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The Blackstone Group L.P. Message Board

sam_0534 47 posts  |  Last Activity: Nov 24, 2015 2:37 PM Member since: Feb 8, 1998
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  • CalPERS, the seventh-largest investor in private equity with roughly one percent of the market, said its private equity earnings were based on $29.3 billion in original investments. Total realized proceeds, meaning return of original investment plus realized net gain, totaled $53.5 billion.

    "Private equity has the highest net returns in our portfolio," said Ted Eliopoulos, CalPERS Chief Investment Officer in a statement. The new accounting system "will allow us to more meaningfully examine information received from our external investment partners."

    Private equity returned 8.9 percent to CalPERS in the last fiscal year, compared to 1 percent from public equities and 2.4 percent overall. The asset class has consistently outperformed the fund's overall assumed return rate of 7.5 percent, but it has also routinely over the past decade missed CalPERS' benchmarks.

  • Intellipharmaceutics
    Intellipharmaceutics to Present at the LD Micro Main Event

    TORONTO, Nov. 24, 2015 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced that the Company is scheduled to present at the LD Micro Main Event on December 2, 2015. The presentation will take place at 10:00 A.M. (PST) (1:00 PM EST) in the Luxe Sunset Bel Air Hotel in Los Angeles, California.

    Sentiment: Buy

  • sam_0534 by sam_0534 Nov 20, 2015 1:37 PM Flag

    stocastics very oversold...big bottom pattern I hope :) stockcharts is a good chart sowing that...

    Sentiment: Strong Buy

  • Reply to

    Yesterday's action...

    by billlewisiv Nov 20, 2015 9:03 AM
    sam_0534 sam_0534 Nov 20, 2015 11:52 AM Flag

    BX owns 77% of VSLR....just running with a bad spell..but BX has many other excellent options and the Multi BILLION housing portfolio which they will make a Hugh profit on

    Sentiment: Buy

  • Reply to


    by ehpb1 Nov 20, 2015 10:59 AM
    sam_0534 sam_0534 Nov 20, 2015 11:39 AM Flag

    been disappointing.. HLT and FSL the 2 biggest holdings have been hit hard as other holdings.. so wont be raising money selling them now...

  • Reply to

    tony james webcast

    by sandyraveon Nov 18, 2015 1:44 PM
    sam_0534 sam_0534 Nov 18, 2015 4:32 PM Flag

    I am waiting for BX to monetize their Billions in housing which must have a BIG return so far..

  • I notice the same articles continually being spread in the current news!!!! why do they keep repeating the same negative slanted news?? I have seen this article several times and others....By Jonathan Stempel

    NEW YORK, Nov 12 (Reuters) - Gucci, Yves Saint Laurent and other luxury brands suing Alibaba Group Holding Ltd(BABA) for promoting the sale of counterfeit goods have backed away from their threat to withdraw from mediation, despite Alibaba(BABA) founder Jack Ma's statement that he would rather lose the case than settle.

    Brands owned by Paris-based Kering SA accepted U.S. District Judge Kevin Castel's request that they try to resolve their differences through a mediator, their lawyer Robert Weigel said in a letter filed on Wednesday night in Manhattan federal court.

    The brands, also including Balenciaga and Bottega Veneta, had accused the world's largest online retailer of trademark infringement for letting 31 companies sell knockoff goods, damaging the brands' sales and reputation.

    One example cited in the lawsuit was a bogus "high quality leather" tote bag offered for $2 to $5 that resembled a real Gucci bag costing $795. The lawsuit sought a halt to counterfeit sales, plus triple and punitive damages.

    Forbes magazine on Nov. 4 quoted Ma, worth about $23.4 billion, as saying: "I would (rather) lose the case, lose the money" than settle. "But we would gain our dignity and respect."

    That prompted the Kering brands to withdraw from mediation, believing Ma's comment made it a "futile exercise."

    But the judge on Monday urged them to reconsider and urged both sides to tone down their rhetoric. "Needless public comments can undermine talks," he wrote. "Yet public positions and positions in confidential talks have been known to vary."

