Blackstone’s largest hedge fund business posted a strong performance in 2025, with its Absolute Return Composite (AR) delivering a return of nearly 12%, comfortably outperforming industry benchmarks, according to a report by Bloomberg citing unnamed people familiar with the figures.
The performance exceeded the HFRX Global Hedge Fund Index, which gained 7.1% over the same period, underscoring the resilience of Blackstone’s multi-asset hedge fund platform amid volatile market conditions.
AR, which represents the bulk of assets within Blackstone Multi-Asset Investing (BXMA), generated 3.9% in the fourth quarter after fees, compared with a 1.4% gain for the HFRX index, the sources said. The platform oversees approximately $93bn in assets.
Returns during the year were supported by positive contributions across equities, systematic strategies, credit and macro trading, benefiting from heightened volatility and dispersion across global markets. The platform has now recorded 33 consecutive months of positive net performance, highlighting the consistency of its investment approach.
Blackstone, the world’s largest alternative asset manager with around $1.2 trillion in assets under management, is expected to report full-year results shortly, including detailed disclosures for BXMA and its hedge fund strategies.
The Absolute Return Composite, founded nearly three decades ago, is led by David Ben-Ur and sits within BXMA under the oversight of Joe Dowling, global head of Blackstone Multi-Asset Investing.
Since joining the firm five years ago, Dowling has overseen a significant repositioning of the platform, broadening allocations across alternative strategies and strengthening risk management frameworks. The transformation included moving away from a traditional fund-of-hedge-funds model toward a more integrated multi-asset investing approach, prompting the rebranding of the business from Blackstone Alternative Asset Management to Blackstone Multi-Asset Investing.
