The private equity firm said its economic net income fell to just $212 million, from $804 million a year earlier. The culprit was performance fees, which fell 80% to $135 million as Blackstone’s portfolios lost ground.
“Generally, a pretty miserable situation in the second quarter,” CEO Stephen Schwarzman said. “Markets have been dominated by tepid volumes and limited conviction. Investors remain apprehensive and hesitant to make decisions.”
Read more: Finalternatives