Investor Presentaiton
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
Significant realized distributions and unrealized negative appreciation across strategies led to lower Net Accrued
Performance Revenues quarter-over-quarter of $7.5 billion ($6.18/share).
Investment Performance
(appreciation / gross returns)
Real Estate
2Q'22
2Q'22 LTM
Opportunistic
Core+
(1.0)%
35.0%
2.3%
25.5%
Private Equity
Corporate Private Equity
(6.7)%
10.1%
Tactical Opportunities
(2.4)%
11.2%
Secondaries
5.7%
37.8%
Hedge Fund Solutions
BPS Composite
0.6%
3.9%
Credit & Insurance
Private Credit
(0.1)%
10.4%
Liquid Credit
(5.5)%
(4.2)%
Net Accrued Performance Revenues
($ in millions)
$9,546
$596
$7,476
$1,474
10'22
Net
Performance
Revenues
Net
Realized
Distributions
2Q'22
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. Secondaries appreciation is
reported on a three-month lag from the fund financial reporting. Effective 3Q'21, the Secondaries fund financial reporting process was updated to generally report underlying fund
investments on a same-quarter basis, if available. Previously such fund financial reporting was generally on a three-month lag. This update has permitted Secondaries appreciation to
be reported on a more current basis. Secondaries appreciation is presented above as if the updated reporting process was in place for prior periods. Secondaries appreciation for 2Q'22
is not impacted by the reporting process change. Including the "catch up" from the reporting process change to reflect the economic and market activity of five quarters in 2Q'22 LTM,
Secondaries appreciation was 43.7% for 2Q'22 LTM. BPS Composite net returns were 0.4% and 3.0% for 2Q'22 and 2Q'22 LTM, respectively. BPS Composite gross and net returns were
1.8% and 1.3% for 2Q'22 YTD, respectively. Private Credit net returns were (0.6) % and 6.0% for 2Q'22 and 2Q'22 LTM, respectively. Liquid Credit net returns were (5.8) % and (4.8) % for
2Q'22 and 2Q'22 LTM, respectively. See notes on pages 32-33 for additional details on investment performance.
Blackstone |
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