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Cash-rich Blackstone hits out at attacks on private equity
THE PRESIDENT of Blackstone has mounted a vigorous defence against attacks on the private equity industry.
Tony James spoke out against “vicious, politically motivated” criticism after Mitt Romney, the former Bain Capital boss, came under fire in the race to be the US Republican presidential candidate.
Blackstone, the largest publicly listed alternative asset manager, also reported lower fourth-quarter earnings. Performance fees fell 21 per cent to $358m (£226.5m) but fee-earning assets under management increased 25 per cent to a record $137bn.
Total assets under management increased 30 per cent to $166bn on strong fundraising. Its “dry powder” capital available for deals hit a high of $32.9bn at the end of 2011.