Blackstone becomes 1st pvt equity firm to manage $1 tn in assets

Blackstone has become first private equity firm in the world to manage assets worth $1 trillion, it said while announcing that its April-June quarter distributable earnings dropped 39% amid a slump in asset sales. "This milestone reflects the extraordinary trust we've developed with investors," CEO Stephen Schwarzman said. Schwarzman had co-founded Blackstone in 1985 with $400,000 startup capital.