An American multinational private equity The Blackstone Group L.P. announced that its profits rose 46 percent during the third-quarter, as the private equity firm reaped gains selling share of companies it owns.

The New York company on Thursday reported third-quarter profit of $251 million, or 41 cents a share, up from $171 million, or 29 cents a share, in the same period last year.

Blackstone’s second-quarter economic net income was $758 million, or 66 cents a share, up from $640 million, or 56 cents a share, during the same time period a year earlier. Blackstone said that measure, which private-equity firms prefer because it includes unrealized gains as well as cash earnings, set a third-quarter record, though it fell short of Wall Street expectations. Analysts polled by Thomson Reuters predicted 81 cents a share.

Blackstone’s earnings were driven in part by sales of shares in companies it owns in its private equity and real-estate funds. The buyout firm said during the third quarter it sold shares in Pinnacle Foods Inc., Kosmos Energy Ltd. and Brixmor Property Group Inc. Blackstone’s real-estate business generated $4.4 billion in proceeds during the quarter.

Source: MarketWatch


Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Blackstone, The Blackstone Group L.P., New York, New York Private Equity, Wall Street, Thomson Reuters, Pinnacle Foods Inc., Kosmos Energy Ltd., Brixmor Property Group Inc., Real Estate.


General Catalyst Partners, a venture capital firm that makes early-stage and growth equity investments, has led a $9 million in series A round for Brainly, the world’s largest social learning network designed to allow students to help each other with schoolwork.

Previous and new investors, including Point Nine Capital, Learn Capital, and Runa Capital, also participated in the round. With the funding, Brainly will expand its U.S. operations and is opening an office in New York City. CEO Michal Borkowski will continue to lead the company and is hiring a U.S.-based executive team. Adam Valkin and Nitesh Banta from General Catalyst Partners will join Brainly’s board of directors.

Founded in 2009, the investment follows Brainly’s tremendous success in its home country of Poland, which led to its expansion into 35 additional countries throughout Europe, South America, and Asia, including Russia, Indonesia, and Brazil. Each month, more than 30 million people around the globe visit Brainly’s websites to seek homework help. The company has more than doubled its user base during the past year, and today more than 8,000 questions are asked on Brainly sites each hour.

“Every student in the world eventually becomes stuck on a homework problem, causing frustration and loss of confidence,” said Michal Borkowski, CEO of Brainly. “Our vision is to help students become unstuck by turning homework into an opportunity to inspire learning and collaboration. With this funding, we will be able to accelerate this vision by bringing new expertise to our team, reinventing the next generation of our product, and expanding Brainly to new geographies.”

Source: PR Newswire


Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, General Catalyst Partners, Brainly, Point Nine Capital, Learn Capital, Runa Capital, New York City, Michal Borkowski, Adam Valkin, Nitesh Banta, Europe, South America, Asia, including Russia, Indonesia, Brazil, Michal Borkowski.


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