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Pensions and Sovereign Funds Contribute to Massive Profits for Blackstone

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Equity research firms like JMP Securities and RBC Capital have raised their price targets on The Blackstone Group L.P., after the private equity firm disclosed recent financial information. For the Blackstone Group, second quarter profit is measured as economic net income. Economic net income grew by 89% to US$ 1.3 billion since the second quarter of last year. This measure also factors in unrealized investment gains.

Blackstone’s performance fees rose dramatically, spurred by profits on investments. Last-twelve-month realized performance fees climbed to a record high of US$ 1.9 billion. By expanding into credit, real estate and hedge funds, Blackstone has been able to feed the appetite of sovereign wealth funds and pensions craving alternative assets and yield. Blackstone’s real estate business has generated lots of fees and has grown with more assets under management.

See which sovereign wealth funds and pensions have allocations with Blackstone

Blackstone Group by Selected Segments – Economic Income – Millions USD

Fiscal Period Real Estate Private Equity Hedge Fund Solutions Credit Financial Advisory
1Q Y2012 267.25 89.98 66.36 87.16 -10.48
2Q Y2012 197.14 -65.06 26.08 54.72 8.84
3Q Y2012 288.71 189.28 82.09 76.20 -3.26
4Q Y2012 246.02 198.07 82.74 107.20 51.98
1Q Y2013 352.94 103.20 93.86 98.50 -10.17
2Q Y2013 370.89 171.22 71.37 82.01 23.90
3Q Y2013 414.04 80.49 76.66 73.28 10.55
4Q Y2013 932.10 360.45 134.64 104.70 51.40
1Q Y2014 320.92 319.25 113.90 81.02 -9.84
2Q Y2014 489.37 647.74 83.11 103.75 27.03

Source: Blackstone Group – Financials – Extracted July 21, 2014

$279 Billion

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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