"This value creation takes time," said Blackstone (BX) CEO Stephen Schwarzman, on the company...

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

"This value creation takes time," said Blackstone (BX) CEO Stephen Schwarzman, on the company earnings call, reminding of his firm's advantage of having capital under long-term lockup. Blackstone can't get the time of day from Mr. Market, yet AUM were up 27% Y/Y to $190B in Q2 and have about doubled over the last 5 years. Put to work at an IRR in the teens (below the company's historical norm), it's a lot of earnings power coming through the pipeline.