Blackstone's AI Infrastructure Sale Powers Record Earnings as PE Faces Zombie Funds
Blackstone offloaded three AI data‑center assets to Digital Realty for $3.5 billion, lifting its real‑estate revenue to a four‑year high and pushing distributable earnings 26% YoY. Meanwhile, PE firms sit on $3.9 trillion of unsold portfolio companies, creating record‑size zombie funds that could stall the industry.