Exhibit 99.1

The Blackstone Group Reports Second Quarter 2009 Results

Economic Net Income was $173 million for the second quarter of 2009, compared to a loss of $(93) million for the first quarter of 2009 and Economic Net Income of $100 million for the second quarter of 2008.

Net Fee Related Earnings from Operations were $87 million for the second quarter of 2009, down slightly from $90 million for both the first quarter of 2009 and the second quarter of 2008.

Adjusted Cash Flows From Operations were $102 million during the second quarter of 2009, up from $75 million for the first quarter of 2009 and down from $162 million for the second quarter of 2008.

Blackstone declares a quarterly priority distribution of $0.30 per common unit.

GAAP Net Loss Attributable to The Blackstone Group L.P. was $(164) million for the second quarter of 2009, including net IPO and acquisition-related charges of $196 million, compared to a GAAP Net Loss of $(232) million for the first quarter of 2009, including net IPO and acquisition-related charges of $190 million, and $(157) million for the second quarter of 2008, which included net IPO and acquisition-related charges of $204 million.

Second Quarter 2009 Highlights

New York, August 6, 2009: The Blackstone Group L.P. (NYSE: BX) today reported its second quarter 2009 results.

For the second quarter of 2009, Total Segment Revenues were $403.6 million, up 781% from $45.8 million for the first quarter of 2009 and up 7% from $376.5 million for the second quarter of 2008. The year-over-year change was driven by net appreciation of the underlying portfolio investments in the Corporate Private Equity and Credit and Marketable Alternatives segments and increased Management and Advisory Fees in the Corporate Private Equity, Real Estate and Financial Advisory segments. These increases were partially offset by increased unrealized net depreciation of the underlying portfolio investments in the Real Estate segment. For the six months ended June 30, 2009, Total Segment Revenues were $449.4 million compared to $408.3 million for the same period in 2008, an increase of 10%.

GAAP results for the second quarter of 2009 included Revenues of $406.4 million, up from $44.9 million for the first quarter of 2009 and $353.9 million for the second quarter of 2008, and Net Loss Attributable to The Blackstone Group L.P. of $(164.3) million, compared to $(231.6) million for the first quarter of 2009 and $(156.5) million for the second quarter of 2008. On a GAAP basis, Net Cash Flows Provided by Operating Activities were $136.7 million for the second quarter of 2009, down from $555.9 million for the first quarter of 2009 and $155.8 million for the second quarter of 2008. GAAP results for the six months ended June 30, 2009 included Revenues of $451.3 million, compared to $422.0 million for the six months ended June 30, 2008, and Net Loss Attributable to The Blackstone Group L.P. of $(395.9) million, compared to $(407.5) million for the six months ended June 30, 2008. On a GAAP basis, Net Cash Flows Provided by Operating Activities were $692.6 million for the six months ended June 30, 2009 more than double the $271.0 million for the six months ended June 30, 2008.

Global equity and debt markets recovered much of their previous losses in the second quarter of 2009, while the macro-economic backdrop remained challenged. In the United States and Europe, equities markets rose for the first time since the second quarter of 2007, after U.S. markets reached a 12-year low and European markets reached a 6-year low in March 2009. Emerging markets across Asia and Latin America rose even more quickly and ended the quarter 35-75% higher than year-end 2008 levels. High yield credit spreads tightened sharply to 978 basis points over Treasury securities at the end of June 2009, compared with credit spreads of 1,700 basis points over Treasury securities at year-end 2008. Despite this dramatic tightening, spreads remain well above historic averages and credit trends continue to be weak across both consumer and commercial asset classes.

Notwithstanding the significant rally in debt, bank lenders have not increased their appetite to make long-term capital commitments. New leveraged transaction levels remain low given the overall global economic weakness and lack of financing availability, even though new issuance in the high yield market increased in the second quarter of 2009 amidst tightening spreads.

Commercial real estate trends in the U.S. and Europe worsened in the second quarter of 2009, with lower occupancy and pricing trends. Global hospitality trends also declined, including revenue per available room (“RevPAR”), an important hospitality industry metric. Commodities prices continued their upward climb. Crude oil ended the second quarter of 2009 at $70 per barrel, 41% higher than at the end of March 2009 and 57% higher than at year-end 2008. The dollar generally weakened against most currencies in the quarter, reversing the gains from the first quarter of 2009. In the second quarter of 2009, the dollar declined approximately 6% against the Euro, 13% against the Pound Sterling and 3% against the Japanese Yen.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone remains focused on creating lasting value for our investors and our clients. In the current environment, this means investing prudently in the areas where we see the greatest long-term value and remaining cautious in areas where we expect further value declines. We currently have the largest amount of available capital in our history across our investment platforms and we expect our investors will benefit greatly as we deploy that capital over the next several years.”

