Exhibit 99.1

The Blackstone Group Reports Fourth Quarter and

Full Year 2009 Results

Economic Net Income of $703 million for 2009 was up significantly from negative $(1.2) billion for 2008; Economic Net Income of $329 million for the fourth quarter of 2009, was up from a negative $(764) million for the fourth quarter of 2008.

Net Fee Related Earnings for 2009 were down slightly to $410 million from $428 million for the full year 2008; Net Fee Related Earnings of $139 million for the fourth quarter of 2009 were up 18% from $118 million for the fourth quarter of 2008.

Adjusted Cash Flows from Operations were $526 million for the full year 2009, up from $129 million in 2008; Adjusted Cash Flows from Operations were $217 million in the fourth quarter of 2009 versus a negative $(19) million for the fourth quarter of 2008.

GAAP Results Attributable to The Blackstone Group L.P. improved significantly in 2009 with a net loss of $(715) million, including net IPO and acquisition related charges of $875 million, compared to a net loss of $(1.2) billion in 2008.

Fee-Earning Assets Under Management totaled $96.1 billion at December 31, 2009, up from $91.0 billion at December 31, 2008.

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

New York, February 25, 2010: The Blackstone Group L.P. (NYSE: BX) today reported its 2009 results.

For the full year 2009, Total Segment Revenues, on an ENI basis, were $1.8 billion, up significantly from a negative $(442.1) million for the full year 2008. For the fourth quarter of 2009, Total Segment Revenues were $738.4 million, up $1.4 billion from a negative $(621.4) million for the fourth quarter of 2008. The year-over-year change was driven by net appreciation of the underlying portfolio investments in the 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 fees earned in the Financial Advisory segment.

Total Segment Expenses were $1.1 billion for the full year 2009, an increase from $887.9 million for the full year 2008. Compensation and Benefits was $768.8 million for the full year 2009, an increase from $568.7 million for the full year 2008, reflecting a reduction in the reversals of performance fee related compensation accruals. Total Segment Expenses for the quarter totaled $372.6 million, up from $205.7 million for the fourth quarter of 2008. The largest component of segment expenses, Total Segment Compensation and Benefits, was $290.1 million for the fourth quarter of 2009, up from $107.6 million for the fourth quarter of 2008. The change from 2008 was driven by an increase in performance fee related compensation in the Private Equity, Credit and Marketable Alternatives and Real Estate segments. Base compensation was $216.4 million for the fourth quarter of 2009, up from $189.8 million for the fourth quarter of 2008.

GAAP results for the year ended December 31, 2009 included Revenues of $1.8 billion, compared to a negative $(349.4) million for the full year 2008, and Net Loss Attributable to The Blackstone Group L.P.

of $(715.3) million, compared to a net loss of $(1.2) billion for the full year 2008. GAAP results for the fourth quarter of 2009 included Revenues of $725.3 million, up from a negative $(611.3) million for the fourth quarter of 2008. Net Loss Attributable to The Blackstone Group L.P. was $(143.3) million, compared to a net loss of $(415.2) million for the fourth quarter of 2008.

World equity and debt markets continued to improve in the second half of 2009 in anticipation of sustained economic recovery. The United States and several other developed economies returned to growth, and emerging economies grew more sharply. Despite tangible evidence of economic recovery, U.S. unemployment remains high and consumer credit trends remain weak.

Commercial real estate trends in the U.S. and Europe showed continued signs of stabilization. For office properties, vacancy rates appear to have stabilized, with some markets showing signs of decreasing vacancies. In hospitality, demand appears to have bottomed as well, although pricing remains pressured. RevPAR (Revenue Per Available Room), an important hospitality industry metric, continued to decline, but that decline clearly moderated in the fourth quarter of 2009.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “It has been about 17 months since the collapse of Lehman Brothers and the full onset of the global financial crisis. Equity and debt markets globally have continued to heal from their lows about a year ago although there has been some recent turbulence in January and February, most companies have reduced expenses and inventory levels, the cost of borrowing has declined and the availability of credit is increasing selectively. We believe the worst is behind us, although a recovery in Western economies 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 fourth quarters 2009 and 2008, and for the full years 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

