The Blackstone Group wrote down the value of four out of five private equity funds it manages.
Blackstone’s fourth-quarter loss reached $827.1 million with positive return from only one fund out of five. Company wrote down the value of its p.e. portfolio by 20% in the fourth quarter alone, and 31% on the year.
Blackstone’s $21.7 billion Fund V, which it closed in August 2007, was written down 35%. The $6.45 billion Fund IV fell 20%, while Fund III lost 17%. A communications and media fund fell 48%. The only fund in positive ground last year was Fund II, which rose 2%.
L.D.