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The table below details Blackstone’s Economic Net Income, Net Fee Related Earnings from Operations, Adjusted Cash Flows from Operations and Fee-Earning Assets Under Management as of and for the three and six months ended June 30, 2009 and 2008. Economic Net Income, Total Segments includes unrealized gains (losses) and the direct compensation impact related to those gains/losses but excludes IPO and acquisition-related charges.

SEGMENT REVIEW

Corporate Private Equity

Corporate Private Equity had revenues of $198.6 million for the second quarter of 2009, compared with revenues of $68.1 million for the first quarter of 2009 and $92.4 million for the second quarter of 2008. The increase from 2008 was driven by stabilization in the total fair value of the segment’s underlying portfolio investments.

Net Fee Related Earnings from Operations were $23.9 million for the second quarter of 2009, up from $19.9 million for the first quarter of 2009 and $15.9 million for the second quarter of 2008. The increase from 2008 reflects decreased Management Fee Offsets, partially offset by an increase in Compensation and Benefits. Economic Net Income was $123.8 million for the second quarter of 2009, up from $53.1 million for the first quarter of 2009 and $31.3 million for the second quarter of 2008.

Compensation and Benefits expense increased to $54.3 million from negative $(5.1) million for the first quarter of 2009 and $40.3 million for the second quarter of 2008. The first quarter of 2009 included a

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$40.7 million reversal of prior period carried interest allocations to certain personnel, resulting from the net depreciation in fair value of certain portfolio investments. The increase from 2008 was due to an increase in personnel compensation tied to Net Fee Related Earnings from Operations for the segment. Other Operating Expenses of $20.6 million remained consistent with both the first quarter of 2009 and second quarter of 2008.

Fee-Earning Assets Under Management were relatively flat at $25.2 billion, compared with $25.5 billion for the first quarter of 2009 and $25.2 billion for the second quarter of 2008.

Limited Partner Capital Deployed totaled $338.3 million for the second quarter of 2009, an increase from $196.1 million for the first quarter of 2009 and a decrease from $775.9 million deployed for the second quarter of 2008.

Corporate Private Equity had six-month revenues of $266.7 million, compared with negative revenues of $(24.4) million in the same period of 2008. The principal driver of the year-over-year change was due to an increase in performance fees and investment income driven by positive investment returns from one of Blackstone’s corporate private equity investment funds and modest appreciation in the fair value of the portfolio investments in the investment funds.

Real Estate

Real Estate had revenues of negative $(18.9) million for the second quarter of 2009, compared with revenues of negative $(212.6) million for the first quarter of 2009 and $(13.5) million for the second quarter of 2008.

Net Fee Related Earnings from Operations were $32.9 million in the second quarter of 2009, up from $30.5 million for the first quarter of 2009 and $22.8 million for the second quarter of 2008. The principal driver of the change from 2008 was an increase in Base Management Fees. Economic Net Income was negative $(25.1) million for the second quarter of 2009, an improvement from negative $(187.9) million for the first quarter of 2009 and $(59.1) million for the second quarter of 2008.

Compensation and Benefits were negative $(6.8) million, reflecting the reversal of prior period carried interest allocations to certain personnel. This compared to $(37.3) million for the first quarter of 2009 and $32.1 million for the second quarter of 2008. Other Operating Expenses were $13.0 million, in line with both the first quarter of 2009 and the second quarter of 2008.

Fee-Earning Assets Under Management increased $657.2 million from the first quarter of 2009 and $2.4 billion from the second quarter of 2008 to $23.5 billion.

Limited Partner Capital Deployed totaled $252.7 million for the second quarter of 2009, an increase from $215.1 million and $209.8 million deployed during the first quarter of 2009 and second quarter of 2008, respectively.

Real Estate had negative six-month revenues of $(231.5) million, compared with positive revenues of $34.0 million for the six months ended June 30, 2008. The principal driver of the year-over-year decline was net depreciation in the fair value of the portfolio investments in the real estate investment funds. The net depreciation in fair value is reflected in decreased Performance Fees and Allocations and Investment Income (Loss) and Other.

