| Capital and Liquidity
As of June 30, 2011, Blackstone had $434.8 billion in cash, $1.1 billion invested in Blackstone’s Treasury cash management strategies, $202.7 million invested in liquid Blackstone Funds, $1.9 billion invested in illiquid Blackstone Funds, and $149.3 million in other investments. Long-term debt totaled $1.0 billion in borrowings from the 2010 and 2009 bond issuances. Blackstone has no borrowings outstanding against its $1 billion revolving credit facility.
Assets under Management
Blackstone’s fee-earning assets under management (AUM) and total AUM continued to demonstrate consistently strong growth, driven by net inflows and market appreciation.
Fee-earning assets under management (AUM) totaled $129.0 billion as of June 30, 2011 versus $101.4 billion as of June 30, 2010. Total AUM escalated to $158.7 billion as of June 30, 2011 from $111.4 billion as of June 30, 2010.
Blackstone funds had $31.4 billion of committed but uninvested capital, or “dry powder”, at the end of the 2Q11.
Segment Details:
Private Equity: Fee-Earning AUM was $35.8 billion compared with $25.2 billion in 2Q10, principally due to the start of Blackstone Capital Partners (BCP) VI’s investment period.
Real Estate: Fee-Earning AUM was $27.9 billion compared with $23.8 billion in 2Q10. The increase was principally due to the commencement of Blackstone’s management of the Merrill Lynch Asia assets, which added $2.1 billion to Fee-Earning AUM in 4Q10 and $1.1 billion of fee-earning co-investment capital related to the acquisition of the U.S. assets of Centro in 2Q11.
Hedge Fund Solutions: Fee-Earning AUM grew 29% to $37.2 billion from $28.8 billion in 2Q10. The increase was principally due to net inflows and market appreciation across the segment.
Credit Businesses: Fee-Earning AUM increased 19% to $28.1billion from $23.6 billion in 2Q10. The long-only platform had particularly strong y/y growth.
Distribution
On July 21, 2011, Blackstone declared a quarterly distribution of $0.10 per unit to record holders of common units at the close of business on August 15, 2011. This distribution will be paid on August 31, 2011.
On May 31, 2011, Blackstone paid a quarterly distribution of $0.10 per unit to record holders of common units at the close of business on May 16, 2011.
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