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2021-08-05

Blackstone, Other Private-Equity Stocks Catch Fire<blockquote>黑石和其他私募股权股票着火</blockquote>

The firms and their long-languishing shares are benefiting from current market dynamics such as low

Blackstone, Other Private-Equity Stocks Catch Fire<blockquote>黑石和其他私募股权股票着火</blockquote>

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After years of lackluster performance, shares of private-equity firms have hit their stride.<blockquote>这些公司及其长期低迷的股票正受益于当前的市场动态，例如低利率。在经历了多年的低迷表现后，私募股权公司的股价已经达到了顶峰。</blockquote> In the decade or more sinceBlackstone GroupInc.,BX1.38%KKRKKR1.90%&amp; Co.,Apollo Global ManagementInc.APO0.38%andCarlyle GroupInc.CG1.00%went public, their assets under management have exploded as they branched out beyond leveraged buyouts into areas such as real estate, lending and insurance.<blockquote>自黑石集团(Blackstone Group Inc.)、BX1.38%KKRKKR1.90%&amp;Co.、阿波罗全球管理公司(Apollo Global ManagementInc.)和凯雷集团(Carlyle Group Inc.CG 1.00%)上市以来的十年或更长时间里，它们管理的资产呈爆炸式增长，因为它们的业务超出了杠杆收购的范围。房地产、贷款和保险等领域。</blockquote> But their stocks languished, leading executives such asBlackstoneBX1.38%chief Stephen Schwarzman to publicly gripe that the market was undervaluing them.<blockquote>但他们的股票却萎靡不振，导致BlackstoneBX1.38%首席执行官史蒂芬·施瓦茨曼等高管公开抱怨市场低估了他们的价值。</blockquote> That has changed in a big way since the U.S. economy began to emerge from the coronavirus-driven downturn.<blockquote>自从美国经济开始走出冠状病毒导致的低迷以来，这种情况发生了很大变化。</blockquote> Including dividends, shares of Blackstone have tripled since April 1, 2020, roughly when the recovery began, pushing its market capitalization to around $140 billion. That is bigger than those of financial giants Goldman Sachs Group Inc. and BlackRock Inc. KKR’s stock performance has been even stronger over that period, edging out Blackstone’s by a few percentage points. (Blackstone’s performance over the past three years has trounced that of all three rivals.)<blockquote>包括股息在内，自2020年4月1日（大致是复苏开始时）以来，黑石的股价已上涨两倍，使其市值达到1400亿美元左右。这比金融巨头高盛集团和贝莱德公司的股价还要高。在此期间，KKR的股票表现更加强劲，领先黑石几个百分点。（黑石过去三年的业绩击败了所有三个竞争对手。）</blockquote> Shares of Carlyle, which historicallylagged behind those of peers, have shot up by nearly 160%. Even Apollo’s stock, which was weighed down by revelations of ties between former Chief Executive Leon Black and Jeffrey Epstein, has more than doubled.<blockquote>历来落后于同行的凯雷股价已飙升近160%。就连因前首席执行官莱昂·布莱克(Leon Black)和杰弗里·爱泼斯坦(Jeffrey Epstein)之间关系被曝光而承压的阿波罗(Apollo)的股价也上涨了一倍多。</blockquote> The S&amp;P 500 has risen by about 83% in that period, according to FactSet.<blockquote>FactSet的数据显示，在此期间，标普500上涨了约83%。</blockquote> Private-equity firms—big owners of assets purchased with significant amounts of debt—are ideally positioned to be outsize beneficiaries of current market dynamics. Low interest rates have made borrowing cheap and led yield-hungry investorsto funnel hundreds of billionsof dollars into the firms’ coffers.<blockquote>私募股权公司——用大量债务购买资产的大所有者——处于理想的位置，可以成为当前市场动态的巨大受益者。低利率使得借贷变得便宜，并导致渴望收益的投资者将数千亿美元注入公司的金库。</blockquote> The tailwinds were on recent display as the firms reported strong second-quarter results, pushing their shares up even further.<blockquote>最近，这些公司公布了强劲的第二季度业绩，推动其股价进一步上涨，从而显示出有利因素。</blockquote> The spring for the group’s outperformance was loaded well before the pandemic began, when each firm opted in quick succession to abandon its partnership structure and become a C-corporation on the heels of the 2017 corporate tax cuts. The partnership structure had kept their billionaire founders in control but meant their stocks couldn’t be included in indexes, and shareholders had to endure extra tax requirements to own them.