Private Equity

Full Year

Private Equity had full year revenues of $775.2 million, compared with revenues of a negative $(286.2) million for the full year 2008. The principal driver of the year-over-year change was an increase in Performance Fees and Allocations and Investment Income as a result of net appreciation in the fair value of both publicly traded and privately held portfolio investments. The combined impact of improved performance of the underlying portfolio companies and more favorable global public markets drove the improved results. During the year, two-thirds of the portfolio companies in private equity experienced EBITDA growth and 40% had revenue growth. The net internal rate of return (“IRR”) for the segment was 9% for 2009. At December 31, 2009, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of our contributed Private Equity funds represented 1.3 times investors’ original investments.

Results were also positively impacted by increased transaction activity, particularly in the second half of the year, including several material realizations such as Stiefel Laboratories, Inc. and Orangina Schweppes, SAS, as well as new investments in SeaWorld Parks & Entertainment and the Pinnacle Food Group’s acquisition of Bird’s Eye Foods Inc. The funds distributed to limited partners realized proceeds of $1.6 billion for 2009, which represented 1.8 times investors’ original investment in the companies that were sold. In addition, Blackstone invested Limited Partner Capital of $1.5 billion and had $1.3 billion of Limited Partner Capital committed to deals by the segment’s funds that had not yet closed as of December 31, 2009. This compared to distributed proceeds of $0.5 billion and invested capital of $3.8 billion in 2008.

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Net Fee Related Earnings from Operations were $97.8 million for the full year 2009, up from $81.9 million for the full year 2008. The change from 2008 primarily reflected an increase in transaction fees. Economic Net Income was $490.4 million for the full year 2009, up from a negative $(392.5) million for the full year 2008.

Compensation and Benefits expense increased to $202.3 million from $16.2 million for the full year 2008. The change from 2008 was primarily due to an increase in performance fee related compensation, although Base Compensation levels also increased. Other Operating Expenses of $82.5 million were down from $90.1 million for the full year 2008, reflecting Blackstone’s ongoing focus on expense control.

Fee-Earning Assets Under Management were down slightly at $24.5 billion compared with $25.5 billion for 2008 reflecting the impact of market depreciation on certain assets on which fees are no longer charged and several realizations.

Fourth Quarter

Private Equity had revenues of $281.6 million for the fourth quarter of 2009, compared with revenues of a negative $(193.6) million for the fourth quarter of 2008. The change from 2008 was driven principally by an increase in Performance Fees and Allocations and Investment Income which included $62.4 million in realized performance fees and investment income. The net return for the segment was 6% in the fourth quarter of 2009 versus a negative (19)% in the fourth quarter of 2008.

Net Fee Related Earnings from Operations were $32.9 million for the fourth quarter of 2009, up from $31.6 million for the fourth quarter of 2008. The change from 2008 primarily reflected an increase in fee related revenues as a result of increased transaction activity. Economic Net Income was $177.8 million for the fourth quarter of 2009, up from a negative $(239.1) million for the fourth quarter of 2008.

Compensation and Benefits expense increased to $83.3 million from $22.5 million for the fourth quarter of 2008. The change from 2008 was primarily due to an increase in Performance Fee Related Compensation and Base Compensation. Other Operating Expenses of $20.5 million were down from $23.1 million for the fourth quarter of 2008, reflecting Blackstone’s ongoing focus on expense control.

Fee-Earning Assets Under Management were down slightly at $24.5 billion compared with $25.5 billion for the fourth quarter of 2008.

Limited Partner Capital Invested totaled $898.5 million for the fourth quarter of 2009, including new and follow-on investments, a decrease from $1.1 billion invested for the fourth quarter of 2008.

Real Estate

Full Year

Real Estate had revenues of a negative $(13.6) million, compared with revenues of a negative $(718.0) million for the full year 2008. The principal drivers of the year-over-year change was a reduction in the reversal of performance fees and a stabilization in the fair value of the segment’s underlying portfolio investments in the office and hospitality sectors during the second half of 2009. The performance fees accrued in previous years have now been fully reversed in the two largest funds, BREP V and BREP VI. The second half of 2009 saw portfolio values stabilize and a return of deal activity at cyclically attractive levels. Real Estate invested $884.2 million for the full year 2009 with another $256.6 million committed but not yet invested, or under letter of intent, as of December 31, 2009. The net IRR for our Real Estate carry funds was a negative (35)% for 2009 compared to a negative (38)% in 2008, while the Real Estate debt investment hedge funds was 21% for

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2009 compared to a negative (9)% in 2008. Despite significant unrealized markdowns over the last year and a half, the December 31, 2009 unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of our contributed Real Estate carry funds represented 0.9 times investors’ original investments.

