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☆ Blackstone used this data tool to upend its real-estate business. Now it's being deployed across its PE portfolio.
▼ + stars: | 2023-01-06 | by ( Carter Johnson | Bianca Chan | ) www.businessinsider.com time to read: +4 min

Blackstone Chief Technology Officer John Stecher told Insider that Blackstone now uses Data Direct — previously called Real Estate Data Direct — across both its real estate and private-equity portfolios. From real estate to private equityInsider first detailed the launch of Data Direct, then known as Real Estate Data Direct (REDD), last year. That led to the roll out of the data tool to other parts of the business, like Blackstone's private-equity portfolio, and to new business lines next year. Data Direct, at its heart, is a data tool, and its success is predicated upon importing reliable information in the first place. Having good, clean data has made Data Direct very successful," he added.

☆ UK equity funds saw record $10 bln outflows in 2022-Calastone
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Equity funds shed 6.26 bln stg in 2022 -CalastoneRecord 1.17 billion stg of North American funds sold in 2022Signs of optimism returned in Q4 but UK funds shunnedGlobal ESG equity funds saw inflowsLONDON, Jan 5 (Reuters) - Investors sold a record 8.38 billion pounds ($10 billion) worth of UK-focused equity funds last year, shunning Britain as the country braces for the worst recession among major economies, a global funds network said. Calastone said on Thursday that investment fund flows in 2022 were the weakest in at least eight years, with 6.29 billion pounds pulled from equity funds as the war in Ukraine helped to drive record inflation and interest rate hikes. Fleeing into cash and fund categories perceived to be lower-risk, investors also sold a record 1.17 billion of North American funds - the first year of outflows since 2016. Exits from European equity funds hit 2.65 billion pounds, while Asia-Pacific funds saw 1 billion pounds of withdrawals. Property funds, meanwhile, have been buffeted by outflows, partly because economic downturns snuff out demand for commercial property.

☆ Why Centerstone's Abhay Deshpande favors companies like Ross and Tencent
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Centerstone's Abhay Deshpande favors companies like Ross and TencentAbhay Deshpande, Centerstone Investors chief investment officer,, joins 'The Exchange' to discuss why he calls the current market a stock picker's market and offers the top names to buy.

☆ Wall Street's competitive and rigorous internship process could use a facelift
▼ + stars: | 2023-01-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's version of the Hunger Games — nabbing a summer internship at an investment bank — is about to kick off. Thousands of college students are eagerly refreshing investment banks' careers pages awaiting applications to open for internships for the summer of 2024. (Yes, you read that right, this summer's internship spots have already been wrapped up for a while.) It's a process that results in young people making decisions that will set them on a certain path for years to come. Despite a difficult end to the year for the bank thanks to a costly fine, Wells' investment bank was actually among the top 10 advisors in M&A in 2022, Bloomberg reports.

☆ Blackstone's Wien and Zidle see mild recession, market bottom by mid-year in annual 'surprises' list
▼ + stars: | 2023-01-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Wall Street veteran published his much anticipated annual surprises list Wednesday. Wien started the tradition in 1986 when he was the chief U.S. investment strategist at Morgan Stanley, and his list of surprises became a must-read on Wall Street. "Despite Fed tightening, the market reaches a bottom by mid-year and begins a recovery comparable to 2009," Wien said. Wien thinks that, while the Fed is successful in dampening inflation, it "over-stays" its time in restrictive territory. Meanwhile, Wien thinks that China will edge toward its growth objective of 5.5% and work aggressively to re-establish strong trade relationships with the West.

☆ Blackstone's Jon Gray breaks down 'massive' $4 billion BREIT investment from University of California
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone's Jon Gray breaks down 'massive' $4 billion BREIT investment from University of CaliforniaJon Gray, Blackstone president and COO, joins 'Squawk Box' to discuss the University of California's investment in Blackstone's real estate fund, why BREIT holders should be happy with the investment and more.