<blockquote>早在疫情开始之前，该集团就迎来了优异表现的春天，当时每家公司都在2017年企业减税后迅速选择放弃其合伙结构，成为C级公司。合伙结构使他们的亿万富翁创始人保持了控制权，但这意味着他们的股票不能被纳入指数，股东必须忍受额外的税收要求才能拥有它们。</blockquote> The firms’ shares have been added to several indexes, and the S&amp;P 500 could be next.<blockquote>这些公司的股票已被添加到多个指数中，标普500可能是下一个。</blockquote> “By being publicly traded partnerships, we created stocks that were difficult to own,” said Blackstone President Jonathan Gray. Becoming corporations meant “creating liquidity and a broader universe to buy these stocks,” he said.<blockquote>黑石总裁乔纳森·格雷(Jonathan Gray)表示：“通过公开交易的合伙企业，我们创造了难以持有的股票。”他说，成为公司意味着“创造流动性和更广阔的空间来购买这些股票”。</blockquote> The firms also ditched “economic net income,” a profit metric they had created for their public-market debuts that ended up being volatile and difficult to understand. They began to emphasize figures that matter more to public investors, including the amount of earnings that can be returned in the form of dividends and profit tied to management fees, which are more predictable than performance-related income.<blockquote>这些公司还放弃了“经济净收入”，这是他们为公开市场首次亮相创造的利润指标，最终变得不稳定且难以理解。他们开始强调对公众投资者更重要的数字，包括可以以股息形式返还的收益金额以及与管理费挂钩的利润，这些收益比与业绩相关的收入更可预测。</blockquote> KKR earlier this year said it was tying employee compensation more closely to performance fees, enabling more of the management-fee stream to flow to public investors.<blockquote>KKR今年早些时候表示，将把员工薪酬与绩效费更紧密地挂钩，使更多的管理费流向公众投资者。</blockquote> “What the markets want are sticky, consistent fee streams that are recurring in nature with high re-up rates,” said Morgan Stanley analyst Michael Cyprys, who has been covering the stocks for years.<blockquote>多年来一直关注这些股票的摩根士丹利分析师迈克尔·塞普里斯(Michael Cyprys)表示：“市场想要的是粘性、一致的费用流，这些费用流本质上会以高再上涨率反复出现。”</blockquote> And all four firms have thrown themselves into raising so-called permanent or perpetual capital. It is money that doesn’t have to be returned or re-raised within a few years, as has historically been the norm with private-equity funds, and can keep churning out fees instead.<blockquote>所有四家公司都致力于筹集所谓的永久资本。这些钱不必像私募股权基金历史上的常态那样在几年内返还或重新筹集资金，而是可以继续收取费用。</blockquote> The quest for such long-term capital has led them to develop platforms to manage assets for insurance companies and offer new products to individual investors.<blockquote>对这种长期资本的追求促使他们开发平台，为保险公司管理资产，并向个人投资者提供新产品。</blockquote> Long a leader in insurance, Apollo now gets more than $250 billion of its $471.8 billion in assets from insurance affiliatesAthene HoldingLtd.and Athora Holding Ltd. Apollo is solidifying the arrangement with a deal announced this year to buy the piece of Athene it doesn’t already own. Its rivals have all made recent movesaimed at catching up.<blockquote>Apollo长期以来一直是保险业的领导者，目前从保险子公司Athene HoldingLtd和Athora Holding Ltd获得了4718亿美元资产中的超过2500亿美元。Apollo正在巩固这一安排，今年宣布了一项收购其拥有的Athene的交易。还没有拥有。它的竞争对手最近都采取了旨在迎头赶上的举措。</blockquote> Blackstone has led the charge on the industry’s other major permanent-capital front: individual investors. The firmhas been investing for yearsto create infrastructure to distribute and market products aimed at moderately wealthy individuals—a market it estimates is worth $80 trillion—and it has become clear in recent quarters that the effort is paying off in a big way.<blockquote>黑石在该行业的另一个主要永久资本方面处于领先地位：个人投资者。该公司多年来一直在投资创建基础设施，以分销和营销针对中等富裕个人的产品——该公司估计这个市场价值80万亿美元——最近几个季度很明显，这一努力正在获得巨大回报。</blockquote> BREIT, the firm’s nontraded real-estate investment trust, and BCRED, a private-credit product likewise aimed at individual investors, have been raising a combined $4 billion in new capital each month, the firm said during its second-quarter earnings call last month.