    In his letter, Weigel, a partner at Gibson, Dunn & Crutcher, said "we are hopeful that is the case here," and that the Kering brands will "proceed in good faith" to mediation.

    Weigel also called the matter a "test case" that could change the behavior of Hangzhou, China-based Alibaba(BABA) toward "tens of thousands" of sellers of alleged knockoffs on its platforms.

    Bruce Rich, a partner at Weil, Gotshal & Manges representing Alibaba(BABA), declined to comment.

    Sentiment: Strong Buy

  • HONG KONG (Standard & Poor's) Nov. 12, 2015--China's e-commerce giant, Alibaba
    Group Holding Ltd.(BABA) (A+/Stable/--; cnAAA/--), is in a solid position to drive
    revenue and profitability growth. The company smashed global sales records at
    yesterday's 11.11 Global Shopping Festival, where about a third of the buyers
    bought international products. Alibaba(BABA) also continues to benefit from strong
    online user traffic. But competition is growing.

    "Alibaba(BABA) appears to be successfully transitioning into a mobile platform, and
    we believe it is in a firm position to grow its cross-border e-commerce," said
    Standard & Poor's credit analyst Tony Tang. "The company offers international
    products from more than 40 countries on its Tmall Global platform to domestic
    customers, and this could be the major growth driver for its future earnings."

    On Nov. 11, 2015, Alibaba(BABA) announced that the total gross merchandise value
    (GMV) at yesterday's shopping festival increased to US$14.3 billion from
    US$9.3 billion on the same day in 2014. Mobile GMV as of percentage of total
    GMV reached 68.7%. We estimate that Alibaba(BABA) generated about Chinese renminbi
    (RMB) 2.4 billion (about US$370 million) revenue at the event. We also
    forecast that the company's blended and mobile monetization rate could reach
    above 2.60% in the last quarter of 2015.

    In our view, Alibaba(BABA) will continue to grow its mobile traffic as it
    transitions into a mobile platform marketplace from a PC-based platform. The
    company's mobile monetization rate has increased to 2.39% as of Sept. 30,
    2015, from 1.87% on Sept. 30, 2014. Mobile account

    Sentiment: Buy

  • sam_0534 by sam_0534 Nov 11, 2015 4:54 PM Flag

    By Tariro Mzezewa

    NEW YORK, Nov 11 (Reuters) - Chinese stocks that trade on U.S.-listed exchanges were mostly lower on Wednesday, even as investors expect indexer MSCI to add some well-known company stocks to its emerging market indexes.

    Weak earnings, falling oil prices, and cautious comments from Alibaba Group(BABA) CEO Jack Ma caused China-based company shares to weaken a bit. Alibaba(BABA), one of the largest U.S.-listed Chinese companies, lost 1.8 percent.

    Indexes tracking overseas-listed shares, known as American Depository Receipts (ADR), were lower. The Bank of New York Mellon index of Chinese ADRs dropped 0.34 percent and the ARCA China Index fell 0.5 percent, led by a 2.8 percent drop in CNOOC LTD.(CEO)

    Index provider MSCI will announce on Thursday that it will add foreign-listed Chinese shares to one of its emerging market indexes beginning on Dec. 1.

    Chinese shares have been on a wild ride throughout 2015. After heavy selling of Chinese stocks through the summer, major Chinese indexes have rebounded, with the Shanghai Shenzhen CSI300 index and the Shanghai Composite Index reaching near two-month highs in early November.

    In recent days, shares have weakened, but some analysts expect key shares to do better once MSCI adds popular names in its emerging-markets indexes. Lack of transparency has kept so-called China "A" shares, which trade in mainland China, from MSCI's major world indexes.

    "U.S. listed Chinese companies are mostly Internet companies and they are in the consumer sector, so we'll see them benefit from the inclusion by MSCI, because the sector is positive in the near-to-medium term," said Jun Zhu, co-portfolio manager for L

  • sam_0534 sam_0534 Nov 11, 2015 11:55 AM Flag

    however it works it will be a POSITIVE

    Sentiment: Buy

  • Reply to

    I'm buying.

    by tacodude63 Nov 11, 2015 10:08 AM
    sam_0534 sam_0534 Nov 11, 2015 10:12 AM Flag

    "Today's data suggest that, despite all the doom and gloom, economic conditions continue to remain broadly stable," said Julian Evans-Pritchard of Capital Economics in a report.

