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<!--Created on: 5/5/2012 1:03:07 PM-->
<!--Modified on: 5/5/2012 1:03:07 PM-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromAffiliates_lbl" xml:lang="en-US">Due from Affiliates ($62,227)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DueFromAffiliates_lbl" xml:lang="en-US">Due from Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DueFromAffiliates_lbl" xml:lang="en-US">Due from Affiliates, total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DueFromAffiliates_lbl" xml:lang="en-US">Due from Affiliates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Intangible Assets Net Excluding Goodwill</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Finite-Lived Intangible Assets, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Intangible Assets, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill, Beginning Balance</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill allocated to each of the Partnership's segments</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets ($19,925)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US">Deferred Tax Assets, Net, Total</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Partners' Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansPayable" xlink:label="us-gaap_LoansPayable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayable" xlink:to="us-gaap_LoansPayable_lbl" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansPayable_lbl" xml:lang="en-US">Loans Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LoansPayable_lbl" xml:lang="en-US">Loans Payable</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Due To Related Parties Current And Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Due to Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Due to Affiliates, total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Due to Affiliates ($307,279)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Employee Related Liabilities Current And Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued Compensation and Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Employee-related Liabilities, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased" xlink:label="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased" xlink:to="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased_lbl" xml:lang="en-US">SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased_lbl" xml:lang="en-US">Securities Sold, Not Yet Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased_lbl" xml:lang="en-US">Securities Sold, Not Yet Purchased</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US">Securities Sold under Agreements to Repurchase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US">Repurchase Agreements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable, Accrued Expenses and Other Liabilities ($388,606)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable, Accrued Expenses and Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable, Accrued Expenses and Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable, Accrued Expenses and Other Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies 2009</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityFairValue" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemableNoncontrollingInterestEquityFairValue" xlink:to="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xml:lang="en-US">Temporary Equity Redemption Value Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xml:lang="en-US">Redeemable Non-Controlling Interests in Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityFairValue_lbl" xml:lang="en-US">Redeemable Noncontrolling Interest, Equity, Fair Value, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PartnersCapitalAbstract" xlink:label="us-gaap_PartnersCapitalAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAbstract" xlink:to="us-gaap_PartnersCapitalAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapitalAbstract_lbl" xml:lang="en-US">Partners' Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PartnersCapitalAbstract_lbl" xml:lang="en-US">Partners' Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LimitedPartnersCapitalAccount" xlink:label="us-gaap_LimitedPartnersCapitalAccount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LimitedPartnersCapitalAccount" xlink:to="us-gaap_LimitedPartnersCapitalAccount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xml:lang="en-US">Limited Partners' Capital Account</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xml:lang="en-US">Partners' Capital (common units: 416,092,022 issued and outstanding as of December 31, 2010; 319,939,772 issued and outstanding as of December 31, 2009)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xml:lang="en-US">Limited Partners' Capital Account, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LimitedPartnersCapitalAccount_lbl" xml:lang="en-US">Partners' Capital (common units: 504,801,275 issued and outstanding as of March 31, 2012; 489,430,907 issued and outstanding as of December 31, 2011)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAppropriated" xlink:label="us-gaap_RetainedEarningsAppropriated" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAppropriated" xlink:to="us-gaap_RetainedEarningsAppropriated_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAppropriated_lbl" xml:lang="en-US">Retained Earnings, Appropriated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAppropriated_lbl" xml:lang="en-US">Appropriated Partners' Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NonControllingInterestsInConsolidatedEntities" xlink:label="bx_NonControllingInterestsInConsolidatedEntities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NonControllingInterestsInConsolidatedEntities" xlink:to="bx_NonControllingInterestsInConsolidatedEntities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NonControllingInterestsInConsolidatedEntities_lbl" xml:lang="en-US">Non-Controlling