Blackstone writes down fifth fund by 35%

Blackstone Group has written down the value of the portfolio in its $21bn fifth fund, Blackstone Capital Partners V, by 35%, according to reports. It has also been speculated that Blackstone co-founders Stephen Schwarman and Peter Peterson both only received their base salaries of $350,000 with no bonus for 2008, which equates to a pay cut of 99% against the previous year. The cash compensation for other main figures in the firm also declined beween 67-76%. Blackstone posted a loss of $1.33bn for 2008.

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