Blackstone Posts Loss, Hit By Market Decline
(Reuters) - Blackstone Group posted a worse-than-expected quarterly loss on Thursday as market declines hit the value of the private equity firm's investments, forcing it to book a huge accounting loss. But Blackstone said assets under management on which it earns management fees increased during the quarter, operating performance of its portfolio companies and properties was strong, and U.S. and European markets had rebounded since Sept. 30. The company said it had record $33.4 billion of "dry powder," or capital available to invest, up from $31.4 billion in the second quarter, and expected its latest real estate fund to raise more than $10 billion.
20 October 2011•3 mins read
