Blackstone Group's assets under management totaled $284 billion as of Sept. 30, up 1.8% from $279 billion in the second quarter and up 15% from the previous year, the alternative investment firm reported Thursday.
Blackstone's net income under GAAP was $251 million for the third quarter, up 46% from the third quarter of 2013.
Dry powder, or unspent capital, totaled $42.3 billion as of Sept. 30, up 2.2% from a year earlier. Hedge fund assets grew the most of any asset class year-over-year, increasing 21% to $64.2 billion as of Sept. 30, including $270 million in inflows from its first liquid alternative UCITS structure fund.
Real estate assets grew 16% to $80.2 billion year-over-year while private equity assets increased 12% to $69.9 billion. During the third quarter, Blackstone's strategic partners' private equity fund-of-funds business held a final close of $1.2 billion on its sixth secondary fund of funds, Strategic Partners VI. Strategic Partners' infrastructure and real assets separately managed accounts brought in $400 million in inflows during the quarter.
Credit assets rose 11% to $70.2 billion year-over-year.