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Blackstone Deal Exits Ease Pain From Investment Writedowns

  • Firm cashed in more than $29 billion of investments in quarter
  • Blackstone’s Gray sees economic slowdown as Fed tightens
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Blackstone Inc., the world’s largest alternative-asset manager, cashed out of big deals in the second quarter, mitigating the sting from writedowns on investments and the tumult rippling through markets.

Second-quarter distributable earnings surged 86% from a year earlier to $2 billion, or $1.49 a share, after the firm took profits from large investments, Blackstone said Thursday in a statement. That exceeded the average estimate of $1.47.