Alternative investment management company Blackstone has posted a loss for Q2 2022 after its private equity portfolio was impacted by ongoing turmoil in global markets. The New York-based firm reported a net loss of $29.4 million for the quarter compared with a profit of $1.82 billion in the same period in 2022, according to a report by The Wall Street Journal.
Alternative investment management company Blackstone has posted a loss for Q2 2022 after its private equity portfolio was impacted by ongoing turmoil in global markets. The New York-based firm reported a net loss of $29.4 million for the quarter compared with a profit of $1.82 billion in the same period in 2022, according to a report by The Wall Street Journal.
The loss comes on the back of 6.7 per cent decline in the value of Blackstone’s corporate private-equity portfolio, which although smaller than the 16,5% decline seen in the S&P 500, is still a signifiant from from the 13.8% increase seen in Q2 2021.
Most of Blackstone’s other strategies also saw declines over the quarter, although the firm’s hedge fund business finished in positive territory thanks a to stock market bets that benefited from market volatility.
Distributable earnings came in at $1.99 billion, or $1.49 a share, nearly doubling from $1.07 billion, or 82 cents, a year earlier, and resents the second-highest total in the firm’s history.