Interests In Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NonControllingInterestsInConsolidatedEntities_lbl" xml:lang="en-US">Non-Controlling Interests in Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NonControllingInterestInPartnerships" xlink:label="bx_NonControllingInterestInPartnerships" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NonControllingInterestInPartnerships" xlink:to="bx_NonControllingInterestInPartnerships_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NonControllingInterestInPartnerships_lbl" xml:lang="en-US">Non-Controlling Interests in Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NonControllingInterestInPartnerships_lbl" xml:lang="en-US">Non Controlling Interest In Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NonControllingInterestInPartnerships_lbl" xml:lang="en-US">Non-Controlling Interests in Blackstone Holdings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PartnersCapital" xlink:label="us-gaap_PartnersCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapital" xlink:to="us-gaap_PartnersCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapital_lbl" xml:lang="en-US">Total Partners' Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_PartnersCapital_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_PartnersCapital_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PartnersCapital_lbl" xml:lang="en-US">Total Partners' Capital</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Partners' Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Partners' Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US">Entity [Domain]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total expenses</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total Expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_OtherNonoperatingIncomeExpenseAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds_lbl" xml:lang="en-US">Net Gains Losses From Fund Investment Activities Consolidated Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds_lbl" xml:lang="en-US">Net Gains (Losses) from Fund Investment Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds_lbl" xml:lang="en-US">Other Income - Net Gains (Losses) from Fund Investment Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_NetGainsLossesFromFundInvestmentActivitiesConsolidatedFunds_lbl" xml:lang="en-US">Other income - net gains from Fund investment activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income (Loss) Before Provision (Benefit) for Taxes</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net Income</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetIncomeLossAttributableToNonControllingInterestsInPartnerships" xlink:label="bx_NetIncomeLossAttributableToNonControllingInterestsInPartnerships" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_NetIncomeLossAttributableToNonControllingInterestsInPartnerships_lbl" xml:lang="en-US">Net Income Attributable to Non-Controlling Interests in Blackstone Holdings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetIncomeLossAttributableToNonControllingInterestsInPartnerships_lbl" xml:lang="en-US">Net Income Attributable to Non-Controlling Interests in Blackstone Holdings</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships_lbl" xml:lang="en-US">Net Income Attributable to The Blackstone Group L.P.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships_lbl" xml:lang="en-US">Net Income Attributable to The Blackstone Group L.P.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships_lbl" xml:lang="en-US">Net Income Loss Attributable to The Blackstone Group L.P.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships_lbl" xml:lang="en-US">Net Income (Loss) Attributable to The Blackstone Group L.P.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships_lbl" xml:lang="en-US">Net Loss Allocable to Common Unitholders</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Earnings Per Share, Basic, Total</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of Intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of Intangible Assets, Total</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Cash Flows Due to Changes in Operating Assets and Liabilities:</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CashRelinquishedWithContinuingLiquidationOfPartnership_lbl" xml:lang="en-US">Cash relinquished with continuing liquidation of partnership.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CashRelinquishedWithContinuingLiquidationOfPartnership_lbl" xml:lang="en-US">Cash Relinquished With Continuing Liquidation Of Partnership</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_CashRelinquishedWithContinuingLiquidationOfPartnership_lbl" xml:lang="en-US">Cash Relinquished with Deconsolidation and Liquidation of Partnership</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TreasuryCashManagementStrategiesAbstract" xlink:to="bx_TreasuryCashManagementStrategiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TreasuryCashManagementStrategiesAbstract_lbl" xml:lang="en-US">Treasury Cash Management Strategies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TreasuryCashManagementStrategiesAbstract_lbl" xml:lang="en-US">Treasury Cash Management Strategies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TreasuryCashManagementStrategiesAbstract_lbl" xml:lang="en-US">Treasury Cash Management Strategies:</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_lbl" xml:lang="en-US">Short