<blockquote>该公司在第二季度财报看涨期权上表示，该公司的非交易房地产投资信托基金BREIT和同样针对个人投资者的私人信贷产品BCRED每月总共筹集40亿美元的新资本上个月。</blockquote> Blackstone’s peers are starting to follow suit. KKR in May rolled out a product to offer private real estate to individual investors. Apollo said Wednesday it is investing in its own retail distribution channel, with the goal of making individual investors a material piece of its third-party inflows in the next three-to-five years.<blockquote>黑石的同行也开始效仿。KKR在5月份推出了一款向个人投资者提供私人房地产的产品。阿波罗周三表示，正在投资自己的零售分销渠道，目标是在未来三到五年内让个人投资者成为其第三方资金流入的重要组成部分。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Blackstone, Other Private-Equity Stocks Catch Fire<blockquote>黑石和其他私募股权股票着火</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackstone, Other Private-Equity Stocks Catch Fire<blockquote>黑石和其他私募股权股票着火</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-05 20:59\n\n</h4>\n</header>\n<article>\n The firms and their long-languishing shares are benefiting from current market dynamics such as low interest rates. After years of lackluster performance, shares of private-equity firms have hit their stride.<blockquote>这些公司及其长期低迷的股票正受益于当前的市场动态，例如低利率。在经历了多年的低迷表现后，私募股权公司的股价已经达到了顶峰。</blockquote> In the decade or more sinceBlackstone GroupInc.,BX1.38%KKRKKR1.90%&amp; Co.,Apollo Global ManagementInc.APO0.38%andCarlyle GroupInc.CG1.00%went public, their assets under management have exploded as they branched out beyond leveraged buyouts into areas such as real estate, lending and insurance.<blockquote>自黑石集团(Blackstone Group Inc.)、BX1.38%KKRKKR1.90%&amp;Co.、阿波罗全球管理公司(Apollo Global ManagementInc.)和凯雷集团(Carlyle Group Inc.CG 1.00%)上市以来的十年或更长时间里，它们管理的资产呈爆炸式增长，因为它们的业务超出了杠杆收购的范围。房地产、贷款和保险等领域。</blockquote> But their stocks languished, leading executives such asBlackstoneBX1.38%chief Stephen Schwarzman to publicly gripe that the market was undervaluing them.<blockquote>但他们的股票却萎靡不振，导致BlackstoneBX1.38%首席执行官史蒂芬·施瓦茨曼等高管公开抱怨市场低估了他们的价值。</blockquote> That has changed in a big way since the U.S. economy began to emerge from the coronavirus-driven downturn.<blockquote>自从美国经济开始走出冠状病毒导致的低迷以来，这种情况发生了很大变化。</blockquote> Including dividends, shares of Blackstone have tripled since April 1, 2020, roughly when the recovery began, pushing its market capitalization to around $140 billion. That is bigger than those of financial giants Goldman Sachs Group Inc. and BlackRock Inc. KKR’s stock performance has been even stronger over that period, edging out Blackstone’s by a few percentage points. (Blackstone’s performance over the past three years has trounced that of all three rivals.)<blockquote>包括股息在内，自2020年4月1日（大致是复苏开始时）以来，黑石的股价已上涨两倍，使其市值达到1400亿美元左右。这比金融巨头高盛集团和贝莱德公司的股价还要高。在此期间，KKR的股票表现更加强劲，领先黑石几个百分点。（黑石过去三年的业绩击败了所有三个竞争对手。）</blockquote> Shares of Carlyle, which historicallylagged behind those of peers, have shot up by nearly 160%. Even Apollo’s stock, which was weighed down by revelations of ties between former Chief Executive Leon Black and Jeffrey Epstein, has more than doubled.<blockquote>历来落后于同行的凯雷股价已飙升近160%。就连因前首席执行官莱昂·布莱克(Leon Black)和杰弗里·爱泼斯坦(Jeffrey Epstein)之间关系被曝光而承压的阿波罗(Apollo)的股价也上涨了一倍多。</blockquote> The S&amp;P 500 has risen by about 83% in that period, according to FactSet.<blockquote>FactSet的数据显示，在此期间，标普500上涨了约83%。</blockquote> Private-equity firms—big owners of assets purchased with significant amounts of debt—are ideally positioned to be outsize beneficiaries of current market dynamics. Low interest rates have made borrowing cheap and led yield-hungry investorsto funnel hundreds of billionsof dollars into the firms’ coffers.