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January 16, 2018

iLEVEL Releases Private Capital Data Platform 7.0

NEW YORK–(BUSINESS WIRE)–

iLEVEL, the leading portfolio monitoring, analytics and transparency platform for the global private capital markets, announces today the release of iLEVEL 7.0.

This latest release to the iLEVEL cloud-based, SaaS platform includes significantly improved design and usability, along with dramatic functionality enhancements across all asset classes and firm types. Together, these improvements make iLEVEL 7.0 the premier solution for any private capital firm or investor wanting to control their data, and realize the results.

“We’ve been blown away by the positive reaction of our clients to iLEVEL 7.0. It represents a quantum leap forward in user experience, flexibility and functionality, and dramatically extends and enhances our ability to add value throughout the private capital ecosystem,” said Kevin Black, CEO of iLEVEL. “For investment firms and their limited partners – across all private asset classes – nothing else comes close.”

New and enhanced features include:

  • Portal and iPad app redesign. A new navigation and analytics system enables users to easily access portfolio-level, asset-level, and fund-level reports, as well as company- or industry-specific KPIs and analytics.
  • Enhanced data visualization. New display options for data presentations enable users to choose from document lists, Google Maps™, and waterfall charts. Presentations can be printed or saved as images and used to enrich reports.
  • Data validation tools. New business rules and exception reports minimize the risk of invalid data entering the system even further, and facilitate the data approval process (e.g., restatement notifications, etc.).
  • Integrated Document Library. Data cited within a specific report or presentation can now be tied directly to the source document in the iLEVEL Document Library or displayed directly on the portal.

“iLEVEL has continued to evolve the platform over the years, and the newly redesigned portal continues to push the envelope of what’s possible,” said Bill Murphy, Senior Managing Director and Chief Technology Officer at The Blackstone Group. “The latest enhancements will enable us to identify and report on trends with even greater visual flexibility and detail.”

The number of firms on iLEVEL has doubled in the past year and includes alternative investment firms of varying sizes that employ a wide range of investment strategies including Private Equity, Real Estate, Credit and Venture Capital. GP clients use iLEVEL to track over 11,500 assets while leading LPs track over 62,000 assets across more than 7,000 fund investments. In aggregate, iLEVEL users track over 1 billion data points across their investment portfolios.

About iLEVEL

iLEVEL is the leading portfolio monitoring, analytics and transparency platform for the global private capital markets. iLEVEL’s SaaS, cloud-based platform empowers fund managers and investors to harness their data and gain insights and transparency never before possible in private markets. Investors in iLEVEL include Blackstone (BX), The Carlyle Group (CG), Duff & Phelps, Hamilton Lane, Swift River Investments, and Egis Capital Partners. For more information, visit www.ilevelsolutions.com.

Contact:
iLEVEL

Lauren Weiner, +1-646-747-9817

Director of Marketing


lweiner@ilevelsolutions.com

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iLEVEL Releases Private Capital Data Platform 7.0

Blackstone’s Mulrow Becomes Cuomo’s Top New York Aide

New York Governor Andrew Cuomo appointed as
his top aide William Mulrow, a senior managing director at
Blackstone Group LP, the world’s largest alternative asset
manager.

The move comes as Cuomo, a 57-year-old Democrat, embarks on
his second term. It was part of a wider staff shuffle that
included the appointment of Cuomo’s budget director, Robert Megna, as the new director of the New York State Thruway
Authority, operator of the largest U.S. toll road.

“New ideas and talent are critical to innovation and
success,” Cuomo said in a statement e-mailed today that
announced the changes. “This team will build on the
extraordinary progress made over the last four years by bringing
experience, energy and fresh perspectives to the table.”

Mulrow, who was Cuomo’s appointee as the chairman of the
New York State Housing Finance Agency, replaces Larry Schwartz,
who is leaving for the private sector. Cuomo’s closest adviser
through his first term, Schwartz has been questioned by the U.S.
Attorney’s Office in Manhattan over the administration’s
meddling with an anti-corruption panel the governor created in
2013 to probe the legislature.

Still, turnover at the beginning of a new term is typical
of any administration, and Mulrow brings with him decades of
political and government work. He was a senior adviser to the
1990 re-election campaign of three-term Governor Mario Cuomo,
Andrew’s father who died Jan. 1, and was director of the United
Nations Development Corporation, among other posts, according to
Cuomo’s statement. He’ll leave Blackstone, where he was a senior
managing director of the investor relations and business
development group.

Tappan Zee

At the Thruway Authority, Megna will replace Tom Madison,
who resigned last month. The agency is building a $4 billion
replacement for the Tappan Zee Bridge across the Hudson River,
among the nation’s largest infrastructure projects.

As part of building the span, the authority’s debt load may
swell to more than $7 billion, from about $3.7 billion in 2013,
by the time the job is finished in 2018. The agency hasn’t
provided a specific plan to pay for it, according to budget
documents.

Last month, the agency approved a $1.7 billion budget with
a deficit of about $25 million and no plan to close it. The gap
is projected to grow to $300 million in 2018, budget documents
show.

To contact the reporter on this story:
Freeman Klopott in Albany at
fklopott@bloomberg.net

To contact the editors responsible for this story:
Stephen Merelman at
smerelman@bloomberg.net
Joshua Gallu, Bernard Kohn

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Blackstone’s Mulrow Becomes Cuomo’s Top New York Aide

Blackstone Suffers Court Setback in Irish Real Estate Drama

At 11:15 a.m. on July 29, Irish
property developer Michael O’Flynn realized that Blackstone
Group LP (BX)
was trying to gain control of his real estate empire,
which includes the country’s tallest residential tower.