Term Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_lbl" xml:lang="en-US">Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_lbl" xml:lang="en-US">Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities_lbl" xml:lang="en-US">Increase (Decrease) in Financial Instruments Used in Operating Activities, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_lbl" xml:lang="en-US">Proceeds from Sale and Maturity of Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_lbl" xml:lang="en-US">Proceeds from Sale of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_lbl" xml:lang="en-US">Proceeds from Sale and Maturity of Other Investments, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale of Investments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundRelatedAbstract" xlink:label="bx_FundRelatedAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundRelatedAbstract" xlink:to="bx_FundRelatedAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundRelatedAbstract_lbl" xml:lang="en-US">Fund Related Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundRelatedAbstract_lbl" xml:lang="en-US">Fund Related Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_FundRelatedAbstract_lbl" xml:lang="en-US">Blackstone Funds Related:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="us-gaap_PaymentsToAcquireInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInvestments" xlink:to="us-gaap_PaymentsToAcquireInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Investments Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Payments to Acquire Investments, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale or Pay Down of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale of Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments_lbl" xml:lang="en-US">Cash Proceeds from Sale or Pay Down of Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by Operating Activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Investing Activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of Furniture, Equipment and Leasehold Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of Furniture, Equipment and Leasehold Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of Furniture, Equipment and Leasehold Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Net Cash Paid for Acquisition of Management Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Net Cash Paid for Acquisitions, Net of Cash Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Payments to Acquire Businesses, Net of Cash Acquired, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_lbl" xml:lang="en-US">Net Cash Paid for Acquisitions, Net of Cash Acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Changes in Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Changes in Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Increase (Decrease) in Restricted Cash, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Used in Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Used in Investing Activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing Activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xml:lang="en-US">Distributions to Non-Controlling Interest Holders in Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xml:lang="en-US">Distributions to Non-Controlling Interest Holders in Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="us-gaap_ProceedsFromMinorityShareholders" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xml:lang="en-US">Contributions from Non-Controlling Interest Holders in Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Purchase of Interests from Certain Non-Controlling Interest Holders</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits" xlink:label="bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits_lbl" xml:lang="en-US">Net Settlement of Vested Common Units and Repurchase of Common and Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits_lbl" xml:lang="en-US">Net Settlement Of Vested Common Units And Repurchase Of Common And Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits_lbl" xml:lang="en-US">Net Settlement of Vested Common Units and Repurchase of Common and Holdings Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetSettlementOfVestedCommonUnitsAndRepurchaseOfCommonAndPartnershipUnits_lbl" xml:lang="en-US">Net Settlement of Vested Common Units and Repurchase of Common and Partnership Units.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromLoans" xlink:label="us-gaap_ProceedsFromLoans" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLoans" xlink:to="us-gaap_ProceedsFromLoans_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLoans_lbl" xml:lang="en-US">Proceeds from loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromLoans_lbl" xml:lang="en-US">Proceeds from Loans Payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of Loans Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of Loans Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of Long-term Debt, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LimitedPartnersCapitalAccountDistributionAmount" xlink:label="us-gaap_LimitedPartnersCapitalAccountDistributionAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LimitedPartnersCapitalAccountDistributionAmount" xlink:to="us-gaap_LimitedPartnersCapitalAccountDistributionAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LimitedPartnersCapitalAccountDistributionAmount_lbl" xml:lang="en-US">Limited Partners Capital Account Distribution Amount</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_RelatedFundsAbstract" xlink:label="bx_RelatedFundsAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income Taxes Paid</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumedAbstract" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumedAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumedAbstract" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumedAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumedAbstract_lbl" xml:lang="en-US">Supplemental