Exhibit 99.1

The Blackstone Group Reports Third Quarter 2010 Results

Economic Net Income increased to $339 million for the third quarter of 2010, up 23% from $275 million for the third quarter of 2009.

Net Fee Related Earnings increased to $113 million for the third quarter of 2010, up 19% from $95 million for the third quarter of 2009.

Distributable Earnings increased to $166 million for the third quarter of 2010, up 67% from $100 million in the third quarter of 2009.

GAAP Results Attributable to The Blackstone Group L.P. improved in the third quarter of 2010 with a net loss of $44 million, compared to a net loss of $176 million in the third quarter of 2009, in each case including net IPO and acquisition-related charges.

Fee-Earning Assets Under Management totaled $104.3 billion at September 30, 2010, up 8% from $96.3 billion at September 30, 2009.

Blackstone purchased a 40% equity interest in Pátria, one of Latin America’s leading alternative asset managers, on October 1, 2010.

Blackstone declares a quarterly distribution of $0.10 per common unit.

New York, October 28, 2010: The Blackstone Group L.P. (NYSE: BX) today reported its third quarter 2010 results.

Economic Net Income was $339.3 million for the third quarter of 2010, an increase of $63.9 million from $275.3 million, or 23%, for the third quarter of 2009. Economic Net Income was $904.9 million for the nine months ended September 30, 2010, an increase of $531.2 million compared to Economic Net Income for the nine months ended September 30, 2009 of $373.8 million. The increase in Economic Net Income was principally driven by increased Performance Fees and Allocations and Investment Income.

For the third quarter of 2010, Total Segment Revenues were $792.2 million, up significantly from $603.8 million for the third quarter of 2009. The improvement was driven by greater Investment Income derived from an increase in the carrying value of the underlying portfolio investments in the Private Equity and Real Estate segments, and by increases in Performance Fees and Allocations in the Real Estate and Credit and Marketable Alternatives segments. These increases were partially offset by decreased fees earned in the Financial Advisory segment.

Total Segment Expenses were $424.1 million for the third quarter of 2010, an increase from $325.4 million for the third quarter of 2009. The increase in Compensation and Benefits to $339.9 million for the third quarter of 2010 was primarily driven by an increase in Performance Fee Related Compensation and an increase in Base Compensation, which includes all compensation for all partners and employees excluding only compensation from performance fees. Other Operating Expenses increased to $84.3 million.

Net Fee Related Earnings from Operations were $112.9 million for the third quarter of 2010, up from $94.9 million for the third quarter of 2009. Net Fee Related Earnings from Operations were $319.6 million for the nine months ended September 30, 2010, up from $271.2 million for the nine months ended September 30, 2009. Net Fee Related Earnings from Operations increased principally as a result of increased Management and Advisory Fees and investment income from Blackstone’s Treasury cash management strategies, partially offset by an increase in Base Compensation.

GAAP results for the third quarter of 2010 included Revenues of $784.0 million, compared to $597.0 million for the third quarter of 2009, and Net Loss Attributable to The Blackstone Group L.P. of $44.4 million, compared to a net loss of $176.2 million for the third quarter of 2009.

On October 1, 2010, Blackstone purchased a 40% equity interest in Pátria, one of Latin America’s leading alternative asset managers and advisory firms. Pátria has $3.2 billion in total assets under management across private equity, real estate, infrastructure and hedge funds. Pátria is a fast growing market leader with an excellent investment track record, and will continue to be managed by its current partners. As part of the transaction, Blackstone and Pátria have agreed to cooperate in building their businesses in Brazil and throughout the region. Blackstone believes this will allow both firms to offer a broader array of investments to their limited partners and help drive superior fund returns over the long-term.

Global equity markets moved sharply higher in the third quarter of 2010, while credit markets also rose and high yield spreads moderately tightened. Investors reacted positively to sustained above-average corporate earnings growth and the expectation of continued economic recovery. Economic data remained mixed, however, and most indicators pointed to a slowing in the recovery of the U.S. economy, including both output and employment rates. In real estate, the fundamentals generally continued to improve in the third quarter. In office, occupancy trends and leasing activity continued to improve modestly in most markets, and new supply remained at historically low levels. In hospitality, industry Revenue Per Available Room, or RevPAR, grew 8.4% in the third quarter of 2010, and has experienced positive growth since March 2010.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “While global economic and market environments remain fragile, we saw continued marked improvement in the carrying values of our investment funds during the third quarter. Our ability to leverage the knowledge we have housed across our businesses helped us create value through operational programs at the companies we own on behalf of our investors and identify exciting new opportunities. As of quarter end, we have grown total assets under management to $119 billion, which speaks to the hard work and performance of our team.”