Net Fee Related Earnings from Operations were $135.2 million in the full year 2009, up from $119.6 million for the full year 2008 due to the full-year impact of the European fund launched in 2008. Economic Net Income was negative $(117.5) million for the full year 2009, an improvement from negative $(850.6) million for the full year 2008.

Compensation and Benefits were $47.6 million compared to $76.8 million for the full year 2008. Other Operating Expenses of $56.3 million for the full year 2009 remained relatively unchanged from the full year 2008.

Fee-Earning Assets Under Management were up $737.6 million, or 3%, to $23.7 billion compared with $23.0 billion for 2008.

Fourth Quarter

Real Estate had revenues of $117.7 million for the fourth quarter of 2009, compared with negative revenues of $(477.8) million for the fourth quarter of 2008. The change from 2008 was primarily due to an improvement in Performance Fees and Allocations and Investment Income, driven by the stabilization in the fair value of the segment’s underlying portfolio investments in the office and hospitality sectors during the second half of 2009 compared to the fourth quarter of 2008. The net return for our Real Estate carry funds was a negative (0.5)% for the fourth quarter of 2009 compared to a negative (29)% in the fourth quarter of 2008, while the Real Estate debt investment hedge funds was 4% for the fourth quarter of 2009 compared to negative (9)% in the fourth quarter of 2008.

Net Fee Related Earnings from Operations were $38.4 million in the fourth quarter of 2009, down from $43.8 million for the fourth quarter of 2008. Economic Net Income was $51.2 million for the fourth quarter of 2009 compared to a negative $(478.0) million for the fourth quarter of 2008.

Compensation and Benefits were $49.3 million compared to a negative $(12.1) million for the fourth quarter of 2008. The change from 2008 was due to a decrease in reversals of prior period carried interest allocations in the fourth quarter of 2009. Other Operating Expenses of $17.3 million increased from $12.2 million for the fourth quarter of 2008.

Fee-Earning Assets Under Management of $23.7 billion remained relatively unchanged from the third quarter of 2009 and were up 3% from the fourth quarter of 2008.

Credit and Marketable Alternatives (CAMA)

Full Year

CAMA had revenues of $632.3 million for the full year 2009 compared with revenues of $151.5 million for the full year 2008. The increase was primarily driven by improved returns on Blackstone’s investment in its funds of hedge funds and its credit-oriented funds during the full year 2009 compared to the full year 2008 and by an increase in Performance Fees and Allocations in both businesses.

The funds of hedge funds posted a composite net return of 16% for the full year 2009 and approximately 40% of the assets eligible to earn incentive fees were above their applicable high water marks as of December 31, 2009. The credit-oriented hedge funds posted a composite net return of 23% for 2009, a record year, and approximately three fourths of the assets eligible to earn incentive fees were above their applicable high water marks as of December 31, 2009. CAMA’s credit-oriented draw-down funds posted a composite net return of 61% for 2009.

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Net Fee Related Earnings from Operations were $99.6 million for the full year 2009, a decrease from $130.9 million for the full year 2008 which reflected lower asset values and the spinout of the single manager hedge funds at the end of 2008. Economic Net Income was $265.2 million for the full year 2009 compared to a negative $(195.5) million for the full year 2008.

Compensation and Benefits were $286.5 million, up from $241.0 million for the full year 2008. The increase from the full year 2008 was principally driven by performance fee related compensation due to positive returns on certain of Blackstone’s credit-related funds, partially offset by a decline in base compensation. Other Operating Expenses of $80.7 million were down from $106.0 million for the full year 2008, reflecting Blackstone’s ongoing focus on expense control.

