Blackstone (NYSE: BX), the world’s largest private equity firm by assets under management, has unveiled its financial results for this year’s third quarter, showing soaring profits as the firm was on a deal-making binge. 

• Blackstone posted a Q3 profit of $1.4bn, compared to $795mn in the same period last year. It’s a record quarterly profit for the firm historically. 

• Year-over-year, Blackstone more than doubled revenues from $3bn to $6.2bn. Assets under management rose 25% in the same period to $731bn, thanks to capital inflows of $148bn. It’s apparent that many investors are ever willing to give Blackstone their cash to manage, not surprising given the firm’s historical performance.

• Blackstone is the world’s biggest private equity firm by large and one of the old-guard firms, founded over three decades ago. Unlike many of its kind, Blackstone’s founder Steven Schwarzman is still at the helm of his firm as CEO after three decades, making him one of the OG leaders in the industry.

At every point in time, Blackstone is typically on a deal-making spree, expectedly for a firm managing over $700bn. Its recent deals include;

• Buying a majority stake in shapewear brand Spanx at a $1.2bn valuation, announced this week.

• Buying the hotel assets of Condor Hospitality, a real estate investment trust, for $305mn last month.

• Buying data center operator QTS for $10bn, tech publisher IDG for $1.3bn, and Home Partners of America, a real estate firm, for $6bn; all in June.

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