Blackstone's private‑wealth vehicle BXPE posted a record monthly return, driven by AI bets. It deployed over $2.5bn in Q2, adding more Anthropic stake and a new Stripe position. Since its 2024 launch, Class 1 shares have risen 19.1%, and the surge also lifted the fund's IRR, attracting capital from wealthy families.

The fund can allocate about 30% of NAV to independent deals, letting it chase AI and hold assets longer. Anthropic was valued at $965bn in May; Stripe fetched a $159bn employee‑tender valuation. BXPE also backs OpenAI, Core Weave, and SpaceX ahead of its IPO, reinforcing a portfolio packed with marquee AI names.

Private wealth now a contested capital source; Blackstone manages over $310bn in such assets, though they can be less stable than institutional money. Recent redemption pressure on its retail credit fund reflects AI‑related risk concerns, yet President Jon Gray argues the wealth franchise remains strong. The data suggests the franchise can weather sector volatility and sustain performance.