Seven firms reached an estimated $35.2 billion-an 86.5% jump from the prior quarter and 74.8% higher than a year earlier. After a measured first half, managers accelerated deployment meaningfully into year-end, tracking the buoyant tone in public markets as major US indexes pushed to fresh highs. For the full year, deployment totaled $98.7 billion, up 52.5% from 2024. The improved exit environment is bolstering GP confidence, financing conditions have eased at the margin, and capital that Blackstone deployed $6.5 billion in Q4, a sharp reacceleration that was up 118.5% sequentially and 69.5% year over year. The step-up mirrors the broader recovery in risk appetite, with capital moving more assertively into large-cap opportunities. For the full year, deployment totaled $23.3 billion in 2025, up 19.1% from the prior year. The growth rate trails that of Strategically, management underscored its thematic push into Al infrastructure, spanning both digital and energy assets. Activity in perpetual strategies remained strong, reinforcing