    "We expect further improvements in the data over the coming quarters which ought to quash any lingering concerns that China may be about to enter a deeper downturn."


  • just need to let this settle out.. they has been a lot of players trying to take down this stock..they all have their agendas..I think this will all work out favorably.....

    Sentiment: Strong Buy

  • Alibaba Group Holding Ltd. (BABA) shares slid Friday after CNBC reported that famed short-seller Jim Chanos named the Chinese e-commerce company as a possible short at a conference. Yahoo Inc.(YHOO) , which owns 384 million shares of Alibaba(BABA), also fell in tandem. CNBC did not make it clear which conference Chanos was speaking at. Chanos of Kynikos Associates has been bearish on China for years and recently warned that the country can be the next Greece. Shares of Alibaba(BABA) are off 3.8% to $82.13 and Yahoo(YHOO) shares skidded 3.1%.

    Sentiment: Strong Buy

  • they sold 14 million BRX privately the other day....need some big deals for a good year end payout....

    Sentiment: Strong Buy

  • BX has a very good Head Shoulder reversal pattern...good base pattern and of course patterns can fail, etc.. been a volatile stock with big trading moves.. needs to break above the 35.50 or so area to not close right now and you have seen the big one day swings in this stock...Would expect some great news to get it going.. And BX has said many times they dont want to buy back stock...

    Sentiment: Strong Buy

  • sam_0534 by sam_0534 Nov 5, 2015 12:46 PM Flag

    Fitch Ratings-New York-05 November 2015: Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) of The Blackstone Group L.P.(BX) and its related entities (collectively Blackstone) at 'A+'. The Rating Outlook is Stable. Approximately $2.8 billion of unsecured debt is affected by these actions. A complete list of ratings is detailed at the end of this release.

    Today's rating actions have been taken as part of a periodic peer review of the alternative Investment Manager (IM) industry, which comprises seven publicly rated global firms. Fitch's outlook for the sector is stable, reflecting the relative stability of core operating fundamentals, given the locked-in nature of a large portion of fee revenue, modest but increased leverage levels, manageable near-term obligations relative to available liquidity resources, increasing asset under management (AUM) diversity, and investors' increasing allocation to alternative investments, particularly those managed by alternative IMs with strong franchises such as those included in Fitch's peer review. While fund realization activity has increased significantly over the last three years, leading to the amortization of existing AUM, managers have continued to replace capital, and therefore fees, with follow-on funds and expansion into other product categories through step-out strategies, seed investments, and/or acquisitions.

    The variable cost structure of the alternative IMs has contributed to relatively steady cash flows through cycles. Fee-related earnings before interest, taxes, depreciation, and amortization (FEBITDA) margins had been trending down in recent years, given lower fee rates on new product categories, higher fundraising costs, and because the cost of doing business has risen with increased regulation and administrative costs associated with operating as public companies. However, FEBITDA margins have turned a corner more recently as many alternative IMs have begun to raise follow-on funds for newer strategies, which adds scale to the platform. The FEBITDA margin for 'A' category alternative IMs averaged 35.5% for the trailing 12 months (TTM) ended Sept. 30, 2015, which compared to a 34.9% average for 2012.

    Leverage levels have increased across the industry, as issuers have taken advantage of the low interest rate environment to issue long-duration funding and have also used debt financing for acquisition purposes. Average leverage, defined as debt divided by FEBITDA, was 3.54x for 'A' category firms for the TTM ending Sept. 30, 2015, which compared to an average of 2.55x at year-end 2012. Fitch believes the issuances have been largely opportunistic and views the reduction in refinancing risk favorably. Over time, Fitch expects leverage levels to migrate toward historical averages, as cash proceeds are deployed into FEBITDA-generating opportunities and recent acquisitions begin to contribute to consolidated results.