Credit and Marketable Alternatives (CAMA)

The Credit and Marketable Alternatives (“CAMA”) segment, previously known as Marketable Alternative Asset Management, has been renamed to better reflect the product mix of this segment. This does not reflect a change to the underlying businesses or how

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they are reflected in reporting results of operations. CAMA had revenues of $140.4 million, compared with $99.2 million for the first quarter of 2009 and $225.1 million for the second quarter of 2008. CAMA had positive performance fees and investment income of $47.8 million for the second quarter of 2009 compared with $6.5 million for the first quarter of 2009 and $94.8 million for the second quarter of 2008. The change in revenues from 2008 was driven primarily by a decrease in management fees, performance fees and investment income due to the liquidation in the first quarter of 2009 of Blackstone’s proprietary single manager hedge funds. Additionally, a reduction in Blackstone’s total capital invested in its funds of hedge funds compared to the second quarter of 2008 contributed to the decrease.

Net Fee Related Earnings from Operations were $25.2 million for the second quarter of 2009, an increase from $14.4 million for the first quarter of 2009 and a decrease from $40.5 million for the second quarter of 2008. The main driver of the decline from 2008 was a decrease in Base Management Fees, partially offset by a reduction in Compensation and Benefits and Other Operating Expenses. Economic Net Income was $66.5 million for the second quarter of 2009 compared to $14.4 million for the first quarter of 2009 and $115.9 million for the second quarter of 2008.

Compensation and Benefits were $57.4 million, down from $61.1 million in the first quarter of 2009 and $84.2 million in the second quarter of 2008. The decrease from the second quarter of 2008 was principally driven by Blackstone’s liquidation of its proprietary single manager hedge funds.

Fee-Earning Assets Under Management in the second quarter of 2009 totaled $44.7 billion compared with $43.9 billion for the first quarter of 2009 and $53.4 billion for the second quarter of 2008. The decrease from 2008 was due to net depreciation in the fair value of investments, redemptions and the liquidation of Blackstone’s proprietary single manager hedge funds.

Limited Partner Capital Deployed in certain carry credit-oriented funds totaled $112.1 million for the second quarter of 2009, down from $208.4 million for the first quarter of 2009 and $808.9 million for the second quarter of 2008. The decrease was related to a reduction in investment activity in certain of Blackstone’s credit-oriented funds due to lower investment activity levels.

CAMA had revenues of $239.6 million for the six months ended June 30, 2009 compared with revenues of $255.1 million for the same period of 2008. The decrease was primarily driven by a decrease in base management fees which reflected a decrease in Fee-Earning Assets Under Management.

Financial Advisory

Revenues were $83.5 million for the second quarter 2009, an increase of $11.0 million, or 15%, compared to $72.5 million for the second quarter of 2008. The change was driven by an increase of $21.3 million in fees generated by the restructuring and reorganization advisory services business as continued credit market turmoil and low levels of available liquidity led to increased bankruptcies, debt defaults and debt restructurings. Additionally, fees earned by the corporate and mergers and acquisitions advisory services business increased $13.0 million as clients increasingly looked to Blackstone for independent advice in complicated transactions. These increases were partially offset by a decrease of $22.9 million in fees generated by the fund placement business as efforts to raise capital continued to prove challenging in the current economic environment.

Net Fee Related Earnings from Operations were $4.9 million for the second quarter of 2009, a decrease from $24.7 million for the first quarter of 2009 and $11.3 million for the second quarter of 2008. The primary catalyst for the decrease from 2008 was higher operating expenses, due to an increase in reserves against receivables and compensation expense in the corporate and mergers and acquisitions advisory services and restructuring and reorganization advisory services business. A portion of compensation is directly

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related to the profitability of each of the services businesses. Economic Net Income was $7.5 million for the second quarter of 2009 compared to $27.1 million for the first quarter of 2009 and $11.8 million for the second quarter of 2008.

Compensation and Benefits were $54.2 million, up from $51.0 million for the first quarter of 2009 and $48.6 million for the second quarter of 2008.

Revenues were $174.5 million for the six months ended June 30, 2009, an increase of 22% compared to $143.6 million in the same period of 2008. The increase was driven by revenues in Blackstone’s restructuring and reorganization advisory and corporate and mergers and acquisitions advisory services businesses. The continued credit market turmoil and low levels of available liquidity led to increased bankruptcies and debt defaults, which drove the increase in revenues in the restructuring and reorganization advisory services business. An increase in client mandates accounted for the increase in corporate and mergers and acquisitions advisory revenues. A decrease in revenues in Blackstone’s fund placement business partially offset the increased revenues in the restructuring and reorganization advisory and corporate and mergers and acquisition advisory services businesses.

