A historic shakeup is threatening to snare many small, struggling or fading money managers unable to raise fresh funds. In its heyday, Fenway Partners snapped up a fleet of companies from outposts overlooking Manhattan and Los Angeles. Decades later, a three-man team manages its remnants from a beach town in Rhode Island. Gone are the big pension clients that cashed out stakes at discounts after tiring of waiting for Fenway to wrap up bets. The firm hasn’t tried to raise a new flagship fund...

Blackstone Inc. struck a deal to sell warehouses and industrial properties to Prologis Inc. for $3.1 billion. Prologis’ deal will expand its reach in key markets including Atlanta and parts of California, the companies said Monday in a statement. The properties represent nearly 14 million square feet (1.3 million square meters). Property owners have been snapping up warehouses in recent years, lured in part by the rise in e-commerce. But the broader commercial real estate sector has come...

Blackstone Inc. Chief Executive Officer Steve Schwarzman said the investment giant is in talks with several US regional banks to explore purchases of assets and loans they originate. “Pressure on those regional banks won’t just come from the markets,” he said in a video interview Wednesday for the Qatar Economic Forum in Doha. “It will come from regulators, and that will make them less apt to provide credit.” Regional banks’ retreat from lending to swaths of the economy, Schwarzman said, will...

Carlyle Group Inc.’s new chief executive officer, Harvey Schwartz, signaled he’ll push for change at the private-equity firm as shares tumbled the most in three years following a disappointing earnings report. Shares of Carlyle fell 14% to $25.72 at 4 p.m. in New York, their biggest drop since March 2020. First-quarter distributable earnings fell 10% from a year earlier to $271.6 million, or 63 cents a share, Carlyle said Thursday in a statement. That missed the 67-cent average estimate of 17...

Blackstone Inc.’s ambitions to raise as much as $30 billion for a record-breaking buyout fund have crashed headlong into a new reality. The private equity giant, which began preparing for the effort in late 2021 and hoped to complete it by the first half of this year, pushed back the timeline to the second half, according to people familiar with the matter. Blackstone has been reining in expectations about how much it will ultimately raise. Now, the world’s biggest alternative-asset manager...