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Blackstone Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading higher after it reported&nbsp;third-quarter fiscal year segment revenues of&nbsp;$2.434 <a target="_blank" href="https://www.blackstone.com/wp-content/uploads/sites/2/2024/10/Blackstone3Q24EarningsPressRelease.pdf" rel="noreferrer noopener">billion</a>, slightly beating the consensus of&nbsp;$2.408&nbsp;billion.&nbsp;
Distributable earnings (DE) rose&nbsp;6% year-over-year to&nbsp;$1.279 billion. Fee-related earnings increased 5% to&nbsp;$1.18 billion.
Fee-related earnings fell&nbsp;8% in the Real Estate&nbsp;while rising&nbsp;25% in the Credit &amp; Insurance business and&nbsp;9% in the Private Equity segments.
Net accrued performance revenue rose to&nbsp;$7.0 billion in the quarter from&nbsp;$6.44 billion in the prior year quarter.&nbsp;
Distributable earnings per share of&nbsp;$1.01&nbsp;(+7%&nbsp;Y/Y),&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$0.94</a>.
Asset under management rose&nbsp;10% Y/Y to&nbsp;$1.108 trillion, with inflows of&nbsp;$40.5 billion in the quarter.
Dividend: Blackstone declared a quarterly dividend per share of&nbsp;$0.86, payable on November 4, 2024, to shareholders of record as of October 28, 2024.
Buyback: The company repurchased 1.0 million shares in the&nbsp;third quarter. Blackstone has available authorization remaining of $1.9 billion as of September-end.
Blackstone CEO&nbsp;and Chairman Stephen A. Schwarzman&nbsp;said, &#8220;We invested or committed $54 billion in the quarter — the highest in over two years — and deployed $123 billion in the last twelve months since the cost of capital peaked.&#8221;
&#8220;The third quarter also represented the highest amount of overall fund appreciation in three years, and our limited partners entrusted us with over $40 billion of inflows. Blackstone is exceptionally well positioned as the reference firm in the alternatives industry, with leading platforms in compelling, high-growth areas.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41009532/smartsheet-to-be-acquired-by-blackstone-vista-in-8-4b-deal-details" rel="noreferrer noopener">Smartsheet To Be Acquired By Blackstone, Vista In $8.4B Deal: Details</a>
In September, Blackstone announced an investment to build one of Europe&#8217;s largest AI data centers<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41048659/blackstone-to-invest-13-3b-in-ai-data-center-in-uk-projects-4-000-new-jobs" rel="noreferrer noopener"> in the North East of England</a>.
Also, Blackstone and CPP Investments disclosed a deal to acquire&nbsp;AirTrunk&nbsp;from Macquarie Asset Management and <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40705246/blackstone-makes-largest-asia-pacific-investment-with-airtrunk-buyout-amid-ai-and-data-boom-deta" rel="noreferrer noopener">the Public Sector Pension&nbsp;Investment Board.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, BX stock has gained over&nbsp;51%&nbsp;in the past year. Investors can gain exposure to the stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are up 4.50% at $166.89 premarket at the last check Thursday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41363696/blackstones-breit-struggles-ahead-of-earnings-as-performance-fees-fall-short" target="_blank" rel="noreferrer noopener">Blackstone&#8217;s BREIT Struggles Ahead Of Earnings As Performance Fees Fall Short</a></li>
</ul>

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PowerShares Listed Private Equity Portfolio

Blackstone Exceeds Q3 Expectations: $1.108T AUM, Achieves Highest Amount Of Fund Appreciation In 3 Years

TPG Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>) shares are trading lower on Tuesday after the company&#8217;s subsidiary, TPG Rise Climate, teamed up with GIC to acquire Techem Group for around $7.5 billion.
The purchase price will be paid in two installments: one at closing and the remaining balance in July 2027.
TPG Rise Climate — one of the largest private equity funds focused on global climate solutions — invests in companies that facilitate meaningful decarbonization at scale.
The transaction is anticipated to close in the first half of 2025, pending regulatory approvals.
The acquisition of Techem marks the fund&#8217;s largest transaction to date, with GIC making a significant minority investment.
Ed Beckley, a managing partner of TPG Rise Climate, praised Techem for &#8220;improving the environmental impact of real estate assets across Europe."
Related: <a href="https://www.benzinga.com/news/large-cap/24/09/41065585/struggling-satellite-tv-players-directv-and-dish-merger-could-be-finalized-soon-wsj" target="_blank" rel="noreferrer noopener">Struggling Satellite-TV Players DirecTV And Dish Merger Could Be Finalized Soon: WSJ</a>
"There is a tremendous opportunity to reduce energy consumption in built environments by enhancing efficiency and better-managing overall demand,&#8221; he added.
Techem CEO Matthias Hartmann said the deal will help the company expand &#8220;across Europe and beyond."
On Monday, the company disclosed a deal to acquire the remaining 70% stake in DIRECTV from <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41087787/tpg-to-acquire-at-ts-70-stake-in-directv" rel="noreferrer noopener">AT&amp;T Inc.</a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41087787/tpg-to-acquire-at-ts-70-stake-in-directv" rel="noreferrer noopener"> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) for $2.5 billion</a>.
Also, Creative Planning disclosed that TPG made a significant minority investment in the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41093436/creative-planning-announces-strategic-investment-from-tpg-capital" rel="noreferrer noopener">company for an undisclosed amount</a>.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: TPG shares are up 1.2% at $58.25 at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com//node/41089650" target="_blank" rel="noreferrer noopener">AT&amp;T Gets Major Exit Cue As DirecTV Clinches Dish Deal</a></li>
</ul>

Contracts

TPG, GIC Agree To Buy Techem For $7.5B: Look To Expand 'Across Europe And Beyond'

Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) and Vista Equity Partners, part of a private equity consortium, are reportedly in talks to acquire Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>), which has a market value of around $7 billion.
A deal could be finalized in the coming weeks if discussions remain on track, reported Reuters. The specific terms of the potential agreement have not yet been disclosed.
As per the report, Smartsheet has not responded to requests for comment, while Vista, which holds a 4.7% stake in the company, and Blackstone declined to comment.
On Thursday, Smartsheet reported a second-quarter adjusted EPS of $0.44, surpassing the $0.29 estimate. Sales reached $276.41 million, <a target="_blank" href="https://www.benzinga.com//node/40740114" rel="noreferrer noopener">beating the $274.19 million estimate</a>.
Blackstone has been on an acquisition spree lately. Yesterday, Blackstone and CPP Investments announced that they are set to acquire&nbsp;AirTrunk&nbsp;from Macquarie Asset Management and the Public Sector Pension<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40705246/blackstone-makes-largest-asia-pacific-investment-with-airtrunk-buyout-amid-ai-and-data-boom-deta" rel="noreferrer noopener"> Investment Board for over A$24 billion</a>.
On Monday, Blackstone affiliates reached a deal to acquire an 80% stake in the Burstone Group&#8217;s Pan-European Logistics (PEL) platform,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40687136/whats-going-on-with-blackstone-stock-premarket-tuesday" rel="noreferrer noopener">valued at €1.022 billion (R20 billion)</a>.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are up 0.94% at $139.57 and SMAR stock is up 8.62% at $53.67 at the last check Friday.
Image via Unsplash/ Headway
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/09/40714141/barry-manilow-sues-blackstone-backed-song-catalog-company-that-owns-music-rights-to-justin-" target="_blank" rel="noreferrer noopener">Barry Manilow Sues Blackstone-Backed Song Catalog Company That Owns Music Rights To Justin Bieber, Ed Sheeran, Journey And More</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

SMAR

Blackstone And Vista Plot Smartsheet Takeover: Report

Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading slightly lower premarket Wednesday. Blackstone and CPP Investments are set to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pension <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40702401/blackstone-announces-agreement-to-acquire-airtrunk-in-a-a-24b-transaction" rel="noreferrer noopener">Investment Board for over A$24 billion.</a>
AirTrunk is one of the largest data center platforms in Asia Pacific and has over 800MW of committed capacity and land for more than 1GW of future expansion.
This is Blackstone&#8217;s largest Asia Pacific investment and is pending approval from the Australian Foreign Investment Review Board.
Sean Klimczak, Global Head of Blackstone Infrastructure and Nadeem Meghji, Global Co-Head of Blackstone Real Estate, said, &#8220;Digital infrastructure is experiencing unprecedented demand driven by the AI revolution as well as the broader digitization of the economy.&#8221;
&#8220;Prior to AirTrunk, Blackstone&#8217;s portfolio consisted of $55 billion of data centers including facilities under construction, along with over $70 billion in prospective pipeline development.&#8221;
It is expected that there will be approximately $1 trillion of capital expenditures in the U.S. over the next five years to build and facilitate new data centers, with another $1 trillion of capital expenditures outside the U.S., per the company&#8217;s statement.&nbsp;
On Monday, Blackstone affiliates reached a deal to acquire an 80% stake in the Burstone Group's Pan-European Logistics (PEL) platform, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40687136/whats-going-on-with-blackstone-stock-premarket-tuesday" rel="noreferrer noopener">valued at €1.022 billion (R20 billion)</a>.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are down 0.54% at $137.45 premarket at the last check Wednesday.  
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40226827/blackstone-sells-964m-apartment-portfolio-to-equity-residential" target="_blank" rel="noreferrer noopener">Blackstone Sells $964M Apartment Portfolio To Equity Residential</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Blackstone Makes Largest Asia Pacific Investment With AirTrunk Buyout Amid AI And Data Boom: Details

Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading slightly lower premarket Tuesday. On Monday, Blackstone affiliates reached a deal to acquire an 80% stake in the Burstone Group&#8217;s Pan-European Logistics (PEL) platform, valued at €1.022 billion (R20 billion).
As per the deal, Burstone will retain a <a target="_blank" href="https://assets.ctfassets.net/lwj37n970879/2XYb49rcngUQNWdzsmUFE/bad8b47565c0402908f1830f56e560d9/Burstone_PRESS_RELEASE_-_south_african_media_release_-_FINAL.pdf" rel="noreferrer noopener">20%</a> co-investment in the PEL platform and will continue to manage the portfolio&#8217;s assets.
The portfolio includes 32 mid-sized and large logistics properties situated in key European urban centers across seven countries, predominantly in Germany, France, and the Netherlands.
The portfolio, spanning 1.2 million sqm, is 97% leased to over 110 tenants, mainly in third-party logistics, who benefit from the properties&#8217; strategic locations and excellent transport connectivity.
Burstone and Blackstone will collaborate to expand the PEL portfolio by targeting the acquisition of industrial and logistics properties in key European markets.
The transaction is subject to regulatory and shareholder approvals. Burstone is projected to receive immediate cash proceeds of €250 million from the sale.
James Seppala, Head of European Real Estate, Blackstone, said, &#8220;Logistics is one of our highest conviction investment themes globally. This exceptionally well-located portfolio of assets in core logistics markets across Europe is additive to our existing portfolio and allows us to continue to capitalise on customer demand, including as a result of growing e-commerce penetration trends across the continent.&#8221;
Apart from this, Blackstone, together with the Canada Pension Plan Investment Board, is reportedly close to acquiring Sydney-based data center company AirTrunk from Macquarie's asset management arm for A$20 billion ($13.5 billion), betting on the growth of cloud computing and AI.
If completed, the deal would be the largest transaction in Australia this year. Blackstone was competing with a rival consortium of private equity firm Silver Lake and asset manager DigitalBridge for AirTrunk, <a target="_blank" href="https://www.ft.com/content/d7399891-15a4-47fb-b8f3-47970e156956" rel="noreferrer noopener">reported</a> Financial Times.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are down&nbsp;0.60% at&nbsp;$141.50 premarket at the last check Tuesday.&nbsp;&nbsp;
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40226827/blackstone-sells-964m-apartment-portfolio-to-equity-residential" target="_blank" rel="noreferrer noopener">Blackstone Sells $964M Apartment Portfolio To Equity Residential</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With Blackstone Stock Premarket Tuesday?

