Blackstone Earnings Tick Higher as Tech Lifts Portfolio

By Miriam Gottfried Close Miriam Gottfried Oct. 28, 2020 7:00 am ET Blackstone Group Inc. BX -1.84% posted slightly higher net earnings for the third quarter as its focus on technology-related investments helped its private-equity portfolio rise above already-buoyant broader markets.

The value of the New York firm’s private-equity portfolio climbed by 12.2%, compared with an 8.5% increase in the S&P 500 during the period. That marked Blackstone’s second straight quarter of greater-than-12% appreciation for the portfolio, a dramatic reversal from the first quarter, when coronavirus-related market turmoil pushed valuations down by 21.6%.

“The big drivers for us were the technology-oriented investments that we own,” including dating app Bumble, data provider Refinitiv and warehouses used for e-commerce, Mr. Gray said in an interview. “It’s these on-theme investments that drove the performance in the quarter.” The firm’s fee-related earnings climbed 39% year-over-year to $610.9 million as the real-estate and private-equity funds it finished raising last year began to generate fees. So-called perpetual capital, which generates a steady stream of locked-in fees because it doesn’t need to be immediately returned to investors, reached $115.2 billion, up 19% over the third quarter of 2019.

BETTER FUTURE INVESTMENTS COMMUNICATION, TECH RELATED, SERVICE, TRANSPORTATION, SERVICE. ANY BUSINESS OF NECESSITIES, COMFORTS MAY BE BETTER. PEOPLE MAY NOT SPEND ON LUXURIES, LAVISH EXPENDITURE. ENTERTAINMENT NEEDS TO REDUCE EXPENDITURE TO ATTRACT VIEWERS. EARN MORE, SPEND LESS.

Wtf TonyBobulinsky

THE COMMON COLD (CORONA VIRUS) IS A MAN MADE VIRUS ... THE VIRUS WAS CREATED TO GET PEOPLE TO DEMAND A VACCINE

thanks for this news

Aladdin

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Showbiz, Tech Shares Sink As COVID Jitters Slam Market; Big Week For EarningsA broad market plunge dragged showbiz shares lower Monday from big media to broadcasters, exhibition, social media and streaming. Investors are fretting about a U.S. spike in coronavirus infections…
Source: DEADLINE - 🏆 109. / 63 Read more »

Big tech under pressure in week ahead: Congress testimony, earnings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Give them a design task Talk about money & influence in the media. Within our ethos we are being subducted subdued & absorbed. We are trended to think along shallow lines. Our focus is walled in & outlined with finesse. Do you think you know? Our new direction is in & down as in a swirling drain away. likely to BUY peace (cost of doing business)! That's how it works there!
Source: BusinessInsider - 🏆 729. / 51 Read more »

Earnings season is repeating a tech-bubble trend filled with counterintuitive market reactions, Bank of America says | Markets InsiderIt’s literally a tech bubble every year since 2013
Source: BusinessInsider - 🏆 729. / 51 Read more »