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Blackstone Group Riding Wave of Success
[ by Melanie Gretchen ]
The Blackstone Group, the private equity giant, reported its Q1 profit increased, exceeding expectations and matching an increase in distributing earnings and total assets under management. In other words, the largest alternative investment firm in the world has no plans to step down.
- Profit increased by 28% to $628 million, including economic net income and unrealized gains from investments (broken down to 55¢ a share, above analyst estimates of 53¢ a share)
- Distributable earnings, which determine how much is paid to the limited partners, increased 134% to $378.8 million
- Total assets under management rose 15% to $218.2 billion
"Although several of our investment businesses are already the largest of their kind in the world, every one reported year-over-year double-digit growth in total assets under management." -- StephenSchwarzman, the firm’s CEO, in a statement.
For further details, go to [Dealbook, 4/18/13].
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