Disclosure of Non-Cash Operating Activities</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds" xlink:to="bx_NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds_lbl" xml:lang="en-US">Adjustments of Non-cash items to reconcile Net income (loss) to cash provided by (used in) operating activities for the Blackstone Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetActivitiesRelatedToCapitalTransactionsOfConsolidatedFunds_lbl" xml:lang="en-US">Net Activities Related To Capital Transactions Of Consolidated Funds</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetAssetsRelatedToConsolidationOfCloVehicles" xlink:label="bx_NetAssetsRelatedToConsolidationOfCloVehicles" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NetAssetsRelatedToConsolidationOfCloVehicles" xlink:to="bx_NetAssetsRelatedToConsolidationOfCloVehicles_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetAssetsRelatedToConsolidationOfCloVehicles_lbl" xml:lang="en-US">Net Assets Related to the Consolidation of CLO Vehicles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetAssetsRelatedToConsolidationOfCloVehicles_lbl" xml:lang="en-US">Net Assets Related to the Consolidation of Clo Vehicles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetAssetsRelatedToConsolidationOfCloVehicles_lbl" xml:lang="en-US">Net Assets Related to the Consolidation of CLO Vehicles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="us-gaap_PartnersCapitalAccountRedemptions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountRedemptions" xlink:to="us-gaap_PartnersCapitalAccountRedemptions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xml:lang="en-US">In-kind Redemption of Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xml:lang="en-US">In-kind Contribution of Capital</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountContributions" xlink:to="us-gaap_PartnersCapitalAccountContributions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xml:lang="en-US">Capital Contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xml:lang="en-US">In-kind Contribution of Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xml:lang="en-US">In-kind Contribution of Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PartnersCapitalAccountContributions_lbl" xml:lang="en-US">Notes Issuance Costs</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TransferOfInterestsToNonControllingInterestHolders" xlink:to="bx_TransferOfInterestsToNonControllingInterestHolders_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TransferOfInterestsToNonControllingInterestHolders_lbl" xml:lang="en-US">Transfer of Interests to Non-controlling Interest Holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TransferOfInterestsToNonControllingInterestHolders_lbl" xml:lang="en-US">Transfer Of Interests To Non Controlling Interest Holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TransferOfInterestsToNonControllingInterestHolders_lbl" xml:lang="en-US">Transfer of Interests to Non-Controlling Interest Holders</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ChangeOfParentOwnershipInterest" xlink:label="bx_ChangeOfParentOwnershipInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ChangeOfParentOwnershipInterest" xlink:to="bx_ChangeOfParentOwnershipInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ChangeOfParentOwnershipInterest_lbl" xml:lang="en-US">Change of Parent Ownership Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ChangeOfParentOwnershipInterest_lbl" xml:lang="en-US">Change Of Parent Ownership Interest</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetSettlementOfVestedCommonUnits_lbl" xml:lang="en-US">Net settlement of Vested Common units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetSettlementOfVestedCommonUnits_lbl" xml:lang="en-US">Net Settlement Of Vested Common Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetSettlementOfVestedCommonUnits_lbl" xml:lang="en-US">Net Settlement of Vested Common Units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConversionOfStockAmountIssued1" xlink:label="us-gaap_ConversionOfStockAmountIssued1" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConversionOfStockAmountIssued1_lbl" xml:lang="en-US">Conversion of Blackstone Holdings Units to Common Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ConversionOfStockAmountIssued1_lbl" xml:lang="en-US">Conversion of Blackstone Holdings Units to Common Units</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipAbstract" xlink:label="bx_ExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipAbstract_lbl" xml:lang="en-US">Exchange of Founders and Senior Managing Directors' Interests in Partnership: [Abstract].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipAbstract_lbl" xml:lang="en-US">Exchange of Founders and Senior Managing Directors Interests in Partnership [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipAbstract_lbl" xml:lang="en-US">Exchange of Founders' and Non-Controlling Interest Holders' Interests in Blackstone Holdings:</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings" xlink:label="bx_DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings_lbl" xml:lang="en-US">Deferred Tax Asset Exchange of Founders and Senior Managing Directors Interests in Partnership Holdings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DeferredTaxAssetExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings_lbl" xml:lang="en-US">Deferred Tax Asset</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DueToAffiliatesFromNonCashFinancingActivitiesExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings_lbl" xml:lang="en-US">Due to Affiliates from Non Cash