Sumary of UPDATE 1-Blackstone doubles second quarter earnings on surging asset sales:
- By Chibuike Oguh3 Min Read(Reuters) -Blackstone Group Inc said on Thursday its second-quarter distributable earnings nearly doubled year-on-year, driven by a surge in asset sales across its real estate, private equity and credit businesses.
- Shares of other publicly listed private equity firms also staged record rallies as they capitalized on frothy market valuations to cash out on assets for top dollar.
- Private equity firms that had previously been wary of a stock market debut, such as TPG and L Catterton, are now considering following suit, Reuters has reported.
- The buyout firm said its private equity portfolio grew 13.8% in the second quarter, compared with a 8.2% rise in the benchmark S&P 500 stock index over the same period.
- Blackstone said its net income under generally accepted accounting principles doubled to $1.3 billion, driven by a sharp rise in investment income.