Exhibit 99.1

The Blackstone Group Reports First Quarter 2011 Results

Economic Net Income increased to $568 million for the first quarter of 2011, up 58% from $360 million for the first quarter of 2010.

Distributable Earnings increased to $197 million for the first quarter of 2011, up 32% from $149 million in the first quarter of 2010.

GAAP Results Attributable to The Blackstone Group L.P. was net income of $43 million in the first quarter of 2011, compared to a net loss of $121 million in the first quarter of 2010, in each case including net IPO and acquisition-related accounting charges.

Fee-Earning Assets Under Management increased 26% to $124.0 billion at March 31, 2011, from $98.1 billion at March 31, 2010, while Total Assets Under Management increased 43% to $150 billion at March 31, 2011.

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

New York, April 21, 2011: The Blackstone Group L.P. (NYSE: BX) today reported its first quarter 2011 results.

Economic Net Income (“ENI”) was $568.1 million for the first quarter of 2011, an increase of $207.7 million compared to ENI for the first quarter of 2010. The increase in ENI was driven principally by strong investment performance across Blackstone’s investment segments, which produced $726.9 million in Performance Fees and Investment Income, more than twice the $343.0 million in the first quarter of 2010.

Blackstone’s Fee-Earning Assets Under Management and Total Assets Under Management continued to demonstrate consistently strong growth, rising to a record $124.0 billion and $150.0 billion, respectively, driven both by net inflows and investment appreciation. Blackstone funds had $31.8 billion of committed but uninvested capital, or “dry powder”, at the end of the first quarter of 2011, a record level.

For the first quarter of 2011, Total Segment Revenues were $1.2 billion, up 64% from the first quarter of 2010. The increase was driven by higher Performance Fees across all the investment segments and an increase in Total Management Fees to $425.7 million, up 17% from $362.6 million in the prior year’s first quarter.

Total Segment Expenses were $509.9 million for the first quarter of 2011, an increase from $326.0 million for the first quarter of 2010, driven largely by increased accruals for Performance Fee Compensation of $177.1 million for the first quarter of 2011. Compensation, excluding Performance Fee Compensation, was up 21% to $229.9 million. Blackstone’s non-compensation expenses were up 41% from the first quarter of 2010 driven mostly by fund-raising and financing activities.

Net Fee Related Earnings from Operations were $93.2 million for the first quarter of 2011, down slightly from $98.7 million for the first quarter of 2010 reflecting increased fund-raising and financing expenses.

GAAP results for the first quarter of 2011 included Revenues of $1.2 billion, compared to $701.2 million for the first quarter of 2010, and Net Income Attributable to The Blackstone Group L.P. of $42.7 million, compared to a net loss of $121.4 million for the first quarter of 2010.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported our strongest quarterly earnings since becoming a public company four years ago, as the values of all of our funds continued to increase. In real estate, operating fundamentals continue to improve and two of our global funds moved above their preferred return hurdle and started accruing performance fees. Our unique mix of businesses, each of which is a leader in its own right, gives us a distinct competitive advantage in identifying opportunities for value creation and attracting new capital. Every one of our investing businesses grew sharply year over year, and Blackstone ended the first quarter with record total assets under management of $150 billion, up from $105 billion this time last year.”

The table below details Blackstone’s ENI, Net Fee Related Earnings from Operations, Distributable Earnings and Fee-Earning Assets Under Management as of, and for, the first quarters of 2011 and 2010. ENI, Total Segments includes unrealized gains (losses) and the direct compensation impact related to those gains (losses), but excludes IPO and acquisition-related accounting charges.

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SEGMENT REVIEW

Private Equity

Private Equity had revenues of $273.7 million for the first quarter of 2011 compared to $276.8 million in 2010. Increases in Performance Fees and Management Fees of 25% and 10%, respectively, were offset by a decline in Investment Income of $37.2 million.

Private Equity had Realized Performance Fees of $82.4 million resulting from realizations in BCP IV and Realized Investment Income of $17.9 million resulting from realizations in both its BCP IV and BCP V funds.

The appreciation of the underlying assets for Blackstone’s contributed Private Equity funds was 4.9% for the first quarter of 2011. BCP’s privately held portfolio companies continued to perform well on a revenue and EBITDA basis while its publicly held investments benefited from an increase in public stock markets, as well as public offerings of Nielsen and Bank United. As of March 31, 2011, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of Blackstone’s contributed Private Equity funds represented 1.5 times investors’ original investments.

