Blackstone Posts $360M Profit

Apr 22 2010 | 10:07am ET

The Blackstone Group swung to a first-quarter profit as private equity activity picked up.

The New York-based firm took in $360.4 million over the first three months of the year. It was Blackstone’s fourth straight quarterly profit—the last time it suffered a loss was in the first quarter of last year, when it took an $82.4 million hit.

The firm’s private equity revenue more than tripled to $276.8 million on the quarter and fee-earning assets rose 6.4% to $98.1 billion from a year earlier. It’s p.e. assets were essentially flat on $25.2 billion, but fund of hedge funds assets jumped 12% to $49.1 billion.

“We are seeing concrete signs of economic improvement in our portfolio,” CEO Stephen Schwarzman said.

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