Monday, 25 May 2015
Last updated 2 days ago
Oct 28 2010 | 12:11pm ET
The Blackstone Group's third-quarter profit surged 23% as its fee-earning assets under management topped $100 billion.
The New York-based private equity giant said its economic net income increased to $339 million from $275 million in the year-earlier period. Distributable earnings soared 67% to $166 million.
Still, charges from Blackstone's initial public offering three years ago and acquisition-related charges—including its purchase of a minority stake in Brazilian alternative investments firm Patría Investimentos, which closed earlier this month—left the firm with a net loss of $44 million, just one-quarter of its net loss from the year-earlier third quarter.
Blackstone said its assets under management rose 8% to $104.3 billion as its portfolio returned about 6% over the past 12 months. But the firm put roughly the same amount of money to work as last third quarter, $700 million, with Tony James, chief operating officer, noting that "it's much harder to find things of attractive value." But the firm said it would finish investing its fifth fund within a few months and expects to begin deploying capital from its new $13.5 billion sixth fund in the fourth quarter.
Fee income increased 20% to $113 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…