Gloomy Market For Deal-Making Costs Blackstone $342M

Law360, New York (October 20, 2011, 5:05 PM EDT) -- Private equity giant The Blackstone Group LP announced Thursday that it had lost about $342 million over the past quarter largely because of declining values in its assets and a drop in fees amid a gloomy deal-making market.

Blackstone painted a woeful picture for the private equity sector in its third-quarter earnings report, released to the public Thursday. The $342 million loss is largely attributable to the firm’s private equity business, which had negative revenues of $285 million, reflecting a $378 million reduction in performance fees...
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