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Alternative Market Briefing

Blackstone posts 12% decline in economic net income, 25% increase in total AuM

Friday, February 03, 2012

Bailey McCann, Opalesque New York: US-based private equity firm Blackstone Group LP posted a 12% decline in fourth-quarter earnings yesterday. The firm cited declines in investment income and fees across most business lines as the reason for the drop. The group reported a net income of $1.39bn down slightly from $1.42bn in 2010. Overall revenue declined 16% in the fourth quarter to $915.1m.

The firm was able to increase performance fees and attract inflows from institutional investors. Currently, Blackstone has $166bn in AuM. Distributable Earnings were $697m for the full year 2011.

Fee-earning AuM increased 25% to a record $137bn at December 31, 2011, from $110bn at December 31, 2010, while total AuM increased 30% to $166bn at December 31, 2011.

According to the statement, Blackstone is actively raising capital for its real estate fund, and may create an additional real estate-focused fund if it raises in excess of $10bn.

For 2012, the private equity firm is focused on continuing to use its uninvested capital for new investments including some in Europe. The firm’s private equity group posted a 24.5% decline in forth quarter revenues to $190.0m.

Stephen A. Schwarzman, Chairman and CEO, said of the results, "Despite volatile markets and struggling economies, Blackstone had strong performance in 2011. We again reported net inflows in every one of our businesses with ......................

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