Blackstone CEO Schwarzman on first quarter earnings, fundraising - Business Insider

"We had one fund that was supposed to be having a big due-diligence meeting with, I think it was over 130 or 150 different attendees, and it was just done on Zoom," CEO Stephen Schwarzman told analysts.While the coronavirus pandemic has made it hard for first-time funds to raise money from investors, The Blackstone Group has been wooing institutions remotely.

That's in contrast to smaller funds that are having a more difficult time raising capital, according to attorneys and placement agents. "We had one fund that was supposed to be having a big due-diligence meeting with, I think it was over 130 or 150 different attendees, and it was just done on Zoom," CEO Stephen Schwarzman told analysts.

After its outdoor, hospitality, energy and casino investments took a hit because of the coronavirus, the economic toll started to show in its first-quarter earnings, when the firm said that the value of its private equity funds fell by 21.6%. In other areas of the private-equity industry — namely, firms that are in the process of raising their first funds — due diligence meetings are not quite as easy to convene.

How will this affect the demand for business travel going forward? How will this affect home offices going forward? What does this mean for 'jurisdiction' in a legal context?

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