Fee-Earning Assets Under Management in 2009 totaled $47.9 billion compared with $42.6 billion for 2008. The increase from 2008 was principally due to market appreciation in the funds of hedge funds, credit platform and closed-end mutual funds in addition to net inflows across the segment, offset by the decrease from discontinued funds.

Limited Partner Capital Invested in certain credit drawdown funds totaled $721.4 million for the full year 2009, down from $1.8 billion for the full year 2008.

Fourth Quarter

CAMA had revenues of $213.3 million, compared with a negative $(55.7) million for the fourth 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 in both businesses.

Net Fee Related Earnings from Operations were $36.0 million for the fourth quarter of 2009, an increase from $21.7 million for the fourth quarter of 2008 reflecting general expense reductions. Economic Net Income was $102.8 million for the fourth quarter of 2009 compared to a negative $(132.5) million for the fourth quarter of 2008.

Compensation and Benefits were $88.1 million, up from $40.3 million in the fourth quarter of 2008. The increase from the fourth quarter of 2008 was principally driven by performance fee related compensation due to positive returns on certain of Blackstone’s credit-related funds, partially offset by a decline in base compensation. Other Operating Expenses of $22.4 million were down from $36.5 million for the fourth quarter of 2008, reflecting Blackstone’s ongoing focus on expense control.

Fee-Earning Assets Under Management in the fourth quarter of 2009 totaled $47.9 billion up from $42.6 billion for the fourth quarter of 2008. The increase from 2008 was principally due to market appreciation in the funds of hedge funds, credit platform funds and closed-end mutual funds.

Limited Partner Capital Invested in certain carry credit-oriented funds totaled $313.6 million for the fourth quarter of 2009, down from $333.8 million for the fourth quarter of 2008.

Financial Advisory

Full Year

Revenues were $397.6 million for the year ended December 31, 2009, a decrease of $13.0 million, or 3%, compared to $410.6 million for the year ended December 31, 2008. The restructuring and reorganization

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advisory services business generated record fees of $188.0 million, a 66% increase from 2008, as continued credit market turmoil and low levels of available liquidity led to increased debt defaults, debt restructurings and bankruptcies. Additionally, fees earned from the corporate and mergers and acquisitions advisory services business increased $10.1 million, or 7%, to a record $164.0 million as clients increasingly looked to us for independent advice in complicated transactions. These increases were offset by a decrease of $91.6 million in fees generated from the fund placement business compared to 2008 as that business continued to face challenges in the fund-raising environment but did see improvement in the fourth quarter.

Net Fee Related Earnings from Operations were $77.8 million for the full year 2009, a decrease from $95.2 million for the full year 2008. The primary catalyst for the decrease from 2008 was a decrease in fees generated from the fund placement business coupled with an increase in bad debt expense from the corporate and mergers and acquisitions advisory services business. Non-compensation expenses for the segment, excluding the impact of these one-time items, were essentially flat. Economic Net Income was $85.7 million for the full year 2009 compared to $108.5 million for the full year 2008.

Fourth Quarter

Revenues were $125.7 million for the fourth quarter of 2009, an increase from $105.8 million for the fourth quarter of 2008. The increase in segment revenues was primarily driven by an increase in fees generated by continued strength in Blackstone’s restructuring and reorganization advisory services business as well as a return to more normalized activity levels in the fund placement business.

Net Fee Related Earnings from Operations were $31.8 million for the fourth quarter of 2009, an increase from $20.8 million for the fourth quarter of 2008. The primary catalyst for the increase from 2008 was higher advisory fees, partially offset by an increase 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 $34.0 million for the fourth quarter of 2009 compared to $22.5 million for the fourth quarter of 2008.

CAPITAL AND LIQUIDITY

For Economic Net Income purposes, the weighted-average fully diluted unit count (the “Adjusted Units”) for the fourth quarter and full year 2009 was 1,119.9 million units and 1,123.8 million units, respectively. The weighted-average fully diluted unit count for the fourth quarter and full year 2008 was 1,129.2 million units and 1,129.0 million units, respectively.

The total number of units used in calculating cash distributions was 1,095.8 million units for the full year 2009 and 1,100.2 million units for the full year 2008.

