Blackstone Profit Rises as Market Buoys Real Estate, Buyouts

Blackstone Group LP rode a widespread market advance in the second quarter, earning 36 percent more than a year earlier. The results fell short of analysts’ estimates as a downturn in energy prices hit private equity holdings.

While the asset manager’s public holdings -- shares of companies it’s taken public -- tracked positively, private investments were “pressured by the underperformance in energy,” Credit Suisse Group AG analysts led by Craig Siegenthaler wrote in a note to clients before the results were announced. Energy was likely a “headwind,” Jefferies Group analysts led by Gerald O’Hara wrote.