Blackstone stock is underperforming the private equity firm’s competitors this year as concerns over a high-profile real estate fund’s performance, mixed with wider economic forces, eat into Wall Street’s longer-term optimism about the firm’s private markets dominance.

Analysts have long been confident in Blackstone’s position as the world’s largest private equity firm — and biggest landlord. Investors also received welcome news recently as the firm showed it has improved the health of Blackstone Real Estate Income Trust, an enormous $59bn real estate fund for retail investors.