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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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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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