SpaceX, OpenAI Drive 20% Gain in Blackstone Fund for the Wealthy

Blackstone Inc.’s private equity fund for wealthy individuals notched a net 20% gain last year, thanks in part to some artificial intelligence investments the firm doesn’t hold in its institutional portfolios.

Those bets include Elon Musk’s trillion-dollar-plus venture, SpaceX, according to people familiar with the matter. The Blackstone Private Equity Strategies Fund also has stakes in Anthropic and OpenAI, according to an investor letter seen by Bloomberg. The fund recently boosted its Anthropic stake to about $1 billion.