWeave in the summer of 2023 and get your advice and input. Ultimately, that led to us investing 7 and 1/2 billion behind CoreWeave to scale them up at a really pivotal moment.
In short: CLO/BDC "Kingmaker" short: "Blackstone is getting closer (note the progressively smaller departures from the 200dma over the past year)" — a maturing ROS setup.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.