Blackstone (NYSE: BX) has a long history of delivering outsized returns for investors in its funds. The leading alternative asset manager has achieved 15% net returns annually in its corporate private equity and opportunistic real estate funds over the last 30 years. While many factors have helped drive its outperformance, picking the right sectors is a major contributor.

On the company's second-quarter earnings call, COO John Gray stated: "Where you invest matters, and we continue to benefit from our thematic emphasis on winning areas." Two themes he highlighted on the call were infrastructure and energy transition. Here's a closer look at how investors can follow along with the leading alternative asset manager's highest-conviction mega investing themes.

Gray commented on the call that:

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Source Fool.com