Exhibit 99.1

The Blackstone Group Reports Third Quarter 2009 Results

10-year 6.625% notes.

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

For the third quarter of 2009, Total Segment Revenues were $603.8 million, up $200.2 million from $403.6 million for the second quarter of 2009 and up $833.0 million from $(229.2) million for the third 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, as well as stabilization in the fair value of the Real Estate segment’s underlying portfolio investments. These increases were partially offset by decreased advisory fees earned in the Financial Advisory segment. For the nine months ended September 30, 2009, Total Segment Revenues were $1.1 billion up significantly from $179.3 million for the same period in 2008.

Total Segment Expenses totaled $325.4 million, up from $230.8 million for the second quarter of 2009 and from $280.0 million for the third quarter of 2008. The largest component of segment expenses, Total Segment Compensation and Benefits was $249.9 million for the third quarter of 2009, up from $159.1 million for the second quarter of 2009 and from $197.9 million for the third quarter of 2008. The change from 2008 was driven by an increase in carried interest related compensation allocations and accruals in the Corporate Private Equity, Credit and Marketable Alternatives and Real Estate segments. Excluding the impact of carried interest

allocations, Compensation and Benefits was $199.2 million for the third quarter of 2009, down from $226.1 million for the third quarter of 2008. Compensation and Benefits was $478.6 million for the nine months ended September 30, 2009, an increase from $461.1 million for the nine months ended September 30, 2008, reflecting an increase in carried interest accruals, partially offset by a decrease in personnel compensation of $30.9 million from 2008.

GAAP results for the third quarter of 2009 included Revenues of $597.0 million, up from $406.4 million for the second quarter of 2009 and $(160.3) million for the third quarter of 2008. Net Loss Attributable to The Blackstone Group L.P. was $(176.2) million, compared to $(164.3) million for the second quarter of 2009 and $(340.3) million for the third quarter of 2008. GAAP results for the nine months ended September 30, 2009 included Revenues of $1.0 billion, compared to $261.9 million for the nine months ended September 30, 2008, and Net Loss Attributable to The Blackstone Group L.P. of $(572.0) million, compared to $(747.9) million for the nine months ended September 30, 2008.

Most global equity and debt markets continued to move higher in the third quarter of 2009 as investors anticipated a bottoming of the global economy. Emerging markets experienced the greatest increase consistent with generally more favorable economic growth prospects as compared with the U.S. and Europe. Credit markets experienced similar improvement, as credit spreads tightened sharply. Credit delinquencies and charge-offs continue to be weak and unemployment, particularly in the U.S., remains high.

There has been some improvement in lending markets, with lower borrowing rates and an improved willingness on the part of banks to increase lending. Access to equity capital markets has improved and volumes of both IPOs and secondary equity markets have increased considerably throughout 2009. If these favorable trends are sustained, Blackstone’s funds could participate in an increased number of acquisitions and dispositions.

Commercial real estate trends in the U.S. and Europe continued to worsen in the third 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 were relatively flat during the third quarter although materially higher than one year ago. The dollar continued to weaken against most global currencies, although it rose modestly against the Pound Sterling.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “It has been just over a year since the onset of the global financial crisis. Equity and debt markets have continued to heal, many companies have reduced expenses and inventory levels, the cost of borrowing has declined and the availability of credit is slowly increasing. We believe the worst is behind us though a recovery could be gradual and uneven. We see many opportunities to deploy our substantial available capital across each of our asset management businesses with attractive potential risk-return for our fund investors.”

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 nine months ended September 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.

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SEGMENT REVIEW

Corporate Private Equity

Corporate Private Equity had revenues of $226.9 million for the third quarter of 2009, compared with revenues of $198.6 million for the second quarter of 2009 and $(68.3) million for the third quarter of 2008. The change from 2008 was driven principally by an increase in performance fees which was attributable to the net appreciation in the fair value of the underlying portfolio investments, particularly in publicly traded investments and consumer and energy sector investments. The fair value of the Corporate Private Equity portfolio appreciated by 5% in the third quarter of 2009, versus net depreciation of 8% in the third quarter of 2008.

Net Fee Related Earnings from Operations were $21.2 million for the third quarter of 2009, down from $23.9 million for the second quarter of 2009 and up from $16.2 million for the third quarter of 2008. The change from 2008 primarily reflected an increase in fee related revenues. Economic Net Income was $135.7 million for the third quarter of 2009, up from $123.8 million for the second quarter of 2009 and up from negative $(126.5) million for the third quarter of 2008.

Compensation and Benefits expense increased to $69.9 million from $54.3 million for the second quarter of 2009 and $34.2 million for the third quarter of 2008. The change from 2008 was primarily due to an increase in compensation related to carried interest allocations. Other Operating Expenses of $21.3 million remained consistent with the second quarter of 2009 and down from $24.0 million for the third quarter of 2008 reflecting Blackstone’s ongoing focus on non-compensation expenses.

