Blackstone Group LP, the world’s biggest buyout firm, said first-quarter profit rose as market gains lifted the carrying value of its holdings. The shares fell after the company said a lackluster economy may curtail investing.
Blackstone Group LP decided against a bid for Dell Inc. in part because executive Dave Johnson, the computer maker’s former mergers chief, pulled support for the deal he helped conceive, said people familiar with the matter.
Private equity, an investing trade plied by 4,500 firms with $3 trillion in assets, is bracing for a shakeout that’s been brewing since the collapse of credit markets choked off a record leveraged-buyout binge.
Tony James, president of Blackstone Group LP, said campaigns criticizing the private equity industry in the wake of Mitt Romney’s run for the Republican presidential nomination will hurt fundraising and buyouts.