Sage Homes, which was established by funds managed by Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) and Regis Group plc, disclosed that it has sold over <a target="_blank" href="https://www.sagehomes.co.uk/news-articles/sparrow-shared-ownership-launched/" rel="noreferrer noopener">3,000</a> shared-ownership homes located across 250 sites to Universities Superannuation Scheme Limited (USSL), the sole trustee for Universities Superannuation Scheme in the U.K.
The £405 million ($519 million) transaction is the largest shared ownership portfolio acquisition since 1990, marking a significant investment by one of the U.K.&#8217;s largest institutional investors.
Sage Homes was established in 2017 through a joint venture between Blackstone and Regis. Sage has invested around £3.7 billion to develop 22,600 affordable rent and shared ownership homes, with over 17,000 completed to date.
James Seppala, Head of Real Estate Europe, Blackstone, stated, &#8220;By deploying capital to fund the development of new homes, we are proud to have created an institutional grade portfolio which has, in turn, attracted more long-term institutional capital into the sector. This transaction will allow us to continue to invest capital into Sage Homes to help alleviate the structural undersupply of housing across the U.K.&#8221;
Eamon Ray, Head of Private Credit and Alternative Income, USS, commented, &#8220;Sparrow Shared Ownership will provide further capital into the UK shared ownership sector, and we look forward to supporting the Sparrow team in delivering on their vision for the organisation.&nbsp; This investment allows USS to use its long term capital to support the multi-decade nature of Sparrow&#8217;s business plan whilst supporting the UK Social Housing Sector.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40226827/blackstone-sells-964m-apartment-portfolio-to-equity-residential" rel="noreferrer noopener">Blackstone Sells $964M Apartment Portfolio To Equity Residential</a>
In another development, Blackstone is exploring options for Clarion Events, including a sale that could value the business at up to $2.6 billion, Reuters reported, citing people familiar with the matter.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are up&nbsp;2.37%&nbsp;at&nbsp;$132.35&nbsp;at the last check Tuesday.&nbsp;&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39844898/blackstone-hits-two-year-investment-peak-anticipates-fed-rate-cuts-amid-easing-inflation-report" target="_blank" rel="noreferrer noopener">Blackstone Hits Two-Year Investment Peak, Anticipates Fed Rate Cuts Amid Easing Inflation: Report</a></li>
</ul>

Emerging Markets

Asset Sales

What's Going On With Blackstone Stock Tuesday?

Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading higher after it inked a deal with Equity Residential&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>), which will acquire 11 apartment <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40220188/equity-residential-to-acquire-1-billion-apartment-portfolio-from-blackstone-real-estate" rel="noreferrer noopener">properties for around $964 million</a>.
Equity Residential&nbsp;will acquire the apartment&nbsp;properties from Blackstone Real Estate strategies, including Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners.
The portfolio includes four properties with 1,357 units in Atlanta, four properties with 1,237 units in Dallas/Ft. Worth, and three properties with 978 units in Denver.
The transactions, subject to customary closing conditions, are expected to be completed in the third quarter of 2024.
Alec Brackenridge, Equity Residential&#8217;s Executive Vice President and Chief Investment Officer, said, &#8220;This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship.&#8221;
Asim Hamid, Senior Managing Director at Blackstone Real Estate, commented, &#8220;This transaction represents an excellent outcome for our investors and demonstrates the strong institutional demand for high quality assets. Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets.&#8221;
Apart from this, Blackstone agreed to a majority investment <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40217592/blackstone-energy-transition-partners-announces-majority-investment-in-westwood-professional-servi" rel="noreferrer noopener">in Westwood Professional Services, Inc. for undisclosed terms</a>.
Blackstone will acquire its position in Westwood from Endurance Partners, with Westwood&#8217;s management team and employee shareholders maintaining a minority stake.
With a team of more than 1,600 employees, Westwood provides front-end engineering design services supporting the development of renewable energy generation, investment in the power grid and the continued buildout of public and private infrastructure across the U.S.
As of June 30, Equity Residential&#8217;s cash and cash equivalents stood at $138.4 million.
Investors can gain exposure to the BX stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Also Read:&nbsp;&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39844898/blackstone-hits-two-year-investment-peak-anticipates-fed-rate-cuts-amid-easing-inflation-report" rel="noreferrer noopener">Blackstone Hits Two-Year Investment Peak, Anticipates Fed Rate Cuts Amid Easing Inflation: Report</a>
Price Action: BX shares are up 0.33% at $130.74 at the last check Wednesday.&nbsp;&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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</ul>