CAPITAL AND LIQUIDITY

For Economic Net Income purposes, the weighted-average fully diluted unit count (the “Adjusted Units”) for the three and six month periods ended June 30, 2009 was 1,123.6 million units and 1,127.9 million units, respectively. The weighted-average fully diluted unit count for the three and six month periods ended June 30, 2008 was 1,130.7 million units and 1,128.9 million units, respectively.

The total number of units used in calculating cash distributions was 1,091.5 million units for the six month period ended June 30, 2009 and 1,085.5 million units for the six month period ended June 30, 2008.

As of June 30, 2009, Blackstone had $784.6 million in cash, $432.6 million invested in liquid Blackstone Funds and $78.0 million in outstanding asset-backed borrowings. Blackstone has a new committed revolving credit facility for $850 million, which was effective May 11, 2009. Blackstone reduced the borrowing capacity from the prior facility of $1.0 billion, reflecting its enhanced balance sheet strength and liquidity position.

DISTRIBUTION

The Blackstone Group L.P. has declared a quarterly distribution of $0.30 per common unit to record holders of common units at the close of business on August 31, 2009. This distribution will be paid on September 11, 2009.

Public common unitholders will continue to receive a priority distribution ahead of Blackstone personnel and others through 2009, but the amount of those distributions in respect of 2009 will be based on the amount of Adjusted Cash Flows from Operations generated in 2009 available for distributions and could fall below $1.20.

No distributions will be paid in respect of the second quarter of 2009 to Blackstone personnel and others with respect to their Blackstone Holdings partnership units.

# # #

Blackstone will host a conference call on August 6, 2009 at 11:00 a.m. ET to discuss second quarter 2009 results. The conference call can be accessed by dialing (888) 680-0860 (U.S. domestic) or +1 (617) 213-4852 (international) pass code 43199368. Additionally, the conference call will be broadcast live over the internet and can be accessed by all interested parties through the Investor Relations

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section of The Blackstone Group’s website http://ir.blackstone.com. For those unable to listen to the live broadcast, a replay will be available on Blackstone’s website or by dialing (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international) conference ID number 34474116, beginning approximately three hours after the event.

About The Blackstone Group

Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.

Investor Relations Contact:

Joan Solotar

The Blackstone Group

Tel: +1 (212) 583-5068

solotar@blackstone.com

Media Relations Contact:

Peter Rose

The Blackstone Group

Tel: +1 (212) 583-5871

rose@blackstone.com

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect Blackstone’s current views with respect to, among other things, Blackstone’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the prospectus. Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This release does not constitute an offer of any Blackstone Fund.

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THE BLACKSTONE GROUP L.P.

Exhibit 1a. Condensed Consolidated Statements of Operations

(Dollars in Thousands, Except Per Unit Data)

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THE BLACKSTONE GROUP L.P.

Exhibit 1b. Condensed Consolidated Statements of Operations

(Dollars in Thousands, Except Per Unit Data)

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THE BLACKSTONE GROUP L.P.

Exhibit 2a. Condensed Consolidated Statements of Financial Condition

(Dollars in Thousands)

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THE BLACKSTONE GROUP L.P.

Exhibit 2b. Condensed Consolidating Statements of Financial Condition

(Dollars in Thousands)

…continued

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THE BLACKSTONE GROUP L.P.

Exhibit 2b. Condensed Consolidating Statements of Financial Condition - Continued

(Dollars in Thousands)

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THE BLACKSTONE GROUP L.P.

Exhibit 3. Condensed Consolidated Statements of Cash Flows

(Dollars in Thousands)

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THE BLACKSTONE GROUP L.P.

Exhibit 4a. Economic Net Income and Net Fee Related Earnings from Operations

(Dollars in Thousands)

The tables below detail Blackstone’s Economic Net Income and Net Fee Related Earnings from Operations. Net Fee Related Earnings from Operations is a supplemental measure of after tax performance used to highlight earnings from operations excluding the income from and related profit sharing expenses of Blackstone’s performance fees and investment income except for interest income. The reconciliation of Economic Net Income to Net Fee Related Earnings from Operations is presented in Exhibit 4b to this release.