Ms. Madan, Blackstone recently announced plans to invest up to $500 billion in Europe over the next decade. Where do you see the most compelling opportunities?

We see opportunities across all areas of the business. Specifically, we see great potential right now in private credit, where we’re looking to significantly expand our lending activity, as well as in infrastructure and real estate. The megatrend of artificial intelligence is driving massive demand for data centers – fueling growth in both our real estate and infrastructure businesses. Logistics continues to be another strong focus area in Europe.

Rashmi Madan from Blackstone. (Image: provided

How does investor interest in Europe compare to the U.S. right now?

At the beginning of the year, sentiment was still largely U.S.-centric. Demand for US assets remains very strong, but there has been a recent shift towards more balance with Europe too. Increased market volatility and geopolitical uncertainty have sparked growing interest in European assets. We’re seeing this especially among European investors who are placing more value on regional stability. Diversification is always important and the current moment proves that. 

«I can certainly envision adding to the team in Switzerland.»

Are there any political developments that are contributing to this optimism?

Definitely. Government initiatives like Germany’s infrastructure and defense programs are providing tailwinds. While Europe remains fragmented from a regulatory standpoint, we now see a real opportunity for economic convergence.

How is Blackstone’s business developing in Switzerland?

Our Zurich team currently consists of four professionals focused on the private wealth business. We started our private wealth strategy in Switzerland with a focus on U.S. real estate and credit strategies. We’ve since expanded to include European exposure and private equity. The product shelf has grown significantly, and looking ahead, I can certainly envision adding to the team. Switzerland is a key market for us.

What sets Switzerland apart from the rest of Europe?

The Swiss wealth industry is notably more advanced when it comes to private markets. Relationship managers tend to have a higher level of expertise. That said, private client allocations to illiquid assets remain low at around 5  percent. The growth potential is substantial.

«Investors focused solely on public markets are missing a significant part of the opportunity set.»

What makes private markets so attractive to wealthy investors today?

First, stability. In volatile markets, private markets tend to exhibit lower price fluctuations. Second, diversification. About 90 percent of companies with revenues over $250 million are privately held. Investors focused solely on public markets are missing a significant part of the opportunity set. Third, access has improved, driven by new product formats, regulatory progress like ELTIF in Europe, and lower minimum investment thresholds.

So, are private markets becoming the new standard?

Yes, but not in the sense of a passing trend. This is a structural evolution. The U.S. is already significantly ahead in terms of access, but Europe is catching up.

«Education is a major priority for us. That’s why we established Blackstone University – including here in Zurich.»

Blackstone is seen as a pioneer in evergreen funds for private markets. What does that mean in practice?

Our wealth platform currently represents almost $280 billion , representing approximately a quarter of Blackstone’s total assets under management, across seven evergreen strategies spanning real estate, infrastructure, private equity, and credit. Our U.S. real estate fund has been running for eight years. Over that time, we’ve learned to navigate through full market cycles – including COVID and rising interest rates.

How do you prepare investors and advisors for illiquid investments?

Education is a major priority for us. That’s why we established Blackstone University – including here in Zurich. It’s not about selling products; it’s about understanding the asset classes. What drives returns in private equity? How are infrastructure projects financed? How resilient are these assets in times of crisis? We combine in-person and virtual sessions with videos, educational materials, thought leadership, asset allocation and hands-on support – especially during periods of heightened uncertainty.

Rashmi Madan is a Senior Managing Director and Head of EMEA in Blackstone Private Wealth.