Blackstone Sells $964M Apartment Portfolio To Equity Residential

The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) shares are trading lower today. The company inked a deal to sell Cogentrix Energy to Quantum Capital <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40156064/quantum-capital-group-to-acquire-cogentrix-from-carlyle-for-3-billion" rel="noreferrer noopener">Group</a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40156064/quantum-capital-group-to-acquire-cogentrix-from-carlyle-for-3-billion" rel="noreferrer noopener"> and its affiliates for around $3 billion</a>.
The Cogentrix platform includes 5.3 gigawatts of efficient natural gas-fired power plants across PJM, ERCOT, and ISO-NE, enhancing the reliability, resilience, and affordability of the U.S. electricity market.
The transaction, pending regulatory approvals, is expected to close between the&nbsp;fourth quarter&nbsp;of 2024 and the&nbsp;first quarter&nbsp;of 2025.
Matt O&#8217;Connor, a Partner within Carlyle&#8217;s Global Infrastructure team, said, &#8220;This is a win-win transaction for everyone involved as Cogentrix begins its next chapter of growth with Quantum. We are proud of the significant transformation Cogentrix has achieved under our ownership.&#8221;
Pooja Goyal, CIO of Global Infrastructure at Carlyle, commented, &#8220;We are pleased to have supported Cogentrix&#8217;s efforts to establish decarbonization objectives for its fleet of natural gas-fired power generation assets while continuing to support grid reliability, a critical balance required to effectuate the energy transition.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39941094/carlyles-4b-purchase-of-baxters-kidney-division-backed-by-ares-and-hps-financing" rel="noreferrer noopener">Carlyle&#8217;s $4B Purchase Of Baxter&#8217;s Kidney Division Backed By Ares And HPS Financing</a>
In addition, Carlyle reported&nbsp;that in the <a target="_blank" href="https://ir.carlyle.com/static-files/374d8136-a509-4812-8578-e17eb2911f1f" rel="noreferrer noopener">second </a>quarter of FY24, the adjusted EPS of&nbsp;$0.78&nbsp;missed the consensus of&nbsp;$0.83, and Total Segment revenues of $788.0 million missed the consensus of $827.5 million.
Net Accrued Performance Revenues were $2.2 billion, generally flat quarter-over-quarter, and down 9% from the fourth quarter of 2023, primarily reflecting the impact of realizations. Realized Net Performance Revenues were $56 million due to exits in the international energy fund and the sixth U.S. buyout fund. Apart from this, Fee related earnings rose 32% Y/Y to $273 million in the quarter.
Investors can gain exposure to the stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: CG shares are trading lower by 7.53% at $40.90 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Why Carlyle Group Shares Are Diving Today

Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading higher premarket today. The company is reportedly in early talks to acquire Retail Opportunity Investments Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIC#NASDAQ">ROIC</a>).
The buyout firm&#8217;s approach suggests it sees value in ROIC&#8217;s properties, which primarily include supermarkets and drugstores, reported Reuters.
Blackstone&#8217;s interest follows a 10% drop in ROIC&#8217;s shares over the past year, lagging behind other real estate investment trusts (REITs).
As per the report, no deal is guaranteed, and another bidder for ROIC could still emerge.
Based in San Diego, California, ROIC owned 95 shopping centers totaling approximately 10.7 million square feet (994,000 square meters) as of June. Last week, ROIC reported FFO for the&nbsp;second quarter&nbsp;of 2024 of $34.1 million, or&nbsp;$0.25&nbsp;per share, as compared to&nbsp;$35.6 million&nbsp;in FFO, or&nbsp;$0.27&nbsp;per share <a target="_blank" href="https://www.benzinga.com//node/39917647" rel="noreferrer noopener">for the&nbsp;second quarter&nbsp;of 2023.&nbsp;</a>
Yesterday, Blackstone Real Estate and MRP Group extended their all-cash tender offer of Ps. 40.50 per certificate for up to 100% of Terrafina&#8217;s <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40054255/blackstone-real-estate-and-mrp-group-announce-extension-of-100-cash-tender-offer-for-terrafina" rel="noreferrer noopener">outstanding real estate trust certificates</a>.
The all-cash tender offer includes a 27% premium over Terrafina&#8217;s unaffected price on December 4, 2023, and a more than 10% premium over its closing share price on June 7, 2024.
This month, BX reported&nbsp;second-quarter fiscal year 2024 adjusted revenues of&nbsp;$2.796 billion, beating the consensus of&nbsp;$2.619&nbsp;billion.&nbsp;Distributable earnings per share of&nbsp;$0.96&nbsp;(+3%&nbsp;Y/Y)&nbsp;<a target="_blank" href="https://www.benzinga.com//node/39841775" rel="noreferrer noopener">missed the consensus of&nbsp;$0.98</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, BX stock has gained around&nbsp;35%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com//node/39844898" rel="noreferrer noopener">Blackstone Hits Two-Year Investment Peak, Anticipates Fed Rate Cuts Amid Easing Inflation: Report</a>
Price Action: ROIC stock closed 20.7% higher at $15.74 on Tuesday. BX shares are up 0.47% at $142.00 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

ROIC

What's Going On With Blackstone Shares Premarket Wednesday?

