Blackstone is planning to invest up to $500bn in Europe over the next decade, CEO Steve Schwarzman has said.

Speaking to Bloomberg, Schwarzman said Europe represents a "major opportunity".

There has been a surge in investor optimism about the region, driven by European Governments' push to increase military spending and revive a sluggish private equity market.

With US President Donald Trump reshaping global alliances and trade policies, Europe is actively pursuing new avenues for economic growth, potentially creating promising investment opportunities for firms such as Blackstone.

Europe is starting to change its approach, "which we think will result in higher growth rates", Schwarzman told Bloomberg. "So this has worked out amazingly well for us."

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