Blackstone Group's assets under management totaled a record $278.9 billion as of June 30, up 3% from $271.7 billion in the first quarter and up 21% from a year earlier, the alternative investment firm reported Thursday.
Blackstone's net income under GAAP was $517 million for the second quarter, up 145% from the second quarter of 2013.
Global fundraising accounted for $62.4 billion in gross inflows in the 12-month period ended June 30, which was partially offset by $20.3 billion in investment activity.
Total unspent capital, or dry powder, as of June 30 was $45.3 billion, up 18% from a year earlier.
Private equity grew the most of any asset class year-over-year, 28%, to $68.3 billion as of June 30. During the period, Blackstone's strategic partners secondary private equity funds-of-funds business raised $1.7 billion in additional capital.
Real estate assets grew 26% to $80.4 billion, with carrying value of its public and private portfolios increasing by 6%. Hedge funds assets increased 21% to $60.7 billion including the close of $2.3 billion in commitments and credit assets rose 12% to $69.5 billion.