Economic Net Income was $175.5 million for the first quarter of 2011, down from $193.2 million for the first quarter of 2010, a result of lower Investment Income and increased operating expenses.

BCP V closed its investment period on January 7, 2011, thereby commencing the investment period for BCP VI, which is now included in Fee-Earning Assets Under Management. Fee-Earning Assets Under Management were $35.9 billion compared to $25.2 billion in the first quarter of 2010 principally due to the start of BCP VI’s investment period.

Dry powder for Private Equity, which is inclusive of amounts related to BCP VI, was $16.9 billion as of March 31, 2011. Limited Partner Capital Invested during the first quarter of 2011 totaled $652.9 million, an increase from $387.9 million invested during the first quarter of 2010. Blackstone’s Private Equity segment’s funds had $1.7 billion of Limited Partner Capital committed to transactions which had not yet closed as of March 31, 2011.

Real Estate

Real Estate had revenues of $555.6 million for the first quarter of 2011, compared with revenues of $152.2 million for the first quarter of 2010. Improved operating performance, primarily across the hospitality and office segments, led to an increase in the real estate investments’ carrying values, which drove an increase in Performance Fees.

As of March 31, 2011, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of the Real Estate segment’s contributed carry funds represented 1.4 times investors’ original investment.

The appreciation of the underlying assets for Blackstone’s contributed Real Estate carry funds was 8.7% for the first quarter of 2011, and for the Real Estate debt hedge funds was 4.5% for the first quarter of 2011.

ENI for the Real Estate segment was $361.0 million for the first quarter of 2011 compared to $89.3 million for the first quarter of 2010, driven principally by the increase in Performance Fees noted above.

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Fee-Earning Assets Under Management were $26.5 billion compared to $23.8 billion for the first quarter of 2010. Fee-Earning Assets Under Management increased principally due to the commencement of Blackstone’s management of the Merrill Lynch Asia assets which added $2.1 billion in Fee-Earning Assets Under Management in the fourth quarter of 2010.

Dry powder for Real Estate was $8.6 billion as of March 31, 2011. Limited Partner Capital Invested during the first quarter of 2011 was $654.4 million, up from $424.9 million during the first quarter of 2010. Blackstone’s Real Estate segment’s funds had $2.4 billion of Limited Partner Capital committed to transactions which had not yet closed as of March 31, 2011. This active investment pace has resulted in the segment’s BREP VI fund reaching approximately 82% invested or committed capital as of the end of the first quarter of 2011. Accordingly, Blackstone has commenced fund-raising for its next major real estate fund.

Hedge Fund Solutions

Hedge Fund Solutions had revenues of $105.4 million for the first quarter of 2011, compared with revenues of $89.2 million for the first quarter of 2010. The increase from the first quarter of 2010 was principally due to an increase in Total Management Fees of 18% to $76.2 million for the first quarter of 2011.

The appreciation of the underlying assets for Blackstone’s Hedge Fund Solutions’ funds was 2% for the first quarter of 2011.

ENI for the Hedge Funds Solutions segment was up 10% to $58.1 million for the first quarter of 2011 compared to $52.6 million for the first quarter of 2010 as higher Fee-Earning Assets Under Management drove increases in Management and Performance Fees.

Fee-Earning Assets Under Management for the segment grew 24% to $35.8 billion from $28.9 billion at the end of the first quarter of 2010. The increase from the prior year period was principally due to net inflows and market appreciation across the segment. Net inflows for Blackstone’s Hedge Fund Solutions business came primarily from its commingled and customized investment products, hedge fund manager seeding platform and long only solutions business.

As of March 31, 2011, 74% of the Fee-Earnings Assets Under Management in Blackstone’s Hedge Fund Solutions products which were eligible to earn performance fees were above their respective high water marks.

Credit Businesses

Credit Businesses had revenues of $156.7 million for the first quarter of 2011, compared with revenues of $115.4 million for the first quarter of 2010. The increase from the first quarter of 2010 was due to an increase in Performance Fees of 47% to $95.0 million for the first quarter of 2011, resulting from strong fund performance across the segment, and an increase in Total Management Fees of 40% to $55.3 million.

The appreciation of the underlying assets for Blackstone’s credit-oriented business was 8.1% for the flagship hedge funds, 9.0% for the mezzanine funds and 9.4% for the rescue lending funds for the first quarter of 2011.