Financing Activities Exchange of Founders and Senior Managing Directors Interests in Partnership Holdings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DueToAffiliatesFromNonCashFinancingActivitiesExchangeOfFoundersAndSeniorManagingDirectorsInterestsInPartnershipHoldings_lbl" xml:lang="en-US">Due to Affiliates</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl" xml:lang="en-US">Schedule Of Economic Net Income To Income (Loss) Before Provision (Benefit) For Taxes</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NumberOfBusinessSegments" xlink:label="bx_NumberOfBusinessSegments" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NumberOfBusinessSegments_lbl" xml:lang="en-US">Number Of Business Segments</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NumberOfCompanyFoundersManagingPartnership" xlink:label="bx_NumberOfCompanyFoundersManagingPartnership" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NumberOfCompanyFoundersManagingPartnership_lbl" xml:lang="en-US">Number Of Company Founders Managing Partnership</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NumberOfHoldingPartnerships" xlink:to="bx_NumberOfHoldingPartnerships_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NumberOfHoldingPartnerships_lbl" xml:lang="en-US">Number Of Holding Partnerships</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear" xlink:label="bx_NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear_lbl" xml:lang="en-US">Number Of Times Holders Of Interest Can Exchange Their Limited Partnership Interest Per Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear_lbl" xml:lang="en-US">Number Of Times Holders Of Interest Can Exchange Their Limited Partnership Interest Per Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NumberOfTimesHoldersOfInterestCanExchangeTheirLimitedPartnershipInterestPerYear_lbl" xml:lang="en-US">Number of times per year, holders of limited partnership interest can exchange their limited partnership interest</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LimitedPartnershipToCommonStockConversionRatio" xlink:label="bx_LimitedPartnershipToCommonStockConversionRatio" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LimitedPartnershipToCommonStockConversionRatio" xlink:to="bx_LimitedPartnershipToCommonStockConversionRatio_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LimitedPartnershipToCommonStockConversionRatio_lbl" xml:lang="en-US">Limited Partnership To Common Stock Conversion Ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LimitedPartnershipToCommonStockConversionRatio_lbl" xml:lang="en-US">Limited Partnership To Common Stock Conversion Ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LimitedPartnershipToCommonStockConversionRatio_lbl" xml:lang="en-US">Partnership Unit to Blackstone Common Unit ratio</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTable" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTable" xlink:to="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTable_lbl" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets by Major Class [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US">Statement, Business Segments [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentDomain" xlink:label="us-gaap_SegmentDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US">Segment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US">Segment [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrivateEquityFundsMember" xlink:label="us-gaap_PrivateEquityFundsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrivateEquityFundsMember" xlink:to="us-gaap_PrivateEquityFundsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrivateEquityFundsMember_lbl" xml:lang="en-US">Private Equity Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrivateEquityFundsMember_lbl" xml:lang="en-US">Private Equity [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateMember" xlink:label="us-gaap_RealEstateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateMember" xlink:to="us-gaap_RealEstateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateMember_lbl" xml:lang="en-US">Real Estate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateMember_lbl" xml:lang="en-US">Real Estate [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_HedgeFundSolutionsMember" xlink:label="bx_HedgeFundSolutionsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_HedgeFundSolutionsMember" xlink:to="bx_HedgeFundSolutionsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_HedgeFundSolutionsMember_lbl" xml:lang="en-US">Hedge Fund Solutions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_HedgeFundSolutionsMember_lbl" xml:lang="en-US">Hedge Fund Solutions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_HedgeFundSolutionsMember_lbl" xml:lang="en-US">Hedge Fund Solutions [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CreditAndMarketableAlternativesMember" xlink:label="bx_CreditAndMarketableAlternativesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CreditAndMarketableAlternativesMember" xlink:to="bx_CreditAndMarketableAlternativesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CreditAndMarketableAlternativesMember_lbl" xml:lang="en-US">Credit and Marketable Alternatives [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CreditAndMarketableAlternativesMember_lbl" xml:lang="en-US">Credit And Marketable Alternatives [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CreditAndMarketableAlternativesMember_lbl" xml:lang="en-US">Credit Businesses [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FinancialAdvisoryMember" xlink:label="bx_FinancialAdvisoryMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FinancialAdvisoryMember" xlink:to="bx_FinancialAdvisoryMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FinancialAdvisoryMember_lbl" xml:lang="en-US">Financial