<blockquote>私募股权公司——用大量债务购买资产的大所有者——处于理想的位置，可以成为当前市场动态的巨大受益者。低利率使得借贷变得便宜，并导致渴望收益的投资者将数千亿美元注入公司的金库。</blockquote> The tailwinds were on recent display as the firms reported strong second-quarter results, pushing their shares up even further.<blockquote>最近，这些公司公布了强劲的第二季度业绩，推动其股价进一步上涨，从而显示出有利因素。</blockquote> The spring for the group’s outperformance was loaded well before the pandemic began, when each firm opted in quick succession to abandon its partnership structure and become a C-corporation on the heels of the 2017 corporate tax cuts. The partnership structure had kept their billionaire founders in control but meant their stocks couldn’t be included in indexes, and shareholders had to endure extra tax requirements to own them.<blockquote>早在疫情开始之前，该集团就迎来了优异表现的春天，当时每家公司都在2017年企业减税后迅速选择放弃其合伙结构，成为C级公司。合伙结构使他们的亿万富翁创始人保持了控制权，但这意味着他们的股票不能被纳入指数，股东必须忍受额外的税收要求才能拥有它们。</blockquote> The firms’ shares have been added to several indexes, and the S&amp;P 500 could be next.<blockquote>这些公司的股票已被添加到多个指数中，标普500可能是下一个。</blockquote> “By being publicly traded partnerships, we created stocks that were difficult to own,” said Blackstone President Jonathan Gray. Becoming corporations meant “creating liquidity and a broader universe to buy these stocks,” he said.<blockquote>黑石总裁乔纳森·格雷(Jonathan Gray)表示：“通过公开交易的合伙企业，我们创造了难以持有的股票。”他说，成为公司意味着“创造流动性和更广阔的空间来购买这些股票”。</blockquote> The firms also ditched “economic net income,” a profit metric they had created for their public-market debuts that ended up being volatile and difficult to understand. They began to emphasize figures that matter more to public investors, including the amount of earnings that can be returned in the form of dividends and profit tied to management fees, which are more predictable than performance-related income.<blockquote>这些公司还放弃了“经济净收入”，这是他们为公开市场首次亮相创造的利润指标，最终变得不稳定且难以理解。他们开始强调对公众投资者更重要的数字，包括可以以股息形式返还的收益金额以及与管理费挂钩的利润，这些收益比与业绩相关的收入更可预测。</blockquote> KKR earlier this year said it was tying employee compensation more closely to performance fees, enabling more of the management-fee stream to flow to public investors.<blockquote>KKR今年早些时候表示，将把员工薪酬与绩效费更紧密地挂钩，使更多的管理费流向公众投资者。</blockquote> “What the markets want are sticky, consistent fee streams that are recurring in nature with high re-up rates,” said Morgan Stanley analyst Michael Cyprys, who has been covering the stocks for years.<blockquote>多年来一直关注这些股票的摩根士丹利分析师迈克尔·塞普里斯(Michael Cyprys)表示：“市场想要的是粘性、一致的费用流，这些费用流本质上会以高再上涨率反复出现。”</blockquote> And all four firms have thrown themselves into raising so-called permanent or perpetual capital. It is money that doesn’t have to be returned or re-raised within a few years, as has historically been the norm with private-equity funds, and can keep churning out fees instead.<blockquote>所有四家公司都致力于筹集所谓的永久资本。这些钱不必像私募股权基金历史上的常态那样在几年内返还或重新筹集资金，而是可以继续收取费用。</blockquote> The quest for such long-term capital has led them to develop platforms to manage assets for insurance companies and offer new products to individual investors.<blockquote>对这种长期资本的追求促使他们开发平台，为保险公司管理资产，并向个人投资者提供新产品。</blockquote> Long a leader in insurance, Apollo now gets more than $250 billion of its $471.8 billion in assets from insurance affiliatesAthene HoldingLtd.and Athora Holding Ltd. Apollo is solidifying the arrangement with a deal announced this year to buy the piece of Athene it doesn’t already own. Its rivals have all made recent movesaimed at catching up.<blockquote>Apollo长期以来一直是保险业的领导者，目前从保险子公司Athene HoldingLtd和Athora Holding Ltd获得了4718亿美元资产中的超过2500亿美元。Apollo正在巩固这一安排，今年宣布了一项收购其拥有的Athene的交易。