Blackstone Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are trading higher after it reported second-quarter fiscal year 2024 adjusted revenues of $2.796 billion, beating the consensus of $2.619 <a href="https://s23.q4cdn.com/714267708/files/doc_financials/2024/q2/Blackstone2Q24EarningsPressRelease.pdf" target="_blank" rel="noreferrer noopener">billion</a>. 
Distributable earnings (DE) rose&nbsp;3%&nbsp;Y/Y to&nbsp;$1.25 billion. Fee-related earnings fell&nbsp;3%&nbsp;Y/Y to&nbsp;$1.11 billion.
Fee-related earnings fell&nbsp;18%&nbsp;Y/Y in the Real Estate&nbsp;while rising 29%&nbsp;in the Credit &amp; Insurance business and 1%&nbsp;Y/Y in the Private Equity segments.
Net accrued performance revenue declined to&nbsp;$6.21 billion&nbsp;in the quarter from&nbsp;$6.47 billion&nbsp;in the prior year quarter.&nbsp;
Distributable earnings per share of&nbsp;$0.96 (+3% Y/Y),<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> missing the consensus of&nbsp;$0.98</a>.
Asset under management rose&nbsp;7%&nbsp;Y/Y to&nbsp;$1.076 trillion, with inflows of&nbsp;$39.4 billion&nbsp;in the quarter.
Dividend: Blackstone declared a quarterly dividend per share of&nbsp;$0.82, payable on August 5, 2024, to shareholders of record as of July 29, 2024.
Buyback: The company repurchased 2.0 million shares in the&nbsp;second quarter. Blackstone increased share repurchase authorization to $2.0 billion.
"We reported another quarter of strong results, underpinned by nearly $40 billion of inflows and $34 billion of deployment — reflecting the highest level of investment activity in two years,&#8221; Blackstone CEO Stephen A. Schwarzman said.
This week, Blackstone disclosed that private equity funds affiliated with the firm entered into a definitive agreement to acquire Trystar, a premier provider of electrical equipment<a href="https://www.benzinga.com/markets/equities/24/07/39799606/whats-going-on-with-blackstone-shares-today" target="_blank" rel="noreferrer noopener"> used for backup power solutions</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, BX stock has gained over 30% in the past year. Investors can gain exposure to the stock via&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>) and Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are up&nbsp;3.76%&nbsp;to&nbsp;$139.93 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39593979/blackstone-nears-2-2b-deal-for-sale-of-japanese-supplement-maker-alinamin-report" target="_blank" rel="noreferrer noopener">Blackstone Nears $2.2B Deal For Sale Of Japanese Supplement Maker Alinamin: Report</a></li>
</ul>
Image: Shutterstock

Dividends

Blackstone's Strong Q2 Drives Stock Higher: Assets Under Management Up 7%

Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Tuesday.</a>
The company disclosed that private equity funds affiliated with Blackstone entered into a definitive agreement to acquire Trystar, a premier provider of electrical equipment <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39792524/blackstone-to-acquire-trystar-premier-provider-of-backup-power-solutions" rel="noreferrer noopener">used for backup power solutions.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, BX stock has gained over 30% in the past year.
In another development, Blackstone and CVC Capital Partners Plc are among the private equity firms considering bids for StandardAero, potentially valuing the aircraft maintenance services provider at over $10 billion, including debt, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-16/blackstone-cvc-weigh-bids-for-carlyle-s-standardaero?srnd=phx-deals&amp;sref=TBDibEcD" rel="noreferrer noopener">reported </a>Bloomberg.
Veritas Capital has shown preliminary interest in acquiring the Carlyle-backed business, the report read, citing people familiar with the matter.
Carlyle is anticipated to request first-round bids this week, with potential for additional bidders to emerge. Collaborative bids from multiple firms are also possible.
Carlyle is working&nbsp;with JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) to explore options, including a potential sale or initial public offering of StandardAero.
Also Read:<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39793333/morgan-stanley-q2-earnings-higher-profits-as-investment-banking-activity-rebounds-on-track-to-reach" rel="noreferrer noopener"> Morgan Stanley Q2 Earnings: Higher Profits As Investment Banking Activity Rebounds, On Track To Reach $10T Client Assets</a>
Discussions are ongoing, and it remains uncertain whether any of the private equity firms will ultimately proceed with a deal for StandardAero.
StandardAero, headquartered in Scottsdale, Arizona, specializes in gas turbine engine maintenance, repair, and overhaul services. With approximately 7,500 employees, it serves major clients, including GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), Safran SA, and Pratt &amp; Whitney. Recently, it secured a long-term contract to maintain CFM International&#8217;s LEAP-1A and LEAP-1B engines.
Carlyle completed its acquisition of StandardAero from Veritas in 2019.
Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>)
and&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>).
Price Action: BX shares are trading higher by 2.53% to $135.71&nbsp;at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/06/39473129/jpmorgan-attracts-over-15b-in-tax-strategy-business-from-wealthy-clients-as-it-looks-to-catch-up" target="_blank" rel="noreferrer noopener">JPMorgan Attracts Over $15B In Tax Strategy Business From Wealthy Clients As It Looks To Catch Up To Rivals: Report</a></li>
</ul>

Markets

General

What's Going On With Blackstone Shares Today?

Private equity giant Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) is reportedly close to finalizing a deal to sell Alinamin Pharmaceutical, a Japanese supplement maker, to North Asian buyout fund MBK Partners for 350 billion yen ($2.17 billion).
The agreement is anticipated to be finalized shortly, reported Reuters, citing a person familiar with the matter.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/asia/24/06/39257826/private-equity-giant-blackstone-targets-japanese-market-anticipates-accelerated-growth-report" rel="noreferrer noopener">Private Equity Giant Blackstone Targets Japanese Market, Anticipates &#8216;Accelerated Growth&#8217;: Report</a>
According to the Nikkei, MBK plans to leverage its expertise in consumer goods acquisitions to enhance Alinamin&#8217;s value. Following the Blackstone deal, the company established a unit in Taiwan and expanded its international sales efforts.
Last month, Blackstone stated it is collaborating with financial advisers on a potential sale of Tokyo-based Alinamin, which could be valued at roughly <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39140408/blackstone-weighs-sale-of-japanese-pharma-firm-alinamin-report" rel="noreferrer noopener">¥300 billion ($1.9 billion)</a>.
Notably, Blackstone acquired Alinamin from Takeda Pharmaceutical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAK#NYSE">TAK</a>) in 2020.
Recently, the company reportedly agreed to purchase a 55.1% stake in Japanese e-comics provider&nbsp;Infocom Corp. for about <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39108859/blackstone-set-to-acquire-japanese-e-comics-giant-infocom-for-1-7b-report" rel="noreferrer noopener">¥260 billion ($1.66 billion)</a>.
Blackstone stock has gained more than 29% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Invesco Global Listed Private Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>)&nbsp;and&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>).
Price Action: BX shares are down 0.60% at $121.50 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Blackstone Nears $2.2B Deal For Sale Of Japanese Supplement Maker Alinamin: Report

