Cramer: On Wall Street, Black Is the New Black

If you want to be in fashion on Wall Street, Cramer said you want to be in black.

The Mad Money host was talking about BlackRock and Blackstone – his two favorite ways to play the boom in private equity.

"And this is a fabulous moment for the private equity business model," Cramer said. "Central banks around the world are keeping interest rates low, so there's lots of cheap money they can use to finance their leveraged buyouts."

"At the same time, the stock market is in terrific shape and IPOs have been doing very well lately, which means private equity funds can realize enormous gains when they ultimately sell their assets on the public market," he said.

The only problem is that private equity is typically for rich people – right? Wrong!

"Individual investors can buy the stocks of asset management companies," Cramer said.

"These companies make their money from fees related to the size of the assets they manage and the performance of those assets. Given that more money has been flowing in, and the value of their assets has been rising, these private equity stocks have been on fire, and I think this move has only just begun."

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And of all the asset managers Cramer said BlackRock (BLK), is among his favorites.

"This is the largest asset manager in the world, with $3.8 trillion in assets under management. BlackRock is heavily biased toward stocks, with 53% of those assets in equities, and only 36% in fixed income," he said.

And Cramer likes BlackRock's exchange traded fund business. "Blackrock runs iShares, a family of ETFs," he said.

It's not a pure play but "I think that makes for a fabulous investment, " Cramer said.

If you want a stock that's more of a private equity play, Cramer said, The Blackstone Group(BX) may belong in your portfolio.

Blackstone gets 24% of its revenues from private equity; 24% from real estate, 27% from its credit division, 16% from hedge funds, and 15% from advisory fees.

"The company reported at the end of January, and the conference call was extremely bullish," Cramer said.

Looking at the private equity business, "in the last two years Blackstone has brought eight of the private companies in its portfolio public," Cramer said. "In just the next twelve months, they plan on doing another eight IPOs. So this is a good business that's accelerating dramatically, and Blackstone pays you to wait with that 5.5% yield."

What's the bottom line?

"Just remember that in finance, as in fashion, black never goes out of style. Blackrock is my favorite, in part because of their huge ETF business, but if you want more private equity exposure, Blackstone is the way to go."

Call Cramer: 1-800-743-CNBC

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