Blackstone Group LP, the largest alternative asset manager, said on Thursday that second-quarter earnings more than tripled as the value of its funds rose and it cashed out on parts of its portfolio, including SeaWorld Entertainment Inc.
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Blackstone, whose investments include The Weather Channel, Hilton Worldwide and Pinnacle Foods, reported economic net income (ENI) of $703 million, up from $212 million a year ago. ENI takes into account changes in the market value of its funds.
Distributable earnings, which show cash available to pay dividends, rose 73 percent to $338 million.
Assets under management totaled $230 billion at the end of June, up 21 percent year on year. Fee-earning assets under management rose 12 percent to $176 billion.
Blackstone declared a quarterly distribution of 23 cents per common uni