Blackstone Earnings Rise as Development Technique Boosts Portfolio
Blackstone Group Inc.’s
earnings jumped within the second quarter, propelled by file appreciation within the worth of its investments.
The private-equity agency posted second-quarter internet earnings of $1.31 billion, or $1.82 a share, it stated Thursday. That compares with a revenue of $568.3 million, or 81 cents a share, a yr earlier.
The worth of Blackstone’s private-equity portfolio climbed by 13.8% within the newest interval, exceeding the roughly 8% achieve for the S&P 500. Mixed fund appreciation throughout its varied enterprise traces was the best within the historical past of the agency.
Aiding the robust efficiency was Blackstone’s current emphasis on placing cash into fast-growing firms. Preliminary public choices of outsourcing firm
TaskUs Inc.
and Indian electric-vehicle elements producer
Sona BLW Precision Forgings Ltd.
pushed up the agency’s private-equity portfolio, whereas gross sales of last-mile logistics properties within the U.S. and Australia helped increase its real-estate holdings.
“
‘The pivot into good neighborhoods has actually paid off.’
”
Blackstone President
Jonathan Grey
has inspired the agency’s enterprise heads to assume extra thematically about investing, figuring out world traits and discovering methods to place cash to work in areas that may profit from them.
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