Blackstone: Biding Its Time

The private-equity player has taken its lumps, but says it has lots of cash on hand to start investing in distressed assets

The credit crisis has taken a toll on Blackstone Group's (BX) profitability, and the company doesn't expect market conditions to improve any time soon. But that hasn't stopped it from making nine new private equity commitments totaling $2.8 billion since the credit crunch began -- and it's only a matter of time before the M&A kingpin pounces on the distressed equity and debt opportunities it sees.

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