Blackstone's first-quarter profit rises but coronavirus weighs on fund value

Blackstone's first-quarter profit rises but coronavirus weighs on fund value

Blackstone Group LP headquarters stands in New York, U.S., on Friday, April 14, 2017. Photograph: Victor J. Blue/Bloomberg

Blackstone Group Inc, the world’s largest manager of alternative assets such as private equity and real estate, reported a 4% rise in first-quarter distributable earnings on Thursday, driven by a surge in management fees, even as its funds took a hit in the coronavirus-induced downturn.

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