    While core issuer fundamentals remain solid, alternative IMs continue to have record levels of capital to invest at a time when conditions are increasingly challenging. Therefore, there is more capital chasing fewer deals, which could lead to significant fund underperformance if competition bids prices up further. Outsized vintage concentration could potentially exacerbate this issue. While most of the large managers have operated through a variety of market cycles, and have demonstrated investment restraint, pressure for returns from limited partners remains high, given the length of time that interest rates have been at low absolute levels. That said, a meaningful portion of the industry's uncalled capital is not yet earning fees, often referred to as shadow AUM, which could provide some material upside to alternative IM FEBITDA as the capital is deployed.



    The rating affirmation for Blackstone reflects its strong competitive position as a global alternative IM, experienced management team, solid investment track record, significant fee-earning assets under management (FAUM), strong operating margins, incentive income-generating capability, ample liquidity, relatively low leverage, and subordination of general partner interests to outstanding indebtedness.

    Risks to the ratings include 'key man' risk, which is institutionalized throughout many limited partnership agreements; reputational risk, which can impact the company's ability to raise future funds; reduced earnings generation and diversity following the announced sale of the firm's advisory and restructuring businesses; and legal and regulatory risk, which could alter the alternative asset space.

    FAUM amounted to $240.9 billion at Sept. 30, 2015, up 12.2% year-over-year, driven by strong fundraising across the firm, particularly in real estate and credit, which more than offset nearly $20 billion in realizations and $17.8 billion in outflows, representing the end of closed-end fund investment periods and redemptions in more liquid vehicles. Additionally, FAUM does not yet include Blackstone's seventh global private equity fund, which had $16.8 billion of committed capital at Sept. 30, 2015. In aggregate, Blackstone had $48 billion of AUM not yet earning base management fees at third quarter 2015 (3Q15).

    Fundraising is expected to remain strong, given the diversity of Blackstone's product offerings, and the potential scalability of new product launches, including core plus real estate. However, Fitch believes FAUM growth may moderate over the near term given Blackstone's absolute overall size, continued realization activity, and the recent raising of flagship funds in private equity (PE) and real estate (RE).

    At Sept. 30, 2015, Blackstone had approximately $85 billion in uncalled capital, a record for the firm. Investing this amount of capital may be challenging in the current environment, with high equity valuations and loosening credit terms. However, Blackstone has a track record of investing through a variety of market cycles, and has a global reach and extensive network of relationships which provide an ample pipeline of deals to review. Fund investment periods also generally allow anywhere from three-to-five years to deploy the capital, which allows the firm additional deployment flexibility.

    Blackstone's core operating performance remains strong due to the relative stability of management fees on a growing FAUM base and the variable cost structure. The firm's FEBITDA margin was a peer superior 43.6% for the TTM ended Sept. 30, 2015 - evidence of the scalability of the business model. Fitch expects management-fee growth near term given continued fundraising and the start of the investment period for the flagship RE and PE funds in 3Q15 and 2016, respectively. Still, the pace of growth will be somewhat dependent on the magnitude and pace of investment and realization activity.

    FEBITDA will decline with the spin-off of the firm's advisory, restructuring, and fund placement businesses on Oct. 1, 2015, which have been relatively stable, albeit small, contributors to earnings. However, Fitch expects Blackstone to cover the FEBITDA decline in a relatively short time, given the growth trajectory of the remaining businesses and the scalability of the asset management platform. Additionally, firm margins may benefit as the advisory/restructuring segment is lower margin than the asset management business, given the higher number of employees and the associated compensation ratio.

    Performance fees and investment income are down year-to-date 2015, year over year, due to stronger returns in 2014 and, more recently, marks on public holdings in the funds. These revenue categories will be lumpy over time due to deal activity and market volatility. Accrued performance fees were a strong $3.6 billion at Sept. 30, 2015, net of associated compensation expense, and relate largely to the RE and PE segments. Fitch does not view the accrual as a liquid asset, but the accrual does point to potential future income generation and cash flow.

    Blackstone's funding diversity improved in 2015, as it accessed the European markets for the first time, issuing EUR300 million of 10-year notes with a 2% coupon in May. Blackstone also extended its funding duration, issuing $350 million of 30-year notes at 4.45% in April, which compared to a coupon of 5% on its prior 30-year issuance, in April 2014.