The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) inked a collaboration with Bank of Montreal&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMO#NYSE">BMO</a>) BMO Global Asset Management (BMO GAM) to aid <a href="https://www.benzinga.com/pressreleases/24/03/n37887041/bmo-and-carlyle-partner-to-launch-a-private-equity-strategy-for-canada" target="_blank" rel="noreferrer noopener">private equity strategy for Canada</a>.
This is BMO Global&#8217;s third partnership to widen access to private markets for Canadian accredited investors.
The new strategy will offer access to a global diversified private equity portfolio through a single fund, which is expected to be available this spring.
Shane Clifford, Head of Carlyle Wealth Strategy, said, &#8220;The solution, which is through our AlpInvest platform, will offer accredited investors in Canada direct access to a global portfolio of secondary, co-investment, and primary opportunities providing investors with diversified exposure to the private markets.&#8221;
Jeffrey Shell, Head of Alternatives, BMO GAM, said, &#8220;Together with Carlyle, we are focused on product design that puts the experience of Canadian accredited investors front and centre; this includes allowing monthly subscriptions at relatively low investment minimums and eliminating the need for capital calls, which are a standard feature of funds that are created for institutional investors.&#8221;&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37827564/navigating-new-waters-thyssenkrupp-reveals-marine-systems-sale-talks-with-carlyle" rel="noreferrer noopener">Navigating New Waters: Thyssenkrupp Reveals Marine Systems Sale Talks With Carlyle</a>
Investors can gain exposure to Carlyle via&nbsp;Invesco Global Listed Private Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSP#NYSE">PSP</a>) and&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>).
Price Action: CG shares are down 0.58% at $47.12 on the last check Friday.
Photo via Shutterstock

Carlyle And BMO Team Up: Unveil Private Equity Strategy For Canada

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2023/08/01/final-trades-mcdonalds-qualcomm-more.html">Halftime Report Final Trades</a>,&quot; Joshua Brown of Ritholtz Wealth Management picked iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psp#NYSE">PSP</a>), adding that &quot;energy is the <a href="https://www.benzinga.com/news/earnings/23/08/33514070/starbucks-phillips-66-and-3-stocks-to-watch-heading-into-wednesday"> next sector to go.&quot; </a>
Liz Young of BNY Mellon Investment Management named iShares 7-10 Year Treasury Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ief#NASDAQ">IEF</a>) as her final trade.
Jim Lebenthal of Cerity Partners named Qualcomm Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qcom#NASDAQ">QCOM</a>), which is due to report quarterly earnings on Aug. 2.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33498507/qualcomm-earnings-preview-poised-to-outperform-despite-chip-excess-concerns-analyst">Qualcomm Earnings Preview - Poised To Outperform Despite Chip Excess Concerns, Analyst Predicts</a>
Analysts expect Qualcomm to report quarterly earnings at $1.81 per share on revenue of $8.51 billion after the closing bell.
Stephanie Link of Hightower said McDonald&#39;s Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mcd#NYSE">MCD</a>) reported one of the best quarters so far this earnings season.
McDonald&#39;s reported second-quarter FY23 sales growth of 13.6% year-on-year to $6.50 billion, beating the analyst consensus of $6.29 billion. Adjusted EPS of $3.17 beat the analyst consensus of $2.79.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Price Action: McDonald&#39;s shares fell 0.7% to settle at $291.07, while QUALCOMM shares fell 0.1% to close at $132.08 on Tuesday.
Check This Out: <a href="https://www.benzinga.com/news/earnings/23/08/33513689/fear-greed-index-moves-to-greed-zone-after-s-p-500-settles-lower"> Fear &amp; Greed Index Moves To &#39;Greed&#39; Zone After S&amp;P 500 Settles Lower </a>

Long Ideas

Trading Ideas

iShares Trust Barclays 7-10 Year Treasury Bond Fund

QCOM

Qualcomm Is Due To Report Earnings, McDonald's And More On CNBC's 'Final Trades'

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2023/07/31/final-trades-baidu-eqt-more.html">Halftime Report Final Trades</a>,&quot; Anastasia Amoroso of JPMorgan Private Bank named Invesco Global Listed Private Equity ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psp#NYSE">PSP</a>)&nbsp;<a href="https://www.benzinga.com/news/earnings/23/07/33468874/insiders-buying-allegion-asana-and-this-financial-services-stock">as her final trade. </a>
Joseph Terranova of Virtus Investment Partners picked EQT Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eqt#NYSE">EQT</a>).
EQT posted better-than-expected earnings for its second quarter, while sales missed expectations.
Stephen Weiss of Short Hills Capital Partners named Baidu, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>) as his final trade
OTR Global recently downgraded Baidu from Positive to Mixed.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here</a>.
Price Action: Baidu shares rose 0.4% to settle at $155.99, while EQT shares fell 0.2% to close at $42.18 on Monday 
Check This Out: <a href="https://www.benzinga.com/news/23/07/33468546/check-out-3-materials-stocks-with-over-3-dividend-yields-from-wall-streets-most-accurate-analysts"> Check Out 3 Materials Stocks With Over 3% Dividend Yields From Wall Street&#39;s Most Accurate Analysts </a>
Photo via Shutterstock.&nbsp;