Advisory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FinancialAdvisoryMember_lbl" xml:lang="en-US">Financial Advisory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FinancialAdvisoryMember_lbl" xml:lang="en-US">Financial Advisory [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xml:lang="en-US">Acquisition, Goodwill And Intangible Assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xml:lang="en-US">Acquisition, Goodwill And Intangible Assets [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xml:lang="en-US">Business Acquisition, Cost of Acquired Entity, Cash Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xml:lang="en-US">Purchase price in cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:to="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xml:lang="en-US">Business Combination, Acquisition Related Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationAcquisitionRelatedCosts_lbl" xml:lang="en-US">Acquisition-related costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense_lbl" xml:lang="en-US">Finite-Lived Intangible Assets, Amortization Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense_lbl" xml:lang="en-US">Amortization expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearOne" xlink:label="us-gaap_FutureAmortizationExpenseYearOne" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearOne" xlink:to="us-gaap_FutureAmortizationExpenseYearOne_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearOne_lbl" xml:lang="en-US">Future Amortization Expense, Year One</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FutureAmortizationExpenseYearOne_lbl" xml:lang="en-US">Expected amortization of intangibles, 2012</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearTwo" xlink:label="us-gaap_FutureAmortizationExpenseYearTwo" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearTwo" xlink:to="us-gaap_FutureAmortizationExpenseYearTwo_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearTwo_lbl" xml:lang="en-US">Future Amortization Expense, Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FutureAmortizationExpenseYearTwo_lbl" xml:lang="en-US">Expected amortization of intangibles, 2013</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearThree" xlink:label="us-gaap_FutureAmortizationExpenseYearThree" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearThree" xlink:to="us-gaap_FutureAmortizationExpenseYearThree_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearThree_lbl" xml:lang="en-US">Future Amortization Expense, Year Three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FutureAmortizationExpenseYearThree_lbl" xml:lang="en-US">Expected amortization of intangibles, 2014</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearFour" xlink:label="us-gaap_FutureAmortizationExpenseYearFour" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearFour" xlink:to="us-gaap_FutureAmortizationExpenseYearFour_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearFour_lbl" xml:lang="en-US">Future Amortization Expense, Year Four</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FutureAmortizationExpenseYearFour_lbl" xml:lang="en-US">Expected amortization of intangibles, 2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearFive" xlink:label="us-gaap_FutureAmortizationExpenseYearFive" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearFive" xlink:to="us-gaap_FutureAmortizationExpenseYearFive_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearFive_lbl" xml:lang="en-US">Future Amortization Expense, Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FutureAmortizationExpenseYearFive_lbl" xml:lang="en-US">Expected amortization of intangibles, 2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:label="us-gaap_FiniteLivedIntangibleAssetsWeightedAverageUsefulLife" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:to="us-gaap_FiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" xml:lang="en-US">Finite-Lived Intangible Assets, Weighted-Average Useful Life</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationCurrentLiabilities_lbl" xml:lang="en-US">Accounts Payable, Accrued Expenses and Other Liabilities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredLiabilitiesAssumedNet" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredLiabilitiesAssumedNet" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetLossPerCommonUnitBasicAndDiluted_lbl" xml:lang="en-US">Net loss per common unit - basic and diluted.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_InvestmentDomain_lbl" xml:lang="en-US">Investment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="invest_InvestmentDomain_lbl" xml:lang="en-US">Investment [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_HedgeFundsMember" xlink:label="us-gaap_HedgeFundsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgeFundsMember" xlink:to="us-gaap_HedgeFundsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HedgeFundsMember_lbl" xml:lang="en-US">Hedge Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HedgeFundsMember_lbl" xml:lang="en-US">Hedge Fund Solutions [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems" xlink:label="bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems" xlink:to="bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems_lbl" xml:lang="en-US">Schedule of Performance Fees and Allocations to the General Partner [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ScheduleOfPerformanceFeesAndAllocationsToGeneralPartnerLineItems_lbl" xml:lang="en-US">Schedule of Performance Fees and Allocations to the General Partner [Line Items]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues" xlink:label="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues" xlink:to="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues_lbl" xml:lang="en-US">Performance Fees Allocated As Result Of Changes In Fund Fair Values</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues_lbl" xml:lang="en-US">Performance Fees Allocated As Result Of Changes In Fund Fair Values</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PerformanceFeesAllocatedAsResultOfChangesInFundFairValues_lbl" xml:lang="en-US">Performance Fees Allocated as a Result of Changes in Fund Fair Values</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ForeignExchangeGain" xlink:label="bx_ForeignExchangeGain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ForeignExchangeGain" xlink:to="bx_ForeignExchangeGain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ForeignExchangeGain_lbl" xml:lang="en-US">Foreign exchange gain.