Blackstone Group LP was formed as a Delaware limited partnership on March 12, 2007. The Company is an alternative asset manager and a provider of financial advisory services. It is managed and operated by its general partner, Blackstone Group Management L.L.C. Its alternative asset management businesses include the management of private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and multi-asset class exposures falling outside of other funds' mandates. The Company also provides financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Its five business segments are Private Equity, Real Estate, Hedge Fund Solutions, Credit and Financial Advisory. The Private Equity segment is engaged in investing, having managed six general private equity funds, as well as two sector focused funds. The Company refers these managed corporate private equity funds collectively as Blackstone Capital Partners (BCP) funds. It also manages the Blackstone Tactical Opportunities Accounts (Tactical Opportunities), which are multi-asset class investment accounts, and Strategic Partners Fund Solutions (Strategic Partners), a secondary private fund of funds business acquired on August 5, 2013. Through its private equity funds it pursue transactions internationally, including leveraged buyout acquisitions of seasoned companies, transactions involving growth equity or start-up businesses in established industries, minority investments, corporate partnerships, distressed debt, structured securities and industry consolidations, in all cases in strictly friendly transactions. The real estate segment is engaged in real estate investing. The Company has managed seven opportunistic real estate funds, four European focused opportunistic real estate funds, an Asian focused opportunistic real estate fund, a number of real estate debt investment funds, collateralized debt obligation (CDO) vehicles, a publicly traded REIT (BXMT) and an acquired Asian real estate platform. The real estate opportunity funds are diversified geographically and have made investments in lodging, urban office buildings, shopping centers, residential and a variety of real estate operating companies. Its debt investment funds target high yield real estate debt related investment opportunities in the public and private markets, in the United States and Europe. The Company refers its real estate opportunistic funds as Blackstone Real Estate Partners (BREP) funds and its real estate debt investment funds as Blackstone Real Estate Debt Strategies (BREDS) funds. The Hedge Fund Solutions segment operates though Blackstone's Hedge Fund Solutions segment which comprises of Blackstone Alternative Asset Management (BAAM). The Company has developed into an institutional solutions provider utilizing hedge funds across various strategies. The Credit segment is comprises of GSO Capital Partners LP (GSO), which manages credit-focused products within private debt and public market strategies. GSO's products include senior credit-focused funds, distressed debt funds, mezzanine funds, general credit-focused funds, registered investment companies, separately managed accounts and collateralized loan obligation (CLO) vehicles. Financial Advisory segment serves a diverse group of clients with financial and strategic advisory services, restructuring and reorganization advisory services, capital markets services and fund placement services for alternative investment funds. The Company's businesses are subject to regulation in the United States and elsewhere.