BIDU

EQT, Baidu And More: CNBC's 'Final Trades'

Private equity firm&nbsp;TA Associates&nbsp;was in advanced discussions to acquire&nbsp;Advent International&nbsp;owned enterprise software company&nbsp;Unit4 NV&nbsp;for over $2 billion,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-03-18/ta-is-said-to-be-in-advanced-talks-to-buy-advent-s-unit4-kmfbgbze?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.
<ul>
<li>Last year, Advent renewed plans to divest Netherlands-based Unit4 after receiving takeover interest from a special purpose acquisition company (<a class="editor-rtfLink" href="https://www.benzinga.com/topic/spacs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SPAC</a>).</li>
<li>Bloomberg notes that Unit4 offered cloud-based enterprise resource planning software, financial forecasting, payroll, and student management systems with over 6,000 customers.</li>
<li>Advent acquired Unit4 for $1.4 billion (&euro;1.2 billion) in 2013. Advent had previously abandoned its plan to sell Unit4 in 2018.</li>
<li>Unit4&rsquo;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/21/02/n19417404/unit4-achieves-significant-strategy-milestones-in-2020-to-deliver-exceptional-financial-results-an" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">cloud bookings</a>&nbsp;grew 82% in the fourth quarter of FY20. Cloud subscription revenue grew 12% to $29.6 million. Total bookings rose 20%. Strong global growth, including its North American business following growing demand for the Unit4 Cloud enterprise resource planning (ERP) platform and its new ERPx solution drove the results.</li>
<li>Any deal for Unit4 would add to $116 billion of transactions already announced in the global software industry for 2021, up 60% year on year, as per Bloomberg.</li>
</ul>

Tech

TA In Advanced Talks For Acquiring Advent's Unit4 Software Business: Bloomberg

Finding exchange traded funds chock full of companies that are positively revising earnings estimates is becoming increasingly difficult in the current environment.
A <a href="https://www.benzinga.com/news/earnings/20/02/15424879/3-etfs-chock-full-of-companies-with-negative-earnings-revisions">recent examination of ETFs</a> littered with companies doing just the opposite proves as much. However, there are some funds that are homes to companies that are lifting forecasts and, not surprisingly, those ETFs are performing better than the broader market.
&ldquo;Buoyed by their improving outlooks, these funds have performed better as a group than the market overall. On average these funds declined 3.0% over the past 30 days, compared with -5.3% for the S&amp;P 500 SPDR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) and the and -5.7% for the iShares MSCI ACWI ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acwi#NASDAQ">ACWI</a>) of global stocks,&rdquo; said the <a href="https://www.etfrc.com/index.php">ETF Research Center (ETFRC) in a recent note</a>.
Here are three ETFs where the components are looking good on the earnings front.
<h3>Invesco Dynamic Semiconductors ETF (PSI)</h3>
This one may comes as a surprise given the recent weakness among semiconductor stocks, but the Invesco Dynamic Semiconductors ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psi#NYSE">PSI</a>) tops the ETFRC list for biggest positive earnings revisions over the past month at 5.9%.
PSI follows the Dynamic Semiconductor Intellidex Index, which is &ldquo;designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including: price momentum, earnings momentum, quality, management action, and value,&rdquo;<a href="https://www.invesco.com/us/financial-products/etfs/product-detail?productId=ETF-PSI"> according to Invesco</a>.
Nvidia (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) and Advanced Micro Devices (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>) combine for 12% of PSI&#39;s weight.
<h3>Invesco Global Listed Private Equity ETF (PSP)</h3>
The Invesco Global Listed Private Equity ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psp#NYSE">PSP</a>) is one of the funds in a sparesely populated ETF category and features a collection of private equity firms, business development companies (BDCs) and master limited partnerships (MLPs).
Proving that these type of companies have handled the recent volatility with some earnings aplomb, positive revisions here check in at 4.1%, according to ETFRC data.
PSP is also an income play as highlighted by the fund&#39;s trailing 12-month distribution <a href="https://www.invesco.com/us/financial-products/etfs/product-detail?productId=ETF-PSP">rate of 6.34%</a>.
<h3>Invesco S&amp;P SmallCap Utilities &amp; Communication Services ETF (PSCU)</h3>
Even utilities belied their normally defensive reputation during the recent market swoon and small caps were hardly better. However, that combination isn&#39;t derailing the Invesco S&amp;P SmallCap Utilities &amp; Communication Services ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pscu#NASDAQ">PSCU</a>) from being a surprise on the earnings, placing third on the ETFRC list behind PSI and PSP.
Over 55% of PSCU&#39;s roster is allocated to communication services, but its top four utilities holdings combine for over 36% of the fund&#39;s weight.
Positive earnings revisions have been north of 3% for PSCU over the past month.
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<a href="https://www.benzinga.com/trading-ideas/long-ideas/20/02/15390887/consider-quick-upside-from-downside-in-chips-with-this-etf">How To Deal With Chip Stocks Right Now</a>