The table below details Blackstone’s Economic Net Income, Net Fee Related Earnings from Operations, Distributable Earnings and Fee-Earning Assets Under Management as of, and for the three and nine months ended September 30, 2010 and 2009. 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

Private Equity had revenues of $214.9 million for the third quarter of 2010, compared with revenues of $226.9 million for the third quarter of 2009. The change from 2009 was driven principally by a decrease in Performance Fees and Allocations, which are determined on a fund by fund basis, to $90.3 million compared to $110.9 million for the three months ended September 30, 2009. Private Equity had nine-month revenues of $575.6 million, compared with revenues of $493.6 million in the same period of 2009. The overall performance of our private equity funds was driven by appreciation of our privately held investments and increases in share prices of our publicly held portfolio investments.

The net return for Blackstone’s contributed Private Equity funds was 5.1% in the third quarter of 2010 versus 3.9% in the third quarter of 2009 and 2.5% in the second quarter of 2010. At September 30, 2010, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of Blackstone’s contributed Private Equity funds represented 1.4 times investors’ original investments. Excluding funds which are still in their Investment Period, the value was 2.2 times investors’ original investments.

Net Fee Related Earnings from Operations were $17.5 million for the third quarter of 2010, down from $21.2 million for the third quarter of 2009, reflecting increased Base Compensation, interest expense and marketing expenses related to Blackstone’s sixth private equity fund which is expected to begin over the next few months. Economic Net Income was $111.9 million for the third quarter of 2010, down from $135.7 million for the third quarter of 2009, a result of lower Performance Fees and Allocations.

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Compensation and Benefits expense increased to $76.6 million from $69.9 million for the third quarter of 2009. The change from 2009 was primarily due to an increase in Base Compensation. Other Operating Expenses of $26.4 million were up from $21.3 million for the third quarter of 2009, principally due to an increase in interest expense, professional fees and business development expenses.

Fee-Earning Assets Under Management were down slightly to $24.3 billion compared with the third quarter of 2009.

Limited Partner Capital Invested during the third quarter of 2010 totaled $678.9 million, an increase from $109.1 million invested during the third quarter of 2009. Blackstone had $1.6 billion of Limited Partner Capital committed to deals made by the segment’s Private Equity funds that had not yet closed as of September 30, 2010.

Real Estate

Real Estate had revenues of $257.8 million for the third quarter of 2010, compared with revenues of $100.2 million for the third quarter of 2009. Real Estate had nine-month revenues of $618.4 million, compared with negative revenues of $131.3 million in the same period of 2009. The change from 2009 was primarily due to an improvement in Performance Fees and Allocations and Investment Income (Loss), driven by improved operating performance, projected cash flows and exit multiples across the Real Estate segment’s investments.

The net return for Blackstone’s Real Estate carry funds was 16.9% for the third quarter of 2010 compared to a negative 2.0% in the third quarter of 2009, while the net returns for the Real Estate debt hedge funds was 3.3% for the third quarter of 2010 compared to 7.8% in the third quarter of 2009.

Net Fee Related Earnings from Operations were $39.9 million in the third quarter of 2010, up from $33.4 million for the third quarter of 2009. Economic Net Income was $148.0 million for the third quarter of 2010 compared to $44.2 million for the third quarter of 2009, driven by the increases in Performance Fees and Allocations and Investment Income (Loss).

Compensation and Benefits were $91.2 million compared to $42.5 million for the third quarter of 2009. The change from 2009 was primarily due to an increase in Performance Fee Related Compensation driven by an increase in Performance Fees and Allocations revenue. Other Operating Expenses of $18.6 million were up from $13.4 million for the third quarter of 2009, principally due to an increase in interest expense and professional fees.

Fee-Earning Assets Under Management were $24.3 billion compared with $23.7 billion for the third quarter of 2009, reflecting the continued fund-raising of Blackstone’s Real Estate debt platform and additional limited partner co-investment capital.

Limited Partner Capital Invested during the third quarter of 2010 was $689.0 million, up from $35.0 million during the third quarter of 2009. Blackstone’s Real Estate segment’s funds had committed $1.6 billion of Limited Partner Capital to new transactions which have not yet closed as of September 30, 2010.

Credit and Marketable Alternatives (CAMA)

CAMA had revenues of $231.8 million, compared with $179.4 million for the third quarter of 2009. The increase from 2009 was due primarily to improved Performance Fees and Allocations. CAMA had nine-month revenues of $560.7 million compared with revenues of $419.0 million in the same period of 2009.

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The net core funds composite returns for Blackstone’s funds of hedge funds was 3.2% for the third quarter of 2010 compared to 5.5% for the third quarter of 2009. Base Management Fees increased $14.7 million from the third quarter of 2009 as a result of positive net inflows and performance in the funds of hedge funds business and the April 1, 2010 acquisition of $3.5 billion in collateralized debt obligations and collateralized loan obligations (“CLO”) vehicles.

Net Fee Related Earnings from Operations were $49.3 million for the third quarter of 2010, an increase of $25.3 million from $24.0 million for the third quarter of 2009, reflecting increased Management Fees, which were driven by continued strong inflows and fund returns across the segment. Economic Net Income was $104.3 million for the third quarter of 2010 compared to $81.5 million for the third quarter of 2009.

