Private Equity

Blackstone swings to loss after market selloff hits investments

Firm's massive real estate business held up better during the first quarter

Blackstone’s first-quarter results were hit hard by the coronavirus-led market selloff, and the firm’s president, Jonathan Gray, said he sees the economic recovery taking some time to gain steam.

The private equity giant swung to a loss as declining markets forced it to write down the value of its investment portfolio. Its assets under management fell from the prior quarter for just the third time since the financial crisis.

WSJ Logo