Friday, 19 December 2014
Last updated 15 hours ago
Mar 3 2009 | 1:55am ET
The Blackstone Group wrote down the value of four out of five private equity funds it manages, according to a letter to investor.
The New York-based p.e. giant, which reported a fourth-quarter loss of $827.1 million last week, did no better by its clients than it did by its investors. Three of the five funds covered by the letter posted double-digit losses last year, Reuters reports, while just one enjoyed a positive return. All told, Blackstone wrote down the value of its p.e. portfolio by 20% in the fourth quarter alone, and 31% on the year.
Blackstone’s $21.7 billion Fund V, which it closed in August 2007, was written down 35%. The $6.45 billion Fund IV fell 20%, while Fund III lost 17%. A communications and media fund fell 48%. The only fund in positive ground last year was Fund II, which rose 2%.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.