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Blackstone Notches Record $1.75 Billion Profit as Growth Strategy Pays Off – The Wall Street Journal

Firm’s private-equity portfolio far outpaced the S&P 500 during the first quarter

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Blackstone Group Inc.
BX 3.72%
swung to a record quarterly profit as its focus on fast-growing companies helped the value of its investments climb more than the broader market.The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020.The value of Blackstones private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain…

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