Blackstone (BX) Could Be 23% Undervalued Following Its BXPM Fund Launch

BXPM launch puts Blackstone in focus

Blackstone (BX) has drawn fresh attention after launching the Blackstone Private Markets Fund, or BXPM. The fund is a perpetual vehicle aimed at giving eligible non U.S. investors single ticket access to its private markets platform.

The new product aggregates exposure across Blackstone’s private equity, infrastructure, real estate and credit strategies. This structure may change how some investors think about gaining diversified access to alternative assets through one allocation.

Blackstone’s announcement of BXPM lands after a tough stretch for the ticker, with the share price down about 18% over 30 days and the 1 year total shareholder return declining roughly 28%. The 3 year and 5 year total shareholder returns remain positive in the low double digits, which points to longer term momentum that has cooled recently as investors reassess growth potential and risks around new products and deal making.

Spot opportunities around Blackstone by scanning a curated set of alternative asset managers and capital allocators in our 20 high quality undiscovered gems.

Blackstone’s shares have retreated while the gap between its roughly $112 price and both analyst targets and intrinsic estimates has barely budged. Is that discount signalling mispricing, or is it a fair reset on BXPM expectations?

Most Popular Narrative: 23% Undervalued

On the most followed view of Blackstone, the fair value sits at about $144, compared with a last close of $111.83, which puts BXPM in the spotlight as part of a wider push toward more fee heavy capital pools.

The build out of Blackstone’s AI focused infrastructure, including a data center platform that has risen from US$130b to US$185b of total value in 2026 with scope to scale further if the current leasing and development pipeline is executed, positions the firm to earn performance fees and transaction income linked to these assets.

See why 102 investors see Blackstone as 23% undervalued.

Result: Fair Value of $144.38 (UNDERVALUED)

Still, the story around Blackstone only holds if leadership transitions do not unsettle fundraising and if real estate stresses, such as US apartment debt issues, remain contained.

Find out about the key risks to this Blackstone narrative.

Another angle on Blackstone’s valuation

The fair value model earlier points to Blackstone trading just under estimated worth. The P/E picture is less tidy. The stock changes hands at 25.4x earnings compared with a fair ratio of 23x, while peers average 30.5x and the broader US Capital Markets group sits at 39.3x. That mix of slight premium to the fair ratio yet discount to sector and industry raises a simple question: is this pricing a cushion or a value trap in the making?

For a closer look at how this earnings multiple could adjust as sentiment shifts, and how that might affect your margin of safety, See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Mixed signals around Blackstone's valuation and BXPM launch can feel hard to read, so move quickly and weigh the trade off between concerns and optimism by reviewing the 3 key rewards and 3 important warning signs

Looking for more Blackstone sized investment ideas?

If you only stop at Blackstone, you risk missing other opportunities that fit your style, so put the Simply Wall St screener to work for you today.

• Target value first and hunt for stocks that combine quality fundamentals with room for upside using our curated set of 29 high quality undervalued stocks.
• Prioritize resilience and focus on businesses with stronger finances by scanning the list of solid balance sheet and fundamentals (25 results).
• Dial down portfolio stress and concentrate on steadier performers by reviewing a hand picked group of 31 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com