Blackstone Sees a Thaw

However, there are signs that things are beginning to thaw, as seen with the strong performance in debt and equities markets. In fact, other alternative asset managers -- such as KKR -- have also posted encouraging results.

Although, still expect uneven performance, especially in the US and Europe. For example, Blackstone experienced recent trouble with its attempted IPOs like Travelport, Merlin Entertainments and Graham Packaging (GRM). At the same time, the firm had to restructure the massive debt on its Hilton holding.

In other words, it looks like it will take some time to get returns for investors.

Despite all this, the overall Blackstone portfolio looks healthy. For the past year, roughly two-thirds of the companies posted EBITDA growth and 40% increases in revenues.

In fact, Blackstone is also seeing stabilization in the commercial real estate market, as vacancy rates have improve. And the firm is already capitalizing on the opportunities, such as with its recent deal for a 50% stake in Broadgate (the largest office complex in London's financial district). There's even buzz that Blackstone will also join Simon Property's (SPG) $10 billion bid for General Growth.

Finally, Blackstone is sitting on a whopping $28 billion in fresh capital. So as the markets continue to improve, Blackstone is likely to get more aggressive with its dealmaking.

Tom Taulli advises on business tax preparation and is also the author of a variety of books, including The Complete M&A Handbook. His website is at Taulli.com.