黑石集团成功之道.docx

黑石集团成功之道.docx

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黑石集团成功之道

DisruptivetotraditionalassetmanagementandgainingsharewithinfastergrowingalternativecategoryClientCentricBalancedBusinessLocked-InAssetsHighGrowthThelargestandmostsophisticatedinvestorstrustustodeliversolidreturns（25+yeartrackrecordofoutperformanceScale,leadingbusinessesacrossallalternativeswithadeepcultureofleveragingsharedintellectualcapitalOver70%ofassetsunderlong-termcontractsdrivingstablecashflowOrganicgrowthof20%peryearforpastfouryears,substantiallyfasterthantraditionalassetmanagersBlackstone15

ImportantDisclosuresPage4:

GSOInvestmentResultsPastperformanceisnotnecessarilyindicativeoffutureresults,andtherecanbenoassurancethatsuchreturnswillbeachieved,thatanyGSOfundwillachievecomparableresultsorthattheGSOfundwillbeabletoimplementitsinvestmentstrategyorachieveitsinvestmentobjectives.Anycomparisonshereinoftheinvestmentperformanceofareferencedfund（stoabenchmarkoranindexarequalifiedasfollows:

（ithevolatilityofsuchbenchmarkorindexmaybemateriallydifferentfromthatofthereferencedfund（s;（iisuchbenchmarkorindexmayemploydifferentinvestmentguidelinesandcriteriathanthereferencedfund（sand,therefore,holdingsinsuchfund（smaydiffersignificantlyfromholdingsofthesecuritiesthatcomprisesuchbenchmarkorindex;and（iiitheperformanceofsuchbenchmarkorindexmaynotnecessarilyhavebeenselectedtorepresentanappropriatebenchmarkorindextocomparetotheperformanceofthereferencedfund（s,butrather,isdisclosedtoallowforcomparisonofthereferencedfund’s（orfunds’performance（ortheperformanceoftheassetsheldbysuchfund（stothatofawell-knownbenchmarkorindex.Asummaryoftheinvestmentguidelinesforanysuchbenchmarkorindexisavailableuponrequest.Norepresentationismadeastotheriskprofileofanybenchmarkorindexrelativetotheriskprofileofafund.Thebenchmarksonpage4areasfollows:

CSHighYieldIndex+200bps,DJCSEventDrivenDistressed,HFRIFundWeightedComposite,CreditSuisse（CSLeveragedLoanIndexandCompositeofBusinessDevelopmentCompanies.CreditSuisse（CSHighYieldIndexisanunmanagedmarketvalue-weightedindexdesignedtomirrortheinvestableuniverseoftheU.S.dollar-denominatedhighyielddebtmarket.Newissuesareaddedtotheindexuponissuanceiftheyqualifyaccordingtothefollowingcriteria:

issuesmustbepubliclyregisteredintheUnitedStatesorissuedunderRule144Awithregistrationrights;issuesmustberated“BB”orlower;theminimumamountoutstandingis$75million;andissuesmustbeU.S.dollar-denominatedstraightcorporatedebt,includingcash-pay,zero-coupon,stepped-rateandpay-in-kind（PIKbonds.Floating-rateandconvertiblebondsandpreferredstockarenotincluded;ifanissuerhasmorethantwoissuesoutstanding,onlythetwomostliquidissuesareincludedintheindex.TheDowJonesCreditSuisseEventDrivenDistressedIndexmeasurestheaggregateperformanceofeventdrivenfundsthatfocusondistressedsituations.Thesefundstypicallyinvestacrossthecapitalstructureofcompaniessubjecttofinancialoroperationaldistressorbankruptcyproceedings.TheHFRIFundWeightedCompositeIndexisaglobal,equal-weightedindexofover2,000single-managerfundsthatreporttoHFRDatabase.ConstituentfundsreportmonthlynetofallfeesperformanceinUSDollarandhaveaminimumof$50Millionundermanagementoratwelve（12monthtrackrecordofactiveperformance.TheHFRIFundWeightedCompositeIndexdoesnotincludeFundsofHedgeFunds.ThecompositeofBusinessDevelopmentCompaniesiscalculatedbasedonthestraightaverageofthechangeinNAVoverthetimeperiodforcomparableBusinessDevelopmentCompanies,includingGSO’sflagshipinvestmentvehicle.Page10:

FootnotesRegardingHedgeFundSolutionsbusinessBlackstone’sHedgeFundSolutionsbusinessisdescribedastheworld’slargestallocatortohedgefunds.ThesourceofthisinformationisInvestHedgeFund-ofFundSurvey:

"BillionDollarClub:

Blackstonepasses$40billionmilestoneasglobalFoHFsreach$600billioninassets”.TheslidealsoreferencesthatHedgeFundSolutionsisinvestedin126underlyinghedgefundmanagers.ThisanalysiswasperformedutilizingBAAM’sOctober1,2012activemanagerlist.ActivemanagersexcludethosestrategieswherefullredemptionshavebeensubmittedbyBAAM,butBAAMhasnotyetreceivedfullredemptionproceeds,managerswhereBAAM’sonlyremaininginvestmentisasidepockettailandliquidatingmanagersdeemedimmaterialbyBAAM.Blackstone16

Forward-LookingStatementsThispresentationmaycontainforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933andSection21EoftheSecuritiesExchangeActof1934whichreflectBlackstone’scurrentviewswithrespectto,amongotherthings,Blackstone’soperationsandfinancialperformance.Youcanidentifytheseforward-lookingstatementsbytheuseofwordssuchas“outlook,”“believes,”“expects,”“potential,”“continues,”“may,”“will,”“should,”“seeks,”“approximately,”“predicts,”“intends,”“plans,”“estimates,”“anticipates”orthenegativeversionofthesewordsorothercomparablewords.Suchforward-lookingstatementsaresubjecttovariousrisksanduncertainties.Accordingly,thereareorwillbeimportantfactorsthatcouldcauseactualoutcomesorresultstodiffermateriallyfromthoseindicatedinthesestatements.Blackstonebelievesthesefactorsincludebutarenotlimitedtothosedescribedunderthesectionentitled“RiskFactors”initsAnnualReportonForm10-KforthefiscalyearendedDecember31,2011,assuchfactorsmaybeupdatedfromtimetotimeinitsperiodicfilingswiththeSecuritiesandExchangeCommission,whichareaccessibleontheSEC’swebsiteatwww.sec.gov.Thesefactorsshouldnotbeconstruedasexhaustiveandshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedinthispresentationandinthefilings.Blackstoneundertakesnoobligationtopubliclyupdateorreviewanyforward-lookingstatement,whetherasaresultofnewinformation,futuredevelopmentsorotherwise.ThispresentationdoesnotconstituteanofferofanyBlackstoneFund.Blackstone17