Blackstone has suffered severe mark-to-market losses on investment funds that focus on energy and distressed debt, as the coronavirus pandemic and a global oil rout wiped out 92 per cent of the performance fees previously booked by its $140bn credit business.
“The current crisis is much more formidable than the global financial crisis,” acknowledged Stephen Schwarzman, Blackstone’s billionaire founder, adding that “a return to work and normal life...may be a long and gradual process.”
The world’s largest alternative asset manager recorded investment losses of 22 per cent in its private equity business, which manages $175bn of capital, denting the incomes of executives whose pay is tied to the profits on their deals.
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