☆ University of California to invest $4 bln in Blackstone real estate fund
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - University of California's fund manager said on Tuesday it will invest $4 billion in Blackstone Inc's (BX.N) real estate fund, barely a month after the asset manager limited withdrawals from the fund due to a surge in redemptions. REITs, one of the core strategies that helped Blackstone become the world's biggest alternative asset manager, suffered a setback in December as investors concerned about China's economic prospects and turmoil in the Asian markets withdrew money at a frenetic pace from the real estate fund. The investment in Blackstone Real Estate Income Trust is through UC Investments, which manages a portfolio of nearly $152 billion, according to its website. UC Investments can redeem its holdings over two years after January 2028 and will get an 11.25% minimum annualized net return on its investment, partially supported by a $1 billion commitment from Blackstone. Reporting by Niket Nishant in Bengaluru; Editing by Subhranshu Sahu, Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ The University of California invested $4 billion with Blackstone to buy up rental apartments and student housing, which they see as the bright spots in the real estate market this year
▼ + stars: | 2023-01-03 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

The University of California is investing $4 billion with Blackstone to acquire rentals and student housing. The investment comes at a crucial time for Blackstone's Real Estate Income Trust Inc. fund — also known as BREIT— a $68 billion property investment vehicle. "We consider BREIT to be one of the best positioned, large-scale real estate portfolios in the US, managed by one of the world's top real estate investors," said Jagdeep Singh Bachher, the University of California's chief investment officer. The University of California's investment could become a model for other universities with large endowment funds — typically in the billions of dollars — that want to invest in real estate investment trusts or commercial real estate assets. BREIT's portfolio includes assets in popular college towns such as Fort Collins, Colorado, where Colorado State University is located, and Baton Rouge, Louisiana, which is home to Louisiana State University, according to the fund's website.

☆ Here's what mattered in hedge funds and asset and wealth management in 2022
▼ + stars: | 2022-12-28 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

To be sure, some big investors like macro hedge funds have been notable exceptions to the market gloom. As we do our own account settling for the year, here is some of our best reporting on the buy-side: hedge funds, asset managers, and wealth management. Tiger, Tiger burning bright. Four years later, the hedge fund, founded by two former Millennium executives, has yet to live up to the lofty expectations for it. Among the money managers benefiting from these political moves are Bank of New York Mellon and Federated Hermes.

☆ Proptech is losing money left and right, but Fifth Wall's Brendan Wallace is ready to spend $866 million as the sector enters its 'proving ground'
▼ + stars: | 2022-12-26 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Fifth Wall's Brendan Wallace says today's rough markets are a "proving ground" for the industry. Earlier this year, it announced a $500 million climate fund and a $147 European proptech fund. There are also fewer paths to go public, as the blank-check-company model that takes companies public with fewer disclosures via a merger has dried up. After successfully bringing SmartRent public via its own blank-check company in 2021, Fifth Wall canceled its second blank-check company in March of this year. Procore, which raised $634.5 million in a public offering in May 2021, is an investor in the new Fifth Wall fund.

"[But] private equity funds still have significant amounts of dry powder, and by the second half of next year, they will be looking to put some of it to work," he said. Private equity firms normally buy companies with a combination of debt and equity. "Ticket sizes across the private credit industry are likely to come down depending on the deal. Banks often highlight debt funds' - or direct lenders - higher prices and more stringent documentation requirements as competitive disadvantages to the syndicated loan and junk bond markets. But some see private credit as part of the solution at a time when money is scarce.

☆ Three-Stock Lunch: FedEx, Nike and Carnival
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: FedEx, Nike and CarnivalBill Stone, Glenview Trust Company CIO, joins 'Power Lunch' to discuss Stone's investing take on three stocks: FedEx, Nike and Carnival.

