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.
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