ENI for the Credit Businesses segment was up 45% to $60.5 million for the first quarter of 2011 compared to $41.8 million for the first quarter of 2010 as higher Fee-Earning Assets Under Management and favorable market conditions drove increases in Management and Performance Fees.

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Fee-Earning Assets Under Management for the segment increased 28% to $25.8 billion from $20.2 billion for the first quarter of 2010. The long only platform had particularly strong year over year growth in Fee-Earning Assets Under Management, increasing to $19.3 billion, up $5.1 billion, or 36%, from the first quarter of last year as the segment continued to launch new products and strategies. Additionally, Blackstone announced the acquisition of Allied Irish Banks’ CLO platform, which will add $2.1 billion of Fee-Earning Assets Under Management when that acquisition closes sometime in the second quarter.

As of March 31, 2011, 99% of the Fee-Earning Assets Under Management in Blackstone’s credit-oriented hedge funds which were eligible to earn performance fees were above their respective high water marks compared to 88% as of March 31, 2010.

Dry powder of drawdown funds for the Credit Businesses segment was $4.1 billion as of March 31, 2011.

Financial Advisory

Revenues were $72.8 million for the first quarter of 2011, a modest decrease from $77.5 million for the first quarter of 2010. The decrease in segment revenues was primarily driven by decreases in Blackstone Advisory Partners’ business as several transactions closed in late 2010 instead of 2011 and a decrease in the restructuring and reorganization business largely due to the improving economy as well as the continued strength of the credit markets. These decreases were largely offset by an increase in fees earned by Blackstone’s fund placement business as the institutional fund-raising environment improved compared to the first quarter of 2010.

ENI was a loss of $0.9 million for the first quarter of 2011 compared to income of $8.2 million for the first quarter of 2010.

CAPITAL AND LIQUIDITY

As of March 31, 2011, Blackstone had $455.8 million in cash, $976.1 million invested in Blackstone’s Treasury cash management strategies, $254.0 million invested in liquid Blackstone funds and $1.7 billion invested in illiquid Blackstone funds. Long-term debt totaled $1.0 billion in borrowings from the 2010 and 2009 bond issuances. Blackstone has no borrowings outstanding against its $1 billion revolving credit facility. On April 8, 2011, Blackstone and its lenders amended the revolving credit facility to extend its maturity from March 23, 2013 to April 8, 2016.

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 May 16, 2011. This distribution will be paid on May 31, 2011.

Blackstone’s general partner maintains the right to determine the amount to be distributed from The Blackstone Group L.P.’s net after-tax share of its annual Distributable Earnings. Distributable Earnings will only be a starting point for the determination of the amount to be distributed to unitholders because 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. The aggregate amounts of Blackstone’s distributions to unitholders will typically be less than its Distributable Earnings for that year.

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Although for calendar 2010 Blackstone distributed substantially all of its net after-tax annual Distributable Earnings. Blackstone’s current intention is now to distribute to its common unitholders substantially all of The Blackstone Group L.P.’s net after-tax share of annual Distributable Earnings less the amount of its realized investment gains. This determination was made based on the continued pace of organic and inorganic growth and the potential for further strategic initiatives and the retained amount will be used for those purposes. The retained cash will be deducted from the fourth quarter distribution which is made in the first quarter of the ensuing calendar year. Distributions for the first three quarters will remain unchanged at $0.10 per unit. All distributions are subject to Blackstone’s discretion to retain additional amounts from the amount of annual Distributable Earnings to be distributed as described above.

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 are expected to be smaller than the final quarterly distribution in respect of such year. For the fourth quarter of 2011 Blackstone expects to pay the remaining amount of the year’s Distributable Earnings less realized investment gains.

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 2011 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 April 21, 2011 at 11:00 a.m. ET to discuss first quarter 2011 results. The conference call can be accessed by dialing (877) 391-6747 (U.S. domestic) or +1 (617) 597-9291 (international) pass code 14994355. 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 77830492, beginning approximately two hours after the event.

Blackstone expects to host conference calls to report its 2011 results as follows: second quarter results, July 21, 2011; third quarter results, October 20, 2011 and fourth quarter and full year results, February 2, 2012.

Investor Relations Contacts:

Joan Solotar

The Blackstone Group

Tel: +1 (212) 583-5068

solotar@blackstone.com

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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, hedge fund solutions, 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.

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, 2010, 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 filings. 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 1. 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 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)

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)