The company's business consists of four segments - corporate private equity, real estate, tradable alternative asset management and financial advisory.

Alternative asset management is the fastest-growing area of ??the asset management industry, and Blackstone Group is one of the world's largest independent alternative asset management companies.

Since entering the asset management field 20 years ago, Blackstone Group has raised approximately US$61.4 billion, which is mainly distributed in private equity funds, real estate investment funds, mezzanine funds and senior bond funds. As of 2007 The group also managed hedge funds of funds, proprietary hedge funds and closed-end funds with assets of $25.4 billion as of May 1, 2018.

Since entering the industry in 1987, Blackstone has become one of the world's largest private equity fund companies. As of May 1, 2007, the group had conducted 112 transactions through its corporate private equity funds, with a total investment scale of US$21.4 billion and a total enterprise value of approximately US$199 billion; it had conducted 214 transactions through its real estate investment funds. The total investment scale reached US$13.3 billion, and the total enterprise value exceeded US$102.2 billion.

Corporate private equity funds and two real estate investment funds are the funds with the highest fundraising scale in their respective fields. As of May 1, 2007, the cumulative investment scale reached US$19.6 billion and US$7.2 billion respectively.

·In 20 years of asset management activities, Blackstone Group has established long-term relationships with many large institutional investors around the world, and these institutional investors mostly invest in different types of investment funds.

·Over the years, in the process of entering and establishing various businesses and deciding what investments to make for its investment funds, Blackstone Group management has focused on the best long-term business and investment results, rather than the short-term revenue, net income and cash flow. As a company about to go public, Blackstone will remain focused on achieving long-term growth goals.

The Chinese government’s idea to invest in Blackstone mainly came from Liang Jinsong. Less than half a year after Liang Jinsong became the chairman of Blackstone Group China, he successfully introduced the National Foreign Exchange Investment Company to acquire 9.9% of the shares, which made the former Hong Kong Financial Secretary The director has once again become a focal figure in the capital market. Although Blackstone did not consider bringing in the National Foreign Exchange Investment Corporation when it hired Liang Jinsong as China chairman, the fact that it was able to facilitate this historic transaction confirms the strength of Liang Jinsong's interpersonal connections. Authoritative sources revealed that the Chinese government's idea to invest in Blackstone through an investment company came mainly from Liang Jinsong. The negotiations between the two parties lasted only three weeks, which can be said to be surprisingly fast. Sources explained that the 4.5% discount given to the investment company was also the result of negotiations. Because Blackstone is raising shares, it cannot give a single investor a large discount. Some sources also pointed out that Liang Jinsong attached great importance to this transaction and flew to Beijing to prepare for the signing a week before the signing. He also changed hotels many times to avoid leaking his whereabouts and prevent this historic transaction from going wrong. At the same time, this business also shows Liang Guoren's "imagination".

On October 10, 2014, in order to reduce conflicts of interest between its consulting business and alternative asset management business, Blackstone Group announced plans to spin off its consulting business, including mergers and acquisitions, debt restructuring and financing consulting businesses, and will They merged with PJT Partners and took the combined company public.