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Fee-Earning Assets Under Management were relatively unchanged at $25.2 billion compared with the second quarter of 2009 and the third quarter of 2008.

Transaction activity has increased recently in terms of both new commitments as well as realizations. At September 30, 2009, $1.3 billion of Limited Partner Capital had been committed to deals by the segment’s funds and not yet deployed. Subsequent to the end of the third quarter of 2009, over $600 million of Limited Partner Capital was committed to new transactions. The segment’s funds also closed or announced four realizations in the third quarter of 2009 and subsequently. In addition, the funds are examining several opportunities for initial public offerings.

Limited Partner Capital Deployed totaled $109.1 million for the third quarter of 2009, including new and follow-on investments, a decrease from $338.3 million for the second quarter of 2009 and $1.5 billion deployed for the third quarter of 2008.

Corporate Private Equity had nine-month revenues of $493.6 million, compared with negative revenues of $(92.6) million in the same period of 2008. The principal driver of the year-over-year change was an increase in performance fees and investment income as a result of net appreciation in the fair value of the portfolio investments, principally publicly-traded portfolio investments and certain portfolio investments in the energy, healthcare and consumer sectors, as well as gains related to foreign currency fluctuations.

Real Estate

Real Estate had revenues of $100.2 million for the third quarter of 2009, compared with revenues of negative $(18.9) million for the second quarter of 2009 and $(273.7) million for the third quarter of 2008. The change from 2008 was due to positive performance fees accrued, driven by the performance of certain debt strategy portfolio investments as well as stabilization in the fair value of the segment’s underlying portfolio investments. The fair value of the Real Estate portfolio depreciated by 0.4% in the third quarter of 2009, versus 10% in the third quarter of 2008.

Net Fee Related Earnings from Operations were $33.4 million in the third quarter of 2009, up from $32.9 million for the second quarter of 2009 and $32.7 million for the third quarter of 2008. Economic Net Income was $44.2 million for the third quarter of 2009, an improvement from $(25.1) million for the second quarter of 2009 and $(309.6) million for the third quarter of 2008.

Compensation and Benefits were $42.5 million compared to $(6.8) million for the second quarter of 2009 and $21.1 million for the third quarter of 2008. The change from 2008 was due to a decrease in reversals of prior period carried interest allocations to certain personnel in the third quarter of 2009. Other Operating Expenses of $13.4 million remained consistent with the second quarter of 2009 and down from $14.8 million for the third quarter of 2008 reflecting Blackstone’s ongoing focus on non-compensation expenses.

Fee-Earning Assets Under Management increased $167.1 million from the second quarter of 2009 and $1.1 billion from the third quarter of 2008 to $23.7 billion.

The Real Estate funds have seen an increase in potential investment opportunities in recent months. At September 30, 2009, $179.7 million of Limited Partner Capital had been committed to deals by the segment’s funds and not yet deployed. Subsequent to the end of the third quarter of 2009, over $165 million of the Limited Partner Capital committed has been deployed and over $375 million of Limited Partner Capital was committed to or is under letter of intent by the funds with regard to new transactions.

Limited Partner Capital Deployed totaled $35.0 million for the third quarter of 2009, a decrease from $252.7 million and $131.1 million deployed during the second quarter of 2009 and third quarter of 2008, respectively.

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Real Estate had negative nine-month revenues of $(131.3) million, compared with negative revenues of $(240.2) million for the nine months ended September 30, 2008. The principal drivers of the year-over-year change was a reduction in the reversal of Blackstone’s prior period carried interest allocations and an increase in Base Management Fees, a function of an increase in Fee-Earning Assets Under Management.

Credit and Marketable Alternatives (CAMA)

CAMA had revenues of $179.4 million, compared with $140.4 million for the second quarter of 2009 and negative revenues of $(48.0) million for the third quarter of 2008. The change from 2008 was due primarily to improved returns on the segment’s fund of hedge funds and credit-oriented funds, resulting in positive performance fees and allocations and investment income for the third quarter of 2009.

The fund of hedge funds posted a composite net return of 5.5% for the third quarter of 2009 and 12.9% for the nine months ended September 30, 2009. The credit-oriented hedge funds posted a composite net return of 13.0% for the third quarter of 2009 and 22.5% for the nine months ended September 30, 2009. The segment’s mezzanine funds posted a composite net return of 5.7% for the third quarter of 2009 and 11.7% for the nine months ended September 30, 2009.

Net Fee Related Earnings from Operations were $24.0 million for the third quarter of 2009, a decrease from $25.2 million for the second quarter of 2009 and from $42.4 million for the third quarter of 2008. The main driver of the decline from 2008 was a decrease in Base Management Fees, partially attributable to Blackstone’s restructuring of its proprietary single manager hedge funds, partially offset by a reduction in Compensation and Benefits and Other Operating Expenses. Economic Net Income was $81.5 million for the third quarter of 2009 compared to $66.5 million for the second quarter of 2009 and a loss of $(134.3) million for the third quarter of 2008.