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ForeignExchangeGain_lbl" xml:lang="en-US">Foreign Exchange Gain</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ForeignExchangeGain_lbl" xml:lang="en-US">Foreign Exchange Gain</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundCashDistributions" xlink:label="bx_FundCashDistributions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundCashDistributions" xlink:to="bx_FundCashDistributions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundCashDistributions_lbl" xml:lang="en-US">Fund Cash Distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundCashDistributions_lbl" xml:lang="en-US">Fund Cash Distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FundCashDistributions_lbl" xml:lang="en-US">Fund Cash Distributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherInvestmentsMember" xlink:label="us-gaap_OtherInvestmentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInvestmentsMember" xlink:to="us-gaap_OtherInvestmentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInvestmentsMember_lbl" xml:lang="en-US">Other Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherInvestmentsMember_lbl" xml:lang="en-US">Other Investments [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_RealizedGainsLossesOnOtherInvestments" xlink:label="bx_RealizedGainsLossesOnOtherInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_RealizedGainsLossesOnOtherInvestments" xlink:to="bx_RealizedGainsLossesOnOtherInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_RealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Realized Gains Losses On Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_RealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Realized Gains Losses On Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_RealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Realized Gains (Losses)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments" xlink:label="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments" xlink:to="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Net Change In Unrealized Gains Losses On Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Net Change In Unrealized Gains Losses On Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetChangeInUnrealizedGainsLossesOnOtherInvestments_lbl" xml:lang="en-US">Net Change in Unrealized Gains (Losses)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainLossOnSaleOfOtherInvestments" xlink:label="us-gaap_GainLossOnSaleOfOtherInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfOtherInvestments" xlink:to="us-gaap_GainLossOnSaleOfOtherInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfOtherInvestments_lbl" xml:lang="en-US">Gain (Loss) on Sale of Other Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GainLossOnSaleOfOtherInvestments_lbl" xml:lang="en-US">Total realized and net change in unrealized gains (losses)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetAssetValueAsFairValueByStrategyTable" xlink:label="bx_NetAssetValueAsFairValueByStrategyTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NetAssetValueAsFairValueByStrategyTable" xlink:to="bx_NetAssetValueAsFairValueByStrategyTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetAssetValueAsFairValueByStrategyTable_lbl" xml:lang="en-US">Net asset value as fair value by strategy [Table].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetAssetValueAsFairValueByStrategyTable_lbl" xml:lang="en-US">Net Asset Value As Fair Value By Strategy [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueByStrategyTypeAxis" xlink:label="bx_FairValueByStrategyTypeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueByStrategyTypeAxis" xlink:to="bx_FairValueByStrategyTypeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueByStrategyTypeAxis_lbl" xml:lang="en-US">Fair Value By Strategy Type [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueByStrategyTypeAxis_lbl" xml:lang="en-US">Fair Value By Strategy Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueByStrategyTypeDomain" xlink:label="bx_FairValueByStrategyTypeDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueByStrategyTypeDomain" xlink:to="bx_FairValueByStrategyTypeDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueByStrategyTypeDomain_lbl" xml:lang="en-US">Fair Value By Strategy Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueByStrategyTypeDomain_lbl" xml:lang="en-US">Fair Value By Strategy Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueByStrategyTypeDomain_lbl" xml:lang="en-US">Fair Value By Strategy Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DiversifiedInstrumentsMember" xlink:label="bx_DiversifiedInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DiversifiedInstrumentsMember" xlink:to="bx_DiversifiedInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DiversifiedInstrumentsMember_lbl" xml:lang="en-US">Diversified Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DiversifiedInstrumentsMember_lbl" xml:lang="en-US">Diversified Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DiversifiedInstrumentsMember_lbl" xml:lang="en-US">Diversified