还没有拥有。它的竞争对手最近都采取了旨在迎头赶上的举措。</blockquote> Blackstone has led the charge on the industry’s other major permanent-capital front: individual investors. The firmhas been investing for yearsto create infrastructure to distribute and market products aimed at moderately wealthy individuals—a market it estimates is worth $80 trillion—and it has become clear in recent quarters that the effort is paying off in a big way.<blockquote>黑石在该行业的另一个主要永久资本方面处于领先地位：个人投资者。该公司多年来一直在投资创建基础设施，以分销和营销针对中等富裕个人的产品——该公司估计这个市场价值80万亿美元——最近几个季度很明显，这一努力正在获得巨大回报。</blockquote> BREIT, the firm’s nontraded real-estate investment trust, and BCRED, a private-credit product likewise aimed at individual investors, have been raising a combined $4 billion in new capital each month, the firm said during its second-quarter earnings call last month.<blockquote>该公司在第二季度财报看涨期权上表示，该公司的非交易房地产投资信托基金BREIT和同样针对个人投资者的私人信贷产品BCRED每月总共筹集40亿美元的新资本上个月。</blockquote> Blackstone’s peers are starting to follow suit. KKR in May rolled out a product to offer private real estate to individual investors. Apollo said Wednesday it is investing in its own retail distribution channel, with the goal of making individual investors a material piece of its third-party inflows in the next three-to-five years.<blockquote>黑石的同行也开始效仿。KKR在5月份推出了一款向个人投资者提供私人房地产的产品。阿波罗周三表示，正在投资自己的零售分销渠道，目标是在未来三到五年内让个人投资者成为其第三方资金流入的重要组成部分。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/blackstone-other-private-equity-stocks-catch-fire-11628155980?mod=markets_lead_pos2\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BX":"黑石"},"source_url":"https://www.wsj.com/articles/blackstone-other-private-equity-stocks-catch-fire-11628155980?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174241374","content_text":"The firms and their long-languishing shares are benefiting from current market dynamics such as low interest rates.\n\nAfter years of lackluster performance, shares of private-equity firms have hit their stride.\nIn the decade or more sinceBlackstone GroupInc.,BX1.38%KKRKKR1.90%& Co.,Apollo Global ManagementInc.APO0.38%andCarlyle GroupInc.CG1.00%went public, their assets under management have exploded as they branched out beyond leveraged buyouts into areas such as real estate, lending and insurance.\nBut their stocks languished, leading executives such asBlackstoneBX1.38%chief Stephen Schwarzman to publicly gripe that the market was undervaluing them.\nThat has changed in a big way since the U.S. economy began to emerge from the coronavirus-driven downturn.\nIncluding dividends, shares of Blackstone have tripled since April 1, 2020, roughly when the recovery began, pushing its market capitalization to around $140 billion. That is bigger than those of financial giants Goldman Sachs Group Inc. and BlackRock Inc. KKR’s stock performance has been even stronger over that period, edging out Blackstone’s by a few percentage points. (Blackstone’s performance over the past three years has trounced that of all three rivals.)\nShares of Carlyle, which historicallylagged behind those of peers, have shot up by nearly 160%. Even Apollo’s stock, which was weighed down by revelations of ties between former Chief Executive Leon Black and Jeffrey Epstein, has more than doubled.\nThe S&P 500 has risen by about 83% in that period, according to FactSet.\nPrivate-equity firms—big owners of assets purchased with significant amounts of debt—are ideally positioned to be outsize beneficiaries of current market dynamics. Low interest rates have made borrowing cheap and led yield-hungry investorsto funnel hundreds of billionsof dollars into the firms’ coffers.