The drop in oil prices has created a unique opportunity to invest in energy, Steve Schwarzman, CEO of private equity giant Blackstone, told CNBC on Thursday. It's just one area he's eyeing for 2015.
To capitalize on the energy opportunity, the firm can invest in troubled companies, buy debt, make investments in new companies and recapitalize companies that have a financial need, he said.
"For us, with very large amounts of capital, with a huge decline, there are going to be a certain number of companies under real stress and that presents a very unique window," Schwarzman said in an interview with "Closing Bell."
He's not overly concerned about too much oil production hampering that investment, instead viewing it as a global commodity with some pockets of regional oversupply.
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"Like most commodities there's less of it produced at a certain point as the price goes down and then things will normalize," Schwarzman said. "Then the consumption of the world going up over time will result in prices going back again on the higher side."
He sees energy as just one investment opportunity for 2015.
"There's all kinds of start-ups in the financial area as regulation has made life somewhat uncomfortable for regulated institutions," Schwarzman said.
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The firm can also buy smaller companies and build them up through acquisitions and expansion, he added.
"There will be no shortage of good things to do with high returns."
Blackstone has already invested $9.5 billion in real estate and is now the largest owner of residential homes in the United States, Schwarzman said.
Looking ahead, he sees a big opportunity for real estate in Europe, where home prices are down and the housing cycle is several years behind the U.S.
"We see the opportunity to buy very large amounts in real estate, not under the expectation that Europe is going to get much better, but because the yields on European real estate are much higher because there's been a crisis of confidence in Europe by the Europeans which we are able to sort of take advantage of through large purchases."
One area he is certainly not investing in is Russia, given its current economic climate and .
"We have not bought a company in Russia in our firm's history," Schwarzman said. "But just thinking about it on a broader basis, there is a reason to wait for some normalization between the great powers of the world before one starts investing in them."