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Blackstone and Fortress gaining ground in the market
The positive third-quarter earnings for Blackstone Group and Fortress Investment Group are proof that things are improving for private equity and hedge funds. Blackstone's CEO said the firm hoped to have several IPOs in its PE business in the next few months that would return about $3 billion to its investors, and Fortress hopes to recover some previous losses and resume collecting incentive fees. The Wall Street Journal (11/7)