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Blackstone released its fourth-quarter results last week, and the firm's performance and management commentary both point toward a real rebound in market activity.

In the words of CFO Michael Chae, the period solidified the team's "conviction that the deal cycle would accelerate, including a resurgence in capital markets activity."

Net realizations from investment exits jumped 59 percent in the fourth quarter to hit the highest level in more than three years. For dealmakers, that meant a 15 percent year-over-year increase in carried interest distributions to $1.1 billion.

Management fees increased 11 percent year over year to a record $2.1 billion, driven by 10 percent growth in base management fees and a 27 percent increase in transaction and advisory fees as dealmaking activity bounced back.

"The deal environment feels like it's reached escape velocity," Jonathan Gray, Blackstone's president, said. "We have a big drawdown cycle underway."

Blackstone deployed $138 billion across the firm in 2025, its highest level in four years, while private equity realizations hit $33.9 billion. Gray expects the stronger exit environment to continue and noted the firm now has "one of the largest IPO pipelines in our history," distributed across multiple sectors and geographies.

Gray was also optimistic that strategic appetite is rebounding.

"We do see strategics now given the strength of their stocks and the fact that the regulatory environment is much more conducive for M&A. There is more confidence as we have sort of normalized the approach in terms of evaluating antitrust issues."

On the new deal front, Blackstone signed or closed eight privatizations during the year across private equity and real estate, including the $18 billion take-private of medical technology company Hologic in the fourth quarter.

Across all new investments, CFO Michael Chae says the firm targeted "key thematic areas such as digital infrastructure, including data centers, power, and electrification, private credit, life sciences, and from a regional perspective, India and Japan."

"It feels like 2013-2014, where you had that four, five-year hibernation period, the markets reopened, and we took a bunch of companies public," Gray said. "And that is the way it feels today."

That earlier window produced a multi-year run of distributions that returned capital to LPs and drove subsequent fundraising cycles. Gray says this motion is now starting back up: "As they get capital back, as they get gains back, it makes it easier for them to allocate more capital to us. It does get that flywheel going again."

"I think we forget sometimes that the last four years have been an abnormal period, that M&A and IPO activity have been well below historic levels, and we are moving back towards more historic levels of activity," Gray added.

Fundraising momentum is starting to build: Blackstone raised around $240 billion for the full year across institutional, private wealth, and insurance channels, lifting total assets under management 13 percent to nearly $1.3 trillion.

"In corporate private equity, we have raised over $10 billion to date for our next Asia flagship, compared to approximately $6 billion for the previous vintage, and expect to reach over $12 billion," said Gray.

"We also launched fundraising for our fifth private equity energy transition vehicle, which we expect to be meaningfully larger than the prior vintage of approximately $5.5 billion, with a first close anticipated this spring … [and] held initial closings of $5 billion for our new PE secondaries flagship, targeting at least the size of the prior $22 billion vintage, with another major close expected in the coming weeks."

Private wealth was another bright spot for the firm, with fundraising up 53 percent year over year to $43 billion.

Blackstone's private wealth assets under management reached $300 billion—a threefold increase over five years. Analyst research cited by management estimates the firm now generates more than 50 percent of all private wealth revenue across major alternative managers.

Coming up, Gray expects 2026 to be a "foundational year" for building toward 401(k) market access as managers await the outcome of the Department of Labor's rulemaking process. 401(k) fundraising activity, however, isn't likely to start until 2027.

• Bertelsmann unit BMG Rights Management is weighing a potential acquisition of Concord, a music company majority owned by the State of Michigan Retirement System, in a cash-and-stock deal that could be valued at up to $7 billion, per Bloomberg.

• Thoma Bravo has hired Evercore and JPMorgan to explore a sale of Imprivata, a digital identity software provider for the healthcare industry, which could be valued at up to $7 billion, per Reuters.

• Architect Capital is in exclusive talks to acquire a majority stake in OnlyFans, a subscription-based creator platform, at a $5.5 billion enterprise value, per Axios.

• SOLV Energy, a solar and battery storage services provider backed by American Securities, launched the roadshow for its Nasdaq IPO (MWH) with plans to offer 20.5 million shares at $22 to $25, targeting a valuation of up to $5 billion.

• Eldorado Gold (NYSE: EGO) agreed to acquire Foran Mining (TSX: FOM), a copper-focused developer, for around $2.8 billion.

• G2 agreed to acquire Capterra, Software Advice, and GetApp, three B2B software discovery and review platforms, from Gartner (NYSE: IT).

• ESAB Corporation (NYSE: ESAB) agreed to acquire Eddyfi Technologies, a provider of advanced inspection and monitoring technologies, for $1.45 billion from Novacap, CDPQ, and Investissements Florian Hardy.

