Blackstone profit up but misses forecasts amid energy headwinds

New York

BLACKSTONE Group LP rode a widespread market advance in the second quarter, earning 36 per cent more than a year earlier. The results fell short of analysts' estimates as a downturn in energy prices hit private equity holdings.

While the asset manager's public holdings - shares of companies it's taken public - tracked positively, private investments were "pressured by the underperformance in energy", Credit Suisse Group AG analysts led by Craig Siegenthaler wrote in a note to clients before the results were announced. Energy was likely a "headwind", Jefferies Group analysts led by Gerald O'Hara wrote.