[1/3] A view of the land repair work underway at site of an oil spill from Keystone Pipeline, located north of Washington, Kansas, U.S December 15, 2022. Erwin Seba/REUTERSCompanies TC Energy Corp FollowDec 21 (Reuters) - The U.S. pipeline regulator launched a review this year of its special permits that waive certain operating requirements for pipelines, following a government report into spills on TC Energy's Keystone oil pipeline, a source familiar with the matter said. The most recent major spill occurred this month in rural Kansas along Keystone, the only U.S. oil pipeline with a special permit to operate at higher pressure. PHMSA commissioned Oak Ridge National Laboratory, a Department of Energy research institution, to review special permits following a 2021 report on Keystone accidents, the source said. The latest Keystone spill raises doubts about whether PHMSA adequately assesses risk in granting special permits, said Don Deaver, a pipeline consultant.

[1/2] Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone BaseCompanies TC Energy Corp FollowDec 20 (Reuters) - TC Energy Corp (TRP.TO) has submitted its plan to restart the Keystone pipeline to U.S. regulators, a source familiar with the matter said on Tuesday, nearly two weeks after the line ruptured in the worst oil spill in the United States in nine years. TC Energy did not answer questions about when it hopes to restart the line or what caused the incident. More than 400 people are involved in the cleanup, including TC workers, pipeline regulators, state and local officials and the EPA. "It's pretty straightforward and PHMSA should have enough information," Kuprewicz said, adding that PHMSA could allow TC to restart the segment within the day.

☆ Goldman Sachs has plans for deep headcount cuts in the new year
▼ + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.

☆ Inside the largest mansion for sale in Malibu, going for $58.8 million
▼ + stars: | 2022-12-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +7 min

watch nowThis $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu. The hot neighborhood's top sale closed in October commanding just over $2,500 per square foot, according to public records, way above average for Malibu. After completing the Kaizen House, he listed it in March for $74.8 million — or more than $4,500 a square foot. Here's a look around the $58.8 million Kaizen House:The home's dramatic entrance delivers fire, water, and intricately carved Belgian bluestone walls Simon BerlynHalliday infused the mansion with Indonesian influences that are evident even before stepping inside. Simon BerlynPrimary suite Simon BerlynThe home's upper level includes six ensuite bedrooms, each with its own terrace.

☆ A data tool Blackstone built for its real-estate empire is now being used across its PE portfolio. Here's why it could play a key role in the investing giant uncovering new deals.
▼ + stars: | 2022-12-19 | by ( Carter Johnson | Bianca Chan | ) www.businessinsider.com time to read: +4 min

The firm built Data Direct for its real-estate business, but is now using it across private equity. Blackstone Chief Technology Officer John Stecher told Insider that Blackstone now uses Data Direct — previously called Real Estate Data Direct — across both its real estate and private-equity portfolios. From real estate to private equityInsider first detailed the launch of Data Direct, then known as Real Estate Data Direct (REDD), last year. Data Direct, at its heart, is a data tool, and its success is predicated upon importing reliable information in the first place. Having good, clean data has made Data Direct very successful," he added.

☆ Keystone cleanup turns remote Kansas valley into a small town
▼ + stars: | 2022-12-18 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

And while the city of Washington, Kansas, is small with just over 1,000 residents, it is surrounded by farms where wheat, corn, soybeans are planted and cattle are raised. The once-quiet valley is currently a construction site buzzing with some 400 contractors, staff from pipeline operator TC Energy, and federal, state and local officials. The valley has become almost a small town, with several Quonset-style huts erected for workers. WIDER GROUP AFFECTEDLiving in rural Kansas, the Pannbackers are used to preparing for harsh weather, but not an oil spill. “How many people have experienced an oil spill?

