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

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Blackstone CEO Steve Schwarzman says some big investors are 'cool' with Zoom calls replacing in-person meetings, and that the PE giant nabbed $500 million remotely earlier this week

"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.

 

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