Blackstone has become the first private equity firm to manage $US1 trillion, an accomplishment tempered by a dealmaking slump that weighed on second-quarter results.
Distributable earnings tumbled 39 per cent to $US1.2 billion, the lowest in two years. The 93 cent a share profit was 1 cent better than the average estimate of analysts surveyed by Bloomberg. The firm now oversees $US1.001 trillion, up from $US940.8 billion a year earlier.