• Permira agreed to acquire a significant minority stake in Carne Group, a Dublin-based fund regulation and governance platform, from Vitruvian Partners at a €1.4 billion valuation.

• Bain Capital agreed to acquire FineToday Holdings, a Japanese personal care and beauty company, for approximately $1.29 billion from CVC Capital Partners.

• Mitsubishi Electric acquired Nozomi Networks, a San Francisco-based provider of AI-powered industrial cybersecurity and operational visibility software, for $1 billion.

• Aura, a Boston-based online safety platform, agreed to acquire Qoria (ASX: QOR), an Australian student safety and wellbeing software provider, for an implied valuation of A$972 million.

• Aluminium Corporation of China and Rio Tinto (NYSE: RIO) agreed to acquire a controlling stake in Companhia Brasileira de Alumínio, a Brazilian aluminum producer, from Votorantim for approximately $904 million.

• Clearlake Capital Group agreed to a pre-packaged Chapter 11 restructuring of Pretium Packaging, a plastic container manufacturer, that will reduce the company's debt by $900 million and allow Clearlake to retain its majority stake.

• Nine Entertainment (ASX: NEC) agreed to acquire QMS Media, a digital out-of-home advertising company, for A$850 million from Quadrant Private Equity.

• GeoPark (NYSE: GPRK) agreed to acquire Frontera Energy's (TSX: FEC) Colombian oil and gas exploration and production assets for an implied enterprise value of approximately $600 million.

• Halozyme Therapeutics (Nasdaq: HALO) agreed to acquire Surf Bio, a developer of biologic drug delivery technology, for up to $400 million.

• Spring Health agreed to acquire Alma, a New York-based platform helping independent mental health clinicians accept insurance and manage private practices, which had raised $225 million from investors including Thoma Bravo, Insight Partners, and Optum Ventures.

• Thrive Holdings invested $100 million to launch Shield, a national IT services platform.

• Aspen Power, backed by Carlyle, acquired two community solar projects in upstate New York from CTEC Solar.

• IKON Capital, Bolt Ventures, and Main Street Advisors acquired Red Bull KTM Tech3, a MotoGP racing team.

• MML Capital invested in RTM Engineering Consultants, a Schaumburg, Illinois-based engineering consulting firm specializing in MEP, structural and civil engineering.

• Premise Health, backed by OMERS Private Equity and Ares Management, agreed to merge with Crossover Health, an employer-focused provider of advanced primary care and occupational medicine services.

• SunSource, a portfolio company of Clayton, Dubilier & Rice, acquired Vytl Controls Group, a Woodlands, Texas-based provider of flow control solutions, from MiddleGround Capital.

• HKW merged its portfolio company Electric Equipment Engineering with Endpoint Industrial Controls, a Loveland, Colorado-based provider of electrical power products and solutions.

• Inspirit Equity acquired a majority stake in Sizemore, an Augusta, Georgia-based provider of outsourced facility management services.

• Capgemini plans to sell Capgemini Government Solutions, its U.S. subsidiary serving Immigration and Customs Enforcement, amid scrutiny over the unit's contracts.

• First Reserve invested in WGI, a West Palm Beach, Florida-based provider of engineering, design, and infrastructure solutions focused on transportation and public infrastructure.

• Anaplan, a business-planning software provider backed by Thoma Bravo, is preparing to file confidentially for an IPO in the coming weeks, per The Information.

• Crestview Partners acquired Tailwind Hospitality, a Wilmington, North Carolina-based operator of food, beverage, and retail concessions in non-hub and regional airports, from Palladin Consumer Retail Partners.

• J.F. Lehman & Company acquired majority stakes in Reclamation Technologies USA and Tradewater, providers of refrigerant recovery and collection services, to establish a new environmental services platform.

• The Paul G. Allen Estate is reportedly preparing to sell the Seattle Seahawks, an NFL franchise, following Super Bowl LX, per ESPN, though a spokesperson for the estate stated the team is not currently for sale.

• Invio Automation, a portfolio company of Arsenal Capital Partners, acquired Calvary Robotics, a Webster, New York-based provider of robotics and automation solutions.

Tech, Vertical SaaS, & Misc. Enterprise

• Fieldguide, an AI platform for audit and advisory, raised $75 million in Series C funding at a $700 million valuation led by Growth Equity at Goldman Sachs Alternatives, with participation from Geodesic, Bessemer Venture Partners, 8VC, and Thomson Reuters.

• Poetiq, a developer of AI systems designed to enhance LLM reasoning, raised $45.8 million in seed funding co-led by FYRFLY Venture Partners and Surface Ventures, with participation from Y Combinator, 468 Capital, Operator Collective, Hico Ventures, and Neuron Venture Partners.

• Arkero, an AI operations platform for sports organizations, raised $6 million in pre-seed funding led by Game Changers Ventures, with participation from 776, BoxGroup, Garuda Ventures, and Founders' Co-op.

