Blackstone records sharp losses in Q3

Blackstone CEO Stephen Schwarzman said the firm’s LPs reaffirmed their confidence in Blackstone by increasing their commitments in Q3. The firm has a record $33.4bn of dry powder.

The Blackstone Group’s third quarter losses of $342 million were driven in part by “the sharp decline in global public markets, widening of credit spreads and negative foreign currency adjustments,” the firm said during an earnings call Thursday.

Blackstone’s private equity holdings lost about $285 million during the quarter, bringing revenues through the first nine months of the year to $388 million for the asset class.

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