Compensation and Benefits were $105.5 million, up from $79.8 million for the third quarter of 2009. The increase from the third quarter of 2009 was principally driven by an increase in Performance Fee Related Compensation. Other Operating Expenses of $22.1 million were up from $18.1 million for the third quarter of 2009, reflecting an increase in professional fees and technology costs primarily in the credit platform businesses related to the launching of new products.

Fee-Earning Assets Under Management grew 17% for the third quarter of 2010 to $55.6 billion from $47.4 billion for the third quarter of 2009. The increase from 2009 was principally due to net inflows and market appreciation in the funds of hedge funds and the April 1, 2010 acquisition of $3.5 billion in collateralized debt obligations and CLO vehicles.

Limited Partner Capital Invested in certain carry credit-oriented funds during the third quarter of 2010 totaled $692.3 million, representing 11.6% of total commitments in these funds, up from $87.3 million for the third quarter of 2009.

Financial Advisory

Revenues were $87.7 million for the third quarter of 2010, down from $97.3 million for the third quarter of 2009. The decrease in segment revenue was primarily driven by a decrease in fees from the financial and strategic advisory business, which had several significant transactions which closed in the third quarter of 2009, and a decrease in retainer fees from the restructuring and reorganization business. These decreases were partially offset by a sharp increase in fees in the fund placement business. Revenues were $300.8 million for the nine months ended September 30, 2010, an increase from $271.9 million in the same period of 2009. The increase in segment revenues was primarily driven by an increase of $66.3 million in fees earned by Blackstone’s fund placement business, partially offset by decreases from Blackstone’s financial and strategic advisory and restructuring and reorganization businesses.

The fund placement business has seen an increase in fees to more normalized levels as the economic conditions which had negatively impacted institutional allocations to alternative investment funds abated. The pipeline for the restructuring and reorganization business remains solid across a diverse group of industries and geographies. The pipeline for the financial and strategic advisory business continues to be strong and includes a significant international component.

Net Fee Related Earnings from Operations were $6.3 million for the third quarter of 2010, a decrease from $16.4 million for the third quarter of 2009. The primary catalyst for the decrease from 2009 was a decrease in fees generated by the financial and strategic advisory business, which had several large mandates which closed during the third quarter of 2009, and a decrease in retainer fees from the restructuring and reorganization business. Economic Net Income was $3.9 million for the third quarter of 2010 compared to $17.0 million for the third quarter of 2009.

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Compensation and Benefits were $66.5 million, up from $57.7 million for the third quarter of 2009. The increase from the third quarter of 2009 was principally driven by an increase in Base Compensation. Other Operating Expenses of $17.3 million were down from $22.7 million for the third quarter of 2009 principally due to a reduction in bad debt expenses.

CAPITAL AND LIQUIDITY

For Economic Net Income purposes, the weighted-average fully diluted adjusted unit count for the three and nine month periods ended September 30, 2010 was 1,121.3 million units and 1,124.3 million units, respectively. The weighted-average fully diluted adjusted unit count for the three and nine months periods ended September 30, 2009 was 1,119.8 million units and 1,125.2 million units, respectively.

The total number of units used in calculating cash distributions and Distributable Earnings per Adjusted Unit was 1,097.7 million units for the nine month period ended September 30, 2010 and 1,092.0 million units for the nine month period ended September 30, 2009.

On September 15, 2010, Blackstone issued $400 million of 5.875% notes due in 2021. Standard & Poor’s and Fitch reiterated Blackstone’s ratings of A and A+, respectively, with a stable outlook after the new issuance.

As of September 30, 2010, Blackstone had $1.0 billion in cash, $927.7 million invested in Blackstone’s Treasury cash management strategies, $283.1 million invested in liquid Blackstone funds and $1.4 billion invested in illiquid Blackstone funds. Long-term debt totaled just under $1.0 billion in borrowings from the 2010 and 2009 bond issuances. Blackstone has no borrowings outstanding against its $1.07 billion revolving credit facility.

DISTRIBUTION

The Blackstone Group L.P. has declared a quarterly distribution of $0.10 per common unit to record holders of common units at the close of business on November 15, 2010. This distribution will be paid on November 30, 2010.

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 may 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.

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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 October 28, 2010 at 11:00 a.m. ET to discuss third quarter 2010 results. The conference call can be accessed by dialing (877) 391-6737 (U.S. domestic) or +1 (617) 597-9373 (international) pass code 12859509. 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 12859509, beginning approximately two hours after the event.

Investor Relations Contacts:

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 and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.

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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. 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 allocations and investment income, except for interest income. The reconciliation of Economic Net Income to Net Fee Related Earnings from Operations is presented in Exhibit 2b to this release.

continued...

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THE BLACKSTONE GROUP L.P.

Exhibit 2a. Economic Net Income and Net Fee Related Earnings from Operations - Continued

(Dollars in Thousands)