| Sovereign wealth funds are an increasingly important funding source for Blackstone Group, even those that have been hammered by the collapse of oil prices, Chief Executive Officer Steve Schwarzman said during the firm’s third quarter earnings call last week.
There are two types of sovereign funds — those related to oil proceeds, and “all else,” Schwarzman said. Funds reliant on oil proceeds have not been growing, which creates a situation where fund managers have to compete for dwindling resources from those funds, he said. But that doesn’t mean those types of oil-oriented funds are backing away from private equity. “Some of them, interestingly, are significantly increasing their share of alternatives because of its performance characteristics,” Schwarzman said...............................................Full Article: Source
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