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Blackstone earnings and performance fees surge

18 Jul 2013

new york 5_sqPrivate equity firm Blackstone reported a significant increase in earnings and revenues for the second quarter as its assets under management reached a record level.

The New York-headquartered firm’s economic net income more than tripled to $703m, while distributable earnings climbed 73 per cent to $338m.

Blackstone said the results were driven by strong fund performance, which led to a more than fivefold increase in total performance fees to $258m from $68m in the second quarter of 2012.

In the year to date, the firm has generated performance fees of $577m, which is nearly seven times the $86m posted a year earlier.

Total assets under management set a new record at $230bn, up 21 per cent year on year. The firm noted that all of its investment businesses saw double-digit increases.

Blackstone chairman and CEO Stephen Schwarzman said, “In the second quarter, Blackstone doubled revenues and tripled earnings compared to a year ago, as good returns in every one of our businesses drove higher performance fees.

“Robust realizations allowed us to generate significant returns for our fund investors and higher distributable earnings for our unitholders. These past three quarters have been the highest in distributable earnings since Blackstone went public six years ago.”

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