☆ The SEC is reaching out to Blackstone and Starwood after the real-estate giants limited investors' withdrawals from their funds, report says
▼ + stars: | 2022-12-16 | by ( Alex Nicoll | Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Investors are pulling their money from big real estate funds at a quick pace. Blackstone and Starwood recently limited investors' ability to withdraw. The real estate funds have recently seen a surge in withdrawal requests amid a broad drop in investor sentiment and potential economic downturn. Representatives for the SEC and Starwood did not immediately return requests for comment on Friday. But this year has brought challenges as the real estate market sours and more investors are turning bearish.

☆ Blackstone's real estate fund for wealthy prompts SEC queries - Bloomberg News
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

Dec 16 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has reached out to Blackstone Inc (BX.N) following an increase in investors pulling money from its real estate fund, Bloomberg News reported on Friday, citing people familiar with the matter. Earlier this month, the asset manager limited withdrawals from the $68-billion Blackstone Real Estate Income Trust after receiving too many redemption requests. The regulator is trying to understand the market impact and circumstances of the events, according to the report, which added that the inquiries aren't any indication that the firm is under investigation or committed any wrongdoing. Blackstone and the SEC did not immediately respond to Reuters requests for comment. Reporting by Mehnaz Yasmin in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ These 20 execs are powering the $1.2 trillion private-credit market
▼ + stars: | 2022-12-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

So who's behind this mysterious market that has now swelled to $1.2 trillion and accounts for more than 20% of the aggregate capital leverage companies borrowed? Insider's Rebecca Ungarino mapped out 20 of the most powerful people in the space from firms like Sixth Street, Golub Capital, Ares, and Blackstone. When PE firms start hunting for deals, these are the tech companies they'll target. Some tech companies are instructing managers to label low performers on their teams, potentially signally more cuts at some point in 2023. Turns out, having one room dedicated to booze isn't enough for the ultra-wealthy, The Wall Street Journal reports.

☆ It's the most wonderful time of the year: PE giants Blackstone and Apollo just dropped their holiday videos with starring roles for their billionaire CEOs
▼ + stars: | 2022-12-15 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Private-equity giants Blackstone and Apollo released their holiday-themed videos on Thursday. In Apollo's, employees are chefs and cook up a holiday meal for the firm at the CEO's request. So it goes in the world of private-equity firms' holiday videos, where straight-laced investors and billionaire chief executives get very into their starring roles and the jokes are a little on the nose. The secret thing that makes Blackstone, Blackstone," he responds. Finally, as he puts on a Santa hat, Blackstone CEO Steve Schwarzman says the secret is the great people they hire.

☆ TC Energy says has not found cause of Keystone oil pipeline leak
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

Dec 11 (Reuters) - Canada's TC Energy (TRP.TO) said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade. Crews are also preparing for rain forecast to begin on Monday, TC said. The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Reporting by Juby Babu in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Larry Page, Sergey Brin Post-Google Lives: Investments, Yachts, Islands
▼ + stars: | 2022-12-11 | by ( Hugh Langley | Rob Price | ) www.businessinsider.com time to read: +33 min

Even before their retirement from Google, Page and Brin relied heavily on their respective family offices to bring order to their worlds. The Bay Area headquarters of Koop, Larry Page's family office, is nondescript and gives little indication of the billionaire's empire. Insider; Marianne Ayala/Insider Show less Bayshore Global Management, Sergey Brin's family office, is based in Palo Alto and has a bit more of a public face. Insider; Marianne Ayala/Insider Show lessThe difference in styles holds true for Brin's family office, Bayshore Global Management. The CEO of Page's family office is Wayne Osborne, a former elder in the Presbyterian Church who attended Princeton Theological Seminary.

WASHINGTON, Kansas, Dec 9 (Reuters) - Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. This is the third spill of several thousand barrels of crude on the pipeline since it opened in 2010. U.S. regulator Pipeline and Hazardous Materials Administration said the company shut the pipeline seven minutes after receiving a leak detection alarm. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream. Even once the pipeline starts operating again, the affected area will have to flow at reduced rates pending PHMSA approval.

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