Last week, Blackstone Group reported a fourth-quarter loss of nearly $830 million and said it wrote down the value of its private equity portfolio by 20 percent for the quarter. It promptly sent a letter to limited partners detailing some of the losses in five specific private equity funds. In aggregate, the funds were written down 31 percent for the year, Reuters reports. 

Among the big losers, Blackstone V was written down 35 percent, the article said. The portfolio includes Nielsen Co., Michaels Stores, Biomet, Freescale Semiconductor, Hilton Hotels and Center Parcs. On the other hand, the value of the Blackstone II, the oldest of the five funds, was written up 2 percent.  

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