As of December 31, 2009, Blackstone had $952.1 million in cash, $626.2 million invested in cash management strategies which included high grade liquid debt strategies and $495.2 million invested in liquid Blackstone Funds, against $652.0 million in outstanding borrowings. Blackstone continues to maintain its $850 million revolving credit-facility, against which it had no outstanding borrowings as of December 31, 2009.

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 March 15, 2010. This distribution will be paid on March 31, 2010.

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As previously disclosed, public common unitholders were entitled to a priority distribution of up to $1.20 per common unit per year ahead of Blackstone personnel and others regarding distributions made in respect of fiscal periods from July 1, 2007 through December 31, 2009. On December 31, 2009, that distribution priority ended and therefore all future distributions after the distribution referred to in the preceding paragraph will be made on the same basis among all holders of Blackstone Holdings Partnership units (held by Blackstone personnel and others) and all holders of Blackstone common units (held by public unitholders and others). Had the distribution priority not been in effect in 2009 so that 2009 cash distributions were made to all unitholders on the same basis, the distributions to common unitholders in respect of fiscal 2009 would have been $0.48 per unit instead of $1.20 per unit.

For distributions related to fiscal 2010 and thereafter, Blackstone’s current intention is to distribute to its common unitholders substantially all of The Blackstone Group L.P.’s net after-tax share of its annual Distributable Earnings in excess of amounts determined by its general partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future distributions to its unitholders for any ensuing quarter. Because Blackstone will not know what its Distributable Earnings will be for any fiscal year until the end of such year, Blackstone expects that its first three quarterly distributions in respect of any given year will be based on its anticipated annualized Net Fee Related Earnings. As such, the distributions for the first three quarters will likely be smaller than the final quarterly distribution in respect of such year. In the fourth quarter Blackstone will distribute the remaining Distributable Earnings for the year, which is expected to also include realized Performance Fees and Allocations net of related compensation and realized net investment income.

In most years the aggregate amounts of Blackstone’s distributions to unitholders will not equal its Distributable Earnings for that year. Distributable Earnings will only be a starting point for the determination of the amount to be distributed to unitholders because as noted above, in determining the amount to be distributed Blackstone will subtract from Distributable Earnings any amounts determined by its general partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future distributions to its unitholders for any ensuing quarter.

All of the foregoing is subject to the qualification that the declaration and payment of any distributions are at the sole discretion of Blackstone’s general partner and the general partner may change its distribution policy at any time.

Because the wholly-owned subsidiaries of The Blackstone Group L.P. must pay taxes and make payments under the tax receivable agreements described in Blackstone’s Annual Report on Form 10-K, the amounts ultimately distributed by The Blackstone Group L.P. to its common unitholders in respect of fiscal 2010 and subsequent years are expected to be different, on a per unit basis, than the amounts distributed by the Blackstone Holdings partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings partnerships in respect of their Blackstone Holdings partnership units.

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Blackstone will host a conference call on February 25, 2010 at 11:00 a.m. ET to discuss 2009 results. The conference call can be accessed by dialing (888) 713-4213 (U.S. domestic) or +1 (617) 213-4865 (international) pass code 59443416. 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

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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 96780108, beginning approximately two hours after the event.

Investor Relations Contact:

Joan Solotar

The Blackstone Group

Tel: +1 (212) 583-5068

solotar@blackstone.com

Weston Tucker

The Blackstone Group

Tel: +1 (212) 583-5231

tucker@blackstone.com

Media Relations Contact:

Peter Rose

The Blackstone Group

Tel: +1 (212) 583-5871

rose@blackstone.com

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.

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, 2009, 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. Consolidated Statements of Operations

(Dollars in Thousands, Except Per Unit Data)

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THE BLACKSTONE GROUP L.P.

Exhibit 1b. Consolidated Statements of Operations

(Dollars in Thousands, Except Per Unit Data)

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THE BLACKSTONE GROUP L.P.

Exhibit 2a. Consolidated Statements of Financial Condition

(Dollars in Thousands)

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THE BLACKSTONE GROUP L.P.

Exhibit 2b. Consolidating Statements of Financial Condition

(Dollars in Thousands)

continued...

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THE BLACKSTONE GROUP L.P.

Exhibit 2b. 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)