Sector ETFs

ETFs

ACWI

NVDA

PSCU

PowerShares Exchange-Traded Fund Trust Dynamic Semiconductor Portfolio

3 ETFs For Stocks With Positive Earnings Revisions

Private equity is often thought of as territory reserved for endowments, pension plans and other institutional and high net worth investors.
Some exchange traded funds make the private equity universe more accessible to ordinary investors. That group includes the Invesco Global Listed Private Equity ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psp#NYSE">PSP</a>).
<h3>What To Know</h3>
As is the case with any ETF, the Invesco Global Listed Private Equity ETF has its pros and its cons. Notably, the fund charges 2.03 percent per year, the equivalent of $203 on a $10,000 investment. That&#39;s well above average for a passively managed ETF.
Additionally, publicly traded private equity companies reside in the financial services sector, meaning the group is coming <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/01/12911949/investors-disdain-for-bank-stocks-could-lift-these-etfs">off a brutal 2018</a>. PSP lost 15.1&nbsp;percent last year, meaning it was 210 basis points worse than the Financial Select Sector SPDR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xlf#NYSE">XLF</a>).
<h3>Why It&#39;s Important</h3>
Historically, private equity has performed well when broader equity benchmarks declined.
&ldquo;Private equity tends to outperform in periods of falling public equity prices, having done so in 19 of the 20 quarters since 2001 in which public equities registered negative returns,&rdquo; said Morningstar <a href="https://www.morningstar.com/articles/906427/private-equity-pe-outperforms-and-closes-the-valua.html">in a recent note</a>.
PSP holds 62 stocks with an average market capitalization of $12.75 billion. The ETF targets the Red Rocks Global Listed Private Equity Index. That index includes &ldquo;business development companies, master limited partnerships and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies),&rdquo; <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=PSP">according to Invesco</a>.
&ldquo;Since 2001, PE funds have outperformed the S&amp;P 500 in 19 of the 20 quarters in which public equity returns were negative,&rdquo; said Morningstar. &ldquo;Skeptics will claim that PE firms are simply being overly optimistic (or even naive) during these public market drawdowns, but we find a hesitance by PE funds to aggressively mark to market regardless of the direction of the change. Indeed, in the 20 quarters since 2001 when public equity returns exceeded 5%, PE returns have trailed 15 times.&rdquo;
One challenge facing PSP over the near-term is an approximately 40 percent weight to growth stocks, an investment factor that&#39;s out of favor right now. Additionally, PSP has a 12-month distribution rate of 6.68 percent, meaning it&#39;s a high-yielding asset that could be vulnerable to more interest rate increases.
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Putting Private Equity On Your Side With An ETF

At the end of 2014, the 50 largest private equity firms had a combined $1.5 trillion in assets under management. Chances are, none of those assets were yours, but there is good news for regular investors looking to get on the private equity game.
A fair amount of private equity companies are publicly traded. The better news is that investors do not need to stock pick in this corner of the market, because the PowerShares Listed Private Eq. (ETF) (NYSE: <a class="ticker" href="/stock/psp#NYSE">PSP</a>) offers access to a basket of private equity firms.
<h3>PSP Under The Microscope</h3>
PSP follows the Red Rocks Global Listed Private Equity Index, which &ldquo;includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies (BDCs), master limited partnerships (MLPs) and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies),&rdquo; <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=PSP&amp;title=powershares-global-listed-private-equity-portfolio">according to PowerShares</a>.
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PSP currently holds 63 stocks, including familiar names such as Prospect Capital Corporation (NASDAQ: <a class="ticker" href="/stock/psec#NASDAQ">PSEC</a>), The Carlyle Group LP (NASDAQ: <a class="ticker" href="/stock/cg#NASDAQ">CG</a>) and Blackstone Group LP (NYSE: <a class="ticker" href="/stock/bx#NYSE">BX</a>).
While PSP is an interesting ETF, it is not a perfect ETF. As a financial services fund, PSP has not been able to endure that sector&#39;s decline this year, but down 10.3 percent year-to-date, PSP is outperforming many traditional financial services ETFs.
The tidy profits generated by private equity firms for the affluent and institutional investors that make their client bases keep those clients coming back, but PSP has its own selling point for income investors. PSP, home to nearly $316 million in assets under management, has a trailing 12-month distribution rate of 11.6 percent, according to issuer data.
That robust yield is compensating investors for risk, risk that includes a top in venture funding that could force some of PSP&#39;s holdings to limit investments in the near term.
As <a href="http://www.benzinga.com/general/education/16/01/6128361/evidence-venture-capital-funding-has-peaked">Benzinga reported</a> earlier this year, &ldquo;According to PitchBook&rsquo;s annual report, venture capital funding has peaked and is now headed lower. After concerns over rising valuations and constant streams of unicorn births began to arise in 2014, PitchBook notes that investors finally started to become cautious in the space in the second half of 2015.&rdquo;
Image Credit: <a href="https://pixabay.com/en/business-newspaper-paper-1031754/">Public Domain</a>

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According to PitchBook&rsquo;s annual report, venture capital funding has peaked and is now headed lower. After concerns over rising valuations and constant streams of unicorn births began to arise in 2014, PitchBook notes that investors finally started to become cautious in the space in the second half of 2015.

	The number of U.S. venture rounds closed plunged 25.8 percent from Q2 to Q4 2015. However, editor Garret Black notes that there was still an incredible amount of activity on the year.

	<img alt="" src="/files/u81483/venture.jpg" style="width: 480px; height: 244px;" />

	Related Link: <a href="http://www.benzinga.com/general/education/16/01/6127557/record-auto-sales-fueled-by-debt-likened-to-subprime-mortgage-market#ixzz3wgFCbW3O">Record Auto Sales Fueled By Debt, Likened To Subprime Mortgage Market By Regulators</a>&nbsp;

	&ldquo;The investment environment is particularly complex right now, what with limited partners still funneling plenty of capital to VC fund managers as recent venture returns tick upward, concerns around Asian growth prospects persisting, and liquidity prospects staying uncertain for the short-term,&rdquo; Black writes.

	The PowerShares Listed Private Eq. (ETF) (NYSE: <a class="ticker" href="/stock/psp#NYSE">PSP</a>) is down 12.5 percent in the past six months.

	Disclosure: the author holds no position in the stocks mentioned.

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