Blackstone Group on Thursday reported assets under management rose to $98.1 billion in the first quarter, up 6.4% from a year earlier.
Blackstone’s hedge fund-of-funds business, managed by J. Tomilson Hill, had $49.1 billion in assets as of last quarter, up 12%. Private equity assets were little changed at $25.2 billion, according to the company’s earnings statement.
The company reported a first-quarter profit of $360.4 million, compared with a loss of $82.4 million a year earlier, as the value of its buyout investments rose and deal-making accelerated.
“We are seeing concrete signs of economic improvement in our portfolio,” Stephen Schwarzman, Blackstone’s CEO, said in the statement. Revenue in the private equity business more than tripled to $276.8 million as the firm reaped profits from some investments and marked up the value of others.