—— Blackstone Launches World’s Largest Real Estate Fund; US Small Businesses Struggle to Secure Loans; Bitcoin Reclaims $30,000; Buffett Increases Japan Stock Holdings; WeightWatchers Shares Surge 44%; BoA Clients Pull Out of Equities; Harvard Receives $300 Million Gift from Ken Griffin
1. Blackstone Launches World’s Largest Real Estate Fund
Blackstone Inc. announced today that it has launched the world’s largest real estate investment fund—Blackstone Real Estate Partners X—which will focus on opportunistic projects in rental apartments, hotels, and data centers.
The firm has already secured $30.4 billion in commitments.
Kathleen McCarthy, Global Co-Head of Real Estate at Blackstone, said the recent downturn in public REITs and property valuations has created a wealth of opportunities, and the new fund is positioned to capitalize on these to deliver value to investors.
Blackstone began investing in real estate in 1991 and currently manages $326 billion in real estate assets. Roughly 80% of its portfolio is made up of logistics, multifamily rental housing, travel, life sciences offices, and data centers.
Blackstone believes many compelling investment opportunities will emerge as asset prices correct.
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2. US Small Businesses Struggle to Secure Loans
According to the latest survey by the National Federation of Independent Business (NFIB), 9% of small business owners said in March that obtaining loans had become significantly harder compared to three months ago—the highest percentage since December 2012.
Roughly 9% of respondents also expect lending conditions to tighten further over the next quarter.
NFIB Chief Economist Bill Dunkelberg noted that small business owners are highly pessimistic about the economic outlook, and the deteriorating banking crisis is a major source of concern.
In March, four US banks collapsed, and others quickly began tightening business lending. Coupled with already elevated interest rates, credit conditions for small businesses appear bleak.
With relatively limited assets, small businesses face greater difficulty securing financing—and many may encounter serious cash flow issues.
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3. Bitcoin Reclaims $30,000
This week, Bitcoin prices surpassed the $30,000 mark for the first time since June 2022, buoyed by expectations that the Federal Reserve may pause rate hikes and by concerns over banking sector instability.
Since December 31, Bitcoin has surged 82%, far outperforming the Nasdaq 100’s 19% gain. Gold, another popular asset this year, has risen 9.6%.
Bradley Duke, co-CEO of crypto ETF provider ETC Group, said the rally was largely driven by investor expectations that the Fed is nearing the end of its tightening cycle. He noted that some investors are turning to Bitcoin to diversify away from traditional assets.
Despite the recent price recovery, the broader crypto sector continues to face intense regulatory scrutiny.
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4. Buffett Increases Japan Stock Holdings
《According to the Nikkei, Warren Buffett said he remains optimistic about Japanese companies and is stepping up investments in the region.
Berkshire Hathaway’s stake in Japanese equities has risen from 5% in 2020 to 7.4% today.
Buffett, now 92, is currently visiting Japan and is scheduled to meet with executives to understand their operations and express his support.
Niroshi Namioka, Chief Strategist at T&D Asset Management, said Buffett’s remarks could encourage more international investors to buy Japanese value stocks, especially shares of Mitsubishi Corp., Mitsui & Co., and Itochu Corp.
Berkshire has also issued multiple yen-denominated bonds in Japan to help fund its investments.
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5. WeightWatchers Shares Surge 44%
Last month, WW International—formerly known as WeightWatchers—acquired telehealth startup Sequence for $132 million, marking its entry into the fast-growing obesity drug market.
Today, Goldman Sachs analyst Jason English upgraded WW’s rating from “Neutral” to “Buy” and raised the target price from $3.80 to $13.
Following the upgrade, WW shares jumped 44%.
English wrote that with Sequence, WW can offer prescription-based weight loss subscriptions to complement its traditional behavioral programs. He believes the new service could significantly lift earnings per share and drive share price growth.
WeightWatchers has traditionally focused on lifestyle and behavior modification for weight management.
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6. BoA Clients Pull Out of Equities
Bank of America strategist Jill Carey wrote today that the bank’s clients have withdrawn a total of $2.3 billion from equities over the past two weeks.
All investor categories—including institutions, retail clients, and hedge funds—reduced equity exposure.
While the S&P 500 has climbed this year, investors are awaiting Wednesday’s CPI report and Friday’s jobs data. Q1 earnings season is also about to begin, and analysts expect weak corporate performance.
Last week, BoA clients sold $451 million worth of real estate stocks—the largest outflow since July 2021. Communications and consumer sectors were the only two with net inflows.
Among all stock categories, BoA clients pulled the most capital out of large-cap equities.
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7. Harvard Receives $300 Million Gift from Ken Griffin
Billionaire Ken Griffin has recently donated $300 million to Harvard University, marking the largest gift of his philanthropic career.
To date, the Citadel founder has donated a total of $500 million to his alma mater. Harvard announced it will rename its Graduate School of Arts and Sciences as the Harvard Kenneth C. Griffin Graduate School of Arts and Sciences.
In an interview, Griffin said that the world’s problems require both intellectual capital and financial capital to solve, and Harvard plays a critical role in supplying the former.
According to the Bloomberg Billionaires Index, Griffin’s current net worth is estimated at $34.9 billion.
During the interview, Griffin also expressed appreciation for several Harvard professors he closely follows.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.