SEC Filing Summary: Blackstone Group L.P. (13F-HR)
Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Blackstone Group L.P., an institutional investment manager, for the quarter ended September 30, 2014. The report was signed by John G. Finley on November 14, 2014. It discloses equity securities held by the manager and includes one other included manager: GSO Capital Partners LP (File Number 28-12332).
Key Financial Metrics
As a Form 13F filing, this document reports portfolio holdings rather than the operating financial performance of Blackstone Group L.P. itself. Consequently, revenue, profit, cash flow, margins, debt, and liquidity metrics for Blackstone are not provided in this text.
Portfolio Metrics Reported:
- Total Portfolio Value: $34,016,031,000 (34.0 billion USD).
- Total Number of Holdings: 51 entries.
- Other Included Managers: 1 (GSO Capital Partners LP).
Material Changes and Holdings Details
The filing does not provide comparative data against the prior quarter to determine material changes in position size. However, it discloses specific ownership structures and voting authorities for several significant holdings:
- Freescale Semiconductor Ltd: Blackstone-affiliated funds hold 3,395,055 Class A limited partnership interests in Freescale LP (48.02% of Class A interests) and 250 shares of the General Partner (25% of total shares). This represents voting authority over 196,136,895 shares.
- Kosmos Energy Ltd: Includes 2,123,635 shares under the discretion of Blackstone Family GP L.L.C. (controlled by Stephen A. Schwarzman), representing voting authority over 103,302,512 shares.
- Nielsen Holdings N V: Represents a proportionate interest in 74,085,666 shares held by Valcon Acquisition Holding (Luxembourg) S.a.r.l. ("Luxco"). Includes 748,843 shares under the discretion of Blackstone Family GP L.L.C.
- Orbitz Worldwide Inc: Shares are under the discretion of Blackstone LR Associates (Cayman) V Ltd., including 144,873 shares held by Blackstone Management Partners L.L.C.
- PBF Energy Inc: Reported as Series A Units of PBF Energy Company LLC, exchangeable one-for-one for Class A common stock.
- YPF Sociedad Anonima: Holdings include three series of call options.
Guidance, Risks, and Contingencies
This filing type does not contain management guidance, outlook, or risk factors regarding the reporting manager's operations. The text includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Portfolio Concentration: Verify the specific weight of the top holdings (e.g., Freescale, Kosmos, Nielsen) within the $34 billion total to assess concentration risk.
- Voting Authority vs. Beneficial Ownership: Note the distinction between direct share ownership and voting authority derived from partnership interests (e.g., Freescale LP), which may differ from simple share counts.
- Related Party Discretion: Confirm which holdings are under the direct discretion of Blackstone Group L.P. versus affiliates like Blackstone Family GP L.L.C. or Blackstone LR Associates.
- Derivative Exposure: Review the specific terms of the call options held in YPF Sociedad Anonima to understand potential leverage or exposure.
- Exchangeable Securities: Verify the terms of the PBF Energy Series A Units to understand the conversion mechanics into Class A common stock.