Ten weeks earlier, the private equity firm had bought 1.8
billion euros ($2.4 billion) of loans to O’Flynn’s companies and
the developer personally. Coming out of a meeting, he learned
Blackstone was demanding the immediate repayment of 16 million
euros of personal loans secured on his shareholdings — even
though he wasn’t in default. By the end of the day he had lost
control of the business he’d spent more than 30 years building.

“I was shocked that they’d made this demand,” O’Flynn,
57, said in an interview. “It took time to understand the
gravity of it because I’ve never been served with a demand in my
36 years of business. I was very recently transferred to
Blackstone and I was doing my damnedest to work with them.”

O’Flynn was out, but not for long. Last week, an Irish
judge restored him to the top of his company, saying Blackstone
hadn’t acted in the “utmost good faith” or given the developer
enough time to repay the money.

The judgment is a setback for Blackstone, manager of the
largest fund dedicated to buying real estate in Europe, as it
tries to buy up distressed real estate assets in Ireland with
the economy starting to rebound from its property crash of 2008.

Judge Mary Irvine ruled Aug. 13 that Blackstone failed to
disclose relevant information when it sought to have officials
appointed by a court to oversee O’Flynn’s companies in July.
That “breached the obligation of utmost good faith,” she said.

‘Appropriate’ Actions

After the court defeat, Carbon Finance, the Blackstone-owned company that bought O’Flynn’s loans for more than 1
billion euros, said in a statement its actions were
“appropriate and necessary.” The company declined to comment
beyond the statement while officials at Blackstone in London
declined to comment.

The ruling may only be a temporary reprieve for O’Flynn
until a full hearing over Blackstone’s efforts to gain control
of the company in October. Irvine said while Blackstone may have
the “better side of the argument” in its view that it was
enforcing an accord O’Flynn had entered with “open eyes,” the
company’s approach had raised enough questions to warrant a full
airing of the case.

The case is part of the legacy of Ireland’s economic
collapse, which stemmed from a real estate bubble that burst in
2008. Property developers had borrowed billions of euros from
the nation’s banks as they sought to cash in on the boom. After
the collapse, home prices halved, the government took over the
domestic banking system, and the state needed a three-year
international bailout in 2010.

Elysian, Cork

O’Flynn’s story begins in Cork, a city of about 120,000
people in the south of Ireland. From there, O’Flynn forged his
real estate business, culminating in the construction of the
Elysian in Cork at the height of the nation’s property bubble.

Close to the River Lee, the 17-story tower contained 211
apartments, selling for as much as much as 1.8 million euros
each. Trouble was, construction finished just as Ireland’s
property market crashed, in 2008.

Two years later, O’Flynn’s loans were transferred to the
country’s bad bank, the National Asset Management Agency, set up
to purge the financial system of commercial real estate loans.

Enter Blackstone. In May, it agreed to buy the O’Flynn
loans through Carbon Finance.

Burlington Hotel

Spearheaded by Blackstone, overseas investors have poured
into Ireland since the crash, picking up real estate and loans
to developers at a fraction of their face value. Blackstone owns
the Burlington Hotel, a landmark, 501-bedroom hotel in the south
of Dublin, and this year bought three office buildings in the
capital from NAMA. Prime Dublin office rents rose 15 percent in
the second quarter from the previous three months, according to
CBRE Group Inc., a real estate services adviser.

Last month, Blackstone delivered a letter to O’Flynn’s home
in the Cork village of Ovens, alerting him to the demand for
payment of personal loans, according to Irvine’s ruling.

In court filings on July 29, Blackstone said that it wanted
to seize shares in O’Flynn’s parent company he had pledged as
security for personal loans if he wasn’t in a position to meet
their demands. The loans were payable on demand, Blackstone said
in the filings. As O’Flynn was unable to repay the loans
forthwith, Blackstone was able to topple him, and by 1:05 p.m.
that day, court-appointed officials had removed O’Flynn as a
director of the wider group.

August Hearing

O’Flynn would still be out of a job if not for Irvine’s
ruling. The judge returned to Dublin’s court complex, which was
otherwise deserted during the August summer break, to deliver
her decision.

The press and public galleries, including Bill Cullen, who
hosted “The Apprentice” television show in Ireland as the
nation’s version of Donald Trump, were full. In 2008,
contestants on the show were invited to create a 45-second
commercial for the Elysian, with the winner chosen by O’Flynn.

O’Flynn visibly relaxed during Irvine’s hour-long reading
of the judgment as it became clear that he had defeated
Blackstone.

Irvine concluded that Blackstone’s demand for instant
repayment was designed to gain control of the entire company,
because the loans were linked.

“When it issued the demand letters, it was not setting out
to recover the money,” she said. “The last thing it wanted was
payment because that would have scuttled its plans.”

Year-end Payment

In its statement, Blackstone signaled it’s not giving up.
At the end of the year, 235 million euros are scheduled to be
repaid to Carbon Finance, which maintained his companies are
insolvent.

The company “will continue to safeguard its position as a
significant creditor of the O’Flynn Group and to do everything
to protect the assets of the group and its creditors,” Carbon
Finance said in its statement.

O’Flynn, for his part, simply says he’s ready to move on.

“We’re all big boys and we just want to move on with doing
what we do best,” O’Flynn said. “That’s making a return.”

To contact the reporters on this story:
Dara Doyle in Dublin at
ddoyle1@bloomberg.net;
Donal Griffin in Dublin at
dgriffin10@bloomberg.net

To contact the editors responsible for this story:
Heather Harris at
hharris5@bloomberg.net
Edward Evans, Simone Meier

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Blackstone Suffers Court Setback in Irish Real Estate Drama