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Blackstone Earnings Tick Higher as Tech Lifts Portfolio

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Blackstone posted slightly higher earnings for the third quarter as its focus on tech-related investments helped its private-equity portfolio rise above broader markets

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.

 

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