Blackstone Earnings Rise, Beat Forecast
(Reuters) - Real-estate investments propelled Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) to strong profits in the second quarter, but the giant private equity firm warned that deals in general were becoming expensive. Private equity firms have seen the value of their portfolios recover as stock markets have risen, and Blackstone said the improvement in valuation and increased fee income boosted earnings. "The star performer in the quarter was real estate," Blackstone's President Tony James told reporters on a conference call. "Purchasing assets from distressed sellers has been the dominant focus of our real estate activities over the last year."
21 July 2011•3 mins read