    Blackstone's leverage, as measured by corporate debt divided by FEBITDA, was 2.49x at Sept. 30, 2015 on a TTM basis, compared to Fitch's general tolerance level of 2.5x for 'A' category firms. Debt service coverage, defined as FEBITDA divided by interest expense, remained adequate at 6.93x on a TTM basis, but will decline as the run-rate impact of recent debt issuance has yet to be fully incorporated in interest expense.

    Fitch expects Blackstone to manage leverage at or below 2.5x over the long term, but leverage will increase in 4Q15 given the spin-off of the majority of the advisory segment. Assuming Blackstone loses the full fee-related earnings contribution of the segment, which is overly conservative given the retention of the capital markets business, leverage would be 2.86x on a TTM basis through Sept. 30, 2015.

    Fitch believes Blackstone has a solid liquidity profile. Performance fees can be highly volatile and could be virtually zero when market conditions are stressed, so Fitch looks to FEBITDA, cash, and liquid assets as the primary sources of liquidity. At Sept. 30, 2015, balance sheet cash amounted to $1.4 billion, total investments in cash management strategies were $2.6 billion, investments in liquid funds were $172 million, and the company had $1.1 billion of unused capacity on its management company revolver. At June 30, 2015, unfunded commitments to the funds amounted to approximately $2.3 billion and the clawback obligation, assuming all positions were liquidated at their current fair values, amounted to a very modest $3.5 million, including employee obligations.

    Distributions for year-to-date 2015 were $2.12 per common unit, while distributable earnings were $2.51 per unit, yielding a payout ratio of about 84.5%. Blackstone's distribution policy is above the peer group average, but Fitch believes the company has the flexibility to reduce distributions, if necessary, to bolster liquidity.

    The Stable Rating Outlook reflects Fitch's expectations that management will continue to generate stable management fees, maintain strong operating margins, grow/retain FAUM through the raising of new and expansion of existing funds (albeit at a more moderate pace), operate with relatively low leverage, and retain a solid liquidity profile in order to fund operations and meet co-investment commitments to the funds.


    Sentiment: Strong Buy

  • lots in the pipeline but need to get approvals, etc to jump the shares...

    Sentiment: Buy

  • At Stuyvesant Town, home to about 30,000 New Yorkers and one of the last bastions of affordable housing in Manhattan, Blackstone worked out a deal with the city to protect residents from skyrocketing rents. The New York-based private equity firm and its partner in the transaction, Canadian investor Ivanhoe Cambridge Inc., agreed to keep about half of the more than 11,000 units affordable for 20 years.

    Relatively cheap financing supplied by Fannie Mae and Freddie Mac makes large debt loads for projects such as Stuyvesant Town more manageable. Interest rates on mortgages from the agencies can be below 3 percent, compared with average financing costs of 4.5 percent from Wall Street banks, according to Richard Hill, an analyst at Morgan Stanley.

    Other than the government-sponsored companies, there aren’t many lenders that have the capacity to fund a purchase as large as Blackstone’s, according to Sam Chandan, president of Chandan Economics, a provider of real estate data and analysis.

    “You could argue convincingly that the deal wouldn’t get done in its current form without agency financing in the market,” he said.

    Sentiment: Strong Buy

  • Item 8.01 Other Events.
    On November 3, 2015, affiliates of the Blackstone Group L.P. ("Blackstone") entered into an agreement to sell directly to an institutional investor 14,000,000 shares of common stock, $0.01 par value per share, of Brixmor Property Group Inc. (the "Company"). The offer and sale of these securities is being made pursuant to an effective Registration Statement on Form S-3 (File No. 333-200057) that was filed with the Securities and Exchange Commission on November 10, 2014.
    The following table and accompanying footnotes set forth information regarding the beneficial ownership of the outstanding shares of the Company's common stock and common units of partnership interest of Brixmor Operating Partnership LP not held by the Company as of November 3, 2015, before and after giving effect to this transaction. Beneficial ownership is determined in accordance with the rules of the SEC.

    Sentiment: Buy

31.08+0.41(+1.34%)Nov 25 4:02 PMEST