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.