Compensation and Benefits were $79.8 million, up from $57.4 million in the second quarter of 2009 and $60.3 million in the third quarter of 2008. The increase from the third quarter of 2008 was principally driven by carried interest allocations to certain personnel due to positive returns on certain of Blackstone’s credit-related funds, partially offset by a decline in personnel compensation. Other Operating Expenses of $18.1 million were down from $26.1 million for the third quarter of 2008 reflecting Blackstone’s ongoing focus on non-compensation expenses.

Fee-Earning Assets Under Management in the third quarter of 2009 totaled $47.4 billion compared with $44.7 billion for the second quarter of 2009 and $51.8 billion for the third quarter of 2008. The decrease from 2008 was principally due to redemptions and the liquidation of certain of Blackstone’s proprietary single manager hedge funds.

Limited Partner Capital Deployed in certain carry credit-oriented funds totaled $87.3 million for the third quarter of 2009, down from $112.1 million for the second quarter of 2009 and $657.6 million for the third quarter of 2008. The decrease was related to a reduction in new investment activity in certain of Blackstone’s credit-oriented funds as a result of a reduction in completed leveraged finance transactions.

CAMA had revenues of $419.0 million for the nine months ended September 30, 2009 compared with revenues of $207.3 million for the same period of 2008. The increase was primarily driven by improved returns on Blackstone’s investment in its funds of hedge funds and of its credit-oriented and proprietary hedge funds during the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008.

Financial Advisory

Revenues were $97.3 million for the third quarter of 2009, an increase from $83.5 million for the second quarter of 2009 and a decrease from $160.7 million for the third quarter of 2008. The change from 2008 was primarily driven by a decrease in fees generated by Blackstone’s fund placement business. Fees earned in the fund placement business decreased $41.7 million as the market for new capital raising remained challenged with capital raised at cyclical lows. Fees generated by the corporate and mergers

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and acquisitions advisory services and the restructuring and reorganization advisory services businesses decreased $20.8 million from the third quarter of 2008 due principally to large transactions fees earned in the third quarter of 2008. The fees generated by these businesses increased $7.7 million from the second quarter of 2009 due to continued strong demand for Blackstone’s advisory services.

Net Fee Related Earnings from Operations were $16.4 million for the third quarter of 2009, an increase from $4.9 million for the second quarter of 2009 and a decrease from $60.5 million for the third quarter of 2008. The primary catalyst for the decrease from 2008 was lower advisory fees, partially offset by a decrease in Compensation and Benefits as a portion of compensation is directly related to the profitability of each of the advisory services businesses. Economic Net Income was $17.0 million for the third quarter of 2009 compared to $7.5 million for the second quarter of 2009 and $61.1 million for the third quarter of 2008.

Compensation and Benefits were $57.7 million, up from $54.2 million for the second quarter of 2009 and down from $82.3 million for the third quarter of 2008.

Revenues were $271.9 million for the nine months ended September 30, 2009, a decrease from $304.8 million in the same period of 2008. The change was driven by decreased fees generated by the fund placement business of $84.8 million, partially offset by an increase in fees earned by the restructuring and reorganization advisory services business of $45.0 million and the corporate and mergers and acquisitions advisory services business of $11.2 million.

CAPITAL AND LIQUIDITY

For Economic Net Income purposes, the weighted-average fully diluted unit count (the “Adjusted Units”) for the three and nine month periods ended September 30, 2009 was 1,119.8 million units and 1,125.2 million units, respectively. The weighted-average fully diluted unit count for the three and nine month periods ended September 30, 2008 was 1,129.0 million units and 1,129.0 million units, respectively.

The total number of units used in calculating cash distributions was 1,091.9 million units for the nine month period ended September 30, 2009 and 1,085.8 million units for the nine month period ended September 30, 2008.

On August 13, 2009, Blackstone issued a ten-year debt obligation of $600 million at 6.625% and continues to maintain its $850 million revolving credit-facility, against which it has no outstanding borrowings. As of September 30, 2009, Blackstone had $486.5 million in cash, $1 billion invested in high grade liquid debt strategies and $492.5 million invested in liquid Blackstone Funds, against $673.4 million in outstanding borrowings.

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 November 30, 2009. This distribution will be paid on December 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.

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

# # #

Blackstone will host a conference call on November 6, 2009 at 11:00 a.m. ET to discuss third quarter 2009 results. The conference call can be accessed by dialing (888) 713-4215 (U.S. domestic) or +1 (617) 213-4867 (international) pass code 80408635. Additionally, the conference call will be broadcast live over the internet and can be accessed by all interested parties through the Investor Relations 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 88974763, beginning approximately two 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 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

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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)