Blackstone Group's total assets under management were up 14% year-over-year and up 7% quarter-over-quarter to $310.45 billion as of March 31, making the firm the first alternative investment manager to surpass $300 billion in assets under management, the alternative investment firm's first-quarter results show.
The yearly increase was due to asset growth and appreciation, which outpaced the impact of increased exits and the return of a total of $62.5 billion to investors in the 12 months ended March 31.
Net income under GAAP was $629 million for the quarter, up from $265.6 million in the first quarter of 2014. Total revenues were $2.5 billion in the first quarter, up from $1.5 billion as of for the quarter ended March 31, 2014. The largest component of total revenues was performance fees of $1.67 billion, up from $779 million in the first quarter of 2014. Performance fees were followed by fee revenues of $614.89 million, up from $590.97 million the first quarter last year. This was aided in part by the firm's $49 billion private equity business, with its performance fees up more than 200% to $950 million from $287 million at March 31, 2014.