Fintech

• Varo Bank, a US-based digital consumer bank, raised $123.9 million in Series G funding co-led by Warburg Pincus and Coliseum Capital Management, with participation from Northview.

• Talos, an institutional digital asset trading infrastructure provider, raised $45 million in Series B extension funding at a $1.5 billion valuation led by Robinhood Markets, with participation from Sony Innovation Fund, IMC, QCP, Karatage, a16z crypto, BNY, and Fidelity Investments.

• Bits, a Stockholm-based compliance and onboarding infrastructure for financial institutions, raised €12 million in Series A funding led by Alstin Capital, with participation from Cherry Ventures, Unusual Ventures, and Alliance Ventures.

• Incard, a financial platform for digital companies, raised £10 million in Series A funding led by Smartfin, with participation from Founders Capital and MountFund.

Consumer & Media

• Loop AI, an AI platform for restaurant and retail back-office operations, raised $14 million in Series A funding led by Nyca Partners, with participation from Base10, Afore Capital, Converge, Alumni Ventures, Data Tech Fund, 9Yards Capital, and Operators Studio.

• The Realest, a sports and entertainment memorabilia marketplace and authentication platform, raised $12 million in Series A funding led by EnOne Ventures, with participation from OneTeam Partners, Elysian Park Ventures, PGA of America, Interlock Partners, Entrepreneur Ventures, KB Partners, and Alumni Ventures.

• Sound Games, a Seattle-based cross-platform game developer, raised $6.5 million in seed funding led by Point72 Ventures, with participation from Timeless, Daybreak, WOCstar, Hustle Fund, and ZVC.

Healthcare

• Alan, a French digital health insurer, raised €173 million in Series F funding at a €4 billion valuation led by Belfius, with participation from Ontario Teachers' Pension Plan, Temasek, Coatue, and Lakestar.

• Tenpoint Therapeutics, a biotech company developing vision restoration therapies, raised $85 million in Series B funding co-led by Janus Henderson, EQT Nexus, Hillhouse, and British Business Bank, with participation from EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio, and Wille.

• Biorce, a Barcelona-based AI clinical trial platform, raised $52.5 million in Series A funding led by DST Global Partners, with participation from Norrsken VC, YZR Capital, Mustard Seed Maze, and Endeavor Catalyst.

• When, a workforce transitions platform reducing healthcare costs, raised $10.2 million in Series A funding co-led by ManchesterStory and 7wire Ventures, with participation from Mairs & Power Venture Capital, B Capital, Enfield Capital Partners, TTV Capital, and Alumni Ventures.

Industrials, Greentech, & Other

• Waymo, Alphabet’s autonomous driving and robotaxi unit, raised $16 billion in new funding at a $126 billion post-money valuation co-led by Dragoneer Investment Group, DST Global, and Sequoia Capital, with participation from Alphabet, Andreessen Horowitz, Mubadala Capital, Bessemer Venture Partners, and Silver Lake.

• CesiumAstro, a space and defense communications developer, raised $470 million in Series C funding led by Trousdale Ventures, with participation from Woven Capital, Janus Henderson Investors, Airbus Ventures, the Development Bank of Japan, MESH Ventures, and NewSpace Capital, including a $200 million financing package from EXIM Bank and J.P. Morgan.

• VulcanForms, a digital metal manufacturing platform, raised $220 million in Series D funding co-led by Eclipse and 1789 Capital, with participation from Washington Harbour, Fontinalis Partners, and IEQ Capital.

• RobCo, a Munich-based autonomous industrial robotics developer, raised $100 million in Series C funding co-led by Lightspeed Venture Partners and Lingotto Innovation, with participation from Sequoia Capital, Greenfield Partners, Kindred Capital, Leitmotif, and The Friedkin Group.

• Plug, a used electric vehicle marketplace, raised $20 million in Series A funding led by Lightspeed, with participation from Galvanize, Autotech Ventures, Leap Forward Ventures, and Renn Global.

• Qatar Investment Authority expanded its venture capital fund-of-funds program to $3 billion, adding $2 billion to the initiative to back managers including Greycroft, Ion Pacific, and Speedinvest.

• Encore Consumer Capital raised $350 million for its oversubscribed fifth flagship fund.

• Yosemite, the oncology-focused venture firm led by Reed Jobs, raised over $200 million for the first close of its second fund, targeting $350 million with backing from Amgen, MIT, and Memorial Sloan Kettering.

• Santé Ventures raised $330 million for its fifth fund focused on early-stage biotechnology, medical technology, and digital health.

• Constructor Capital, a Swiss venture firm, raised $110 million for its debut fund focused on early-stage, science-first startups across deep tech, quantum, AI, and edtech.

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