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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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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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