\nThe tailwinds were on recent display as the firms reported strong second-quarter results, pushing their shares up even further.\nThe spring for the group’s outperformance was loaded well before the pandemic began, when each firm opted in quick succession to abandon its partnership structure and become a C-corporation on the heels of the 2017 corporate tax cuts. The partnership structure had kept their billionaire founders in control but meant their stocks couldn’t be included in indexes, and shareholders had to endure extra tax requirements to own them.\nThe firms’ shares have been added to several indexes, and the S&P 500 could be next.\n“By being publicly traded partnerships, we created stocks that were difficult to own,” said Blackstone President Jonathan Gray. Becoming corporations meant “creating liquidity and a broader universe to buy these stocks,” he said.\nThe firms also ditched “economic net income,” a profit metric they had created for their public-market debuts that ended up being volatile and difficult to understand. They began to emphasize figures that matter more to public investors, including the amount of earnings that can be returned in the form of dividends and profit tied to management fees, which are more predictable than performance-related income.\nKKR earlier this year said it was tying employee compensation more closely to performance fees, enabling more of the management-fee stream to flow to public investors.\n“What the markets want are sticky, consistent fee streams that are recurring in nature with high re-up rates,” said Morgan Stanley analyst Michael Cyprys, who has been covering the stocks for years.\nAnd all four firms have thrown themselves into raising so-called permanent or perpetual capital. It is money that doesn’t have to be returned or re-raised within a few years, as has historically been the norm with private-equity funds, and can keep churning out fees instead.\nThe quest for such long-term capital has led them to develop platforms to manage assets for insurance companies and offer new products to individual investors.\nLong a leader in insurance, Apollo now gets more than $250 billion of its $471.8 billion in assets from insurance affiliatesAthene HoldingLtd.and Athora Holding Ltd. Apollo is solidifying the arrangement with a deal announced this year to buy the piece of Athene it doesn’t already own. Its rivals have all made recent movesaimed at catching up.\nBlackstone has led the charge on the industry’s other major permanent-capital front: individual investors. The firmhas been investing for yearsto create infrastructure to distribute and market products aimed at moderately wealthy individuals—a market it estimates is worth $80 trillion—and it has become clear in recent quarters that the effort is paying off in a big way.\nBREIT, the firm’s nontraded real-estate investment trust, and BCRED, a private-credit product likewise aimed at individual investors, have been raising a combined $4 billion in new capital each month, the firm said during its second-quarter earnings call last month.\nBlackstone’s peers are starting to follow suit. KKR in May rolled out a product to offer private real estate to individual investors. Apollo said Wednesday it is investing in its own retail distribution channel, with the goal of making individual investors a material piece of its third-party inflows in the next three-to-five years.","news_type":1,"symbols_score_info":{"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":844,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}