Blackstone Reports Second Quarter Earnings

Aug 13 2007 | 10:50am ET

The Blackstone Group today reported its second quarter 2007 results, and things are looking pretty rosy for the alternative asset behemoth.

The firm reported revenues of $975.3 million and net income of $774.4 million for the three months ended June 30, compared with revenues of $324.6 million and net income of $224.1 million a year ago. It experienced strong growth in all four business segments: corporate private equity, real estate, hedge funds and financial advisory.

Blackstone’s corporate p.e. unit reported revenues up 239% from the second quarter of 2006, largely driven by a rise in performance fees and carried interest allocations and investment income as net appreciation from underlying funds increased $1.7 billion from the second quarter 2006. Management fees declined slightly over the same period.

Its hedge fund unit dubbed Marketable Alternative Asset Management achieved second quarter revenues of $168.6 million, an increase of 419% from the same period last year. MAAM includes hedge funds investing across several asset classes, geographies and investment styles.

Stephen Schwarzman, chairman and CEO, said, "We are pleased to report such strong results in each of our business segments. In the face of current market volatility and challenges, we remain confident about delivering superior long-term returns for the investors in our funds, which we believe is the key to driving value and growth for our unit holders."


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of