Blackstone seeks to use record war chest to capitalise on tech sell-off
Blackstone is on the lookout for buying opportunities from the global stock market slide that has started the year, particularly in hard-hit sectors such as ecommerce, cloud computing and cyber security.
Jonathan Gray, president of the world’s biggest alternative asset manager, said “the market trading off and the average Nasdaq stock being down over 40 per cent [from last year’s all-time high] could create opportunities” for the group.
“In technology, in particular, a lot of the megatrends are continuing,” he told the Financial Times. “It’s not like ecommerce, education technology, advertising tech, cyber security and the migration to the cloud are stopping.”