Instruments [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CreditDrivenMember" xlink:label="bx_CreditDrivenMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CreditDrivenMember" xlink:to="bx_CreditDrivenMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CreditDrivenMember_lbl" xml:lang="en-US">Credit Driven [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CreditDrivenMember_lbl" xml:lang="en-US">Credit Driven [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CreditDrivenMember_lbl" xml:lang="en-US">Credit Driven [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EventDrivenMember" xlink:label="bx_EventDrivenMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EventDrivenMember" xlink:to="bx_EventDrivenMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EventDrivenMember_lbl" xml:lang="en-US">Event Driven [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EventDrivenMember_lbl" xml:lang="en-US">Event Driven [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EventDrivenMember_lbl" xml:lang="en-US">Event Driven [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EquitiesMember" xlink:label="bx_EquitiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EquitiesMember" xlink:to="bx_EquitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EquitiesMember_lbl" xml:lang="en-US">Equities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EquitiesMember_lbl" xml:lang="en-US">Equities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EquitiesMember_lbl" xml:lang="en-US">Equity [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CommoditiesMember" xlink:label="bx_CommoditiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CommoditiesMember" xlink:to="bx_CommoditiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CommoditiesMember_lbl" xml:lang="en-US">Commodities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CommoditiesMember_lbl" xml:lang="en-US">Commodities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CommoditiesMember_lbl" xml:lang="en-US">Commodities [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="us-gaap_ParentCompanyMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentCompanyMember" xlink:to="us-gaap_ParentCompanyMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentCompanyMember_lbl" xml:lang="en-US">Parent Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ParentCompanyMember_lbl" xml:lang="en-US">Blackstone [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_NetAssetsAsFairValue" xlink:label="bx_NetAssetsAsFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_NetAssetsAsFairValue" xlink:to="bx_NetAssetsAsFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NetAssetsAsFairValue_lbl" xml:lang="en-US">Net Assets as Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetAssetsAsFairValue_lbl" xml:lang="en-US">Net Assets As Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetAssetsAsFairValue_lbl" xml:lang="en-US">Fair Value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:label="us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:to="us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_lbl" xml:lang="en-US">Long-term Purchase Commitment, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_lbl" xml:lang="en-US">Unfunded Commitments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments" xlink:label="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments" xlink:to="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments_lbl" xml:lang="en-US">Percentage Of Investments In Category Redemption Discretion Of Investee Fund Manager Electing To Side Pocket Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments_lbl" xml:lang="en-US">Percentage Of Investments In Category Redemption Discretion Of Investee Fund Manager Electing To Side Pocket Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PercentageOfInvestmentsInCategoryRedemptionDiscretionOfInvesteeFundManagerElectingToSidePocketInvestments_lbl" xml:lang="en-US">Rate of investee fund manager Blackstone investments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate" xlink:label="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate" xlink:to="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate_lbl" xml:lang="en-US">Percentage Of Investments Unable To Be Redeemed At Or Within Three Months Of Reporting Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate_lbl" xml:lang="en-US">Percentage Of Investments Unable To Be Redeemed At Or Within Three Months Of Reporting Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PercentageOfInvestmentsUnableToBeRedeemedAtOrWithinThreeMonthsOfReportingDate_lbl" xml:lang="en-US">Percentage of investments unable to be redeemed at, or within 3 months of reporting date</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation" xlink:label="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation" xlink:to="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation_lbl" xml:lang="en-US">Percentage Of Investments In Category In Process Of Liquidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation_lbl" xml:lang="en-US">Percentage Of Investments In Category In Process Of Liquidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PercentageOfInvestmentsInCategoryInProcessOfLiquidation_lbl" xml:lang="en-US">Percentage of investments in hedge funds</label>
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PercentageOfInvestmentsRedeemableAsOfReportingDate" xlink:label="bx_PercentageOfInvestmentsRedeemableAsOfReportingDate" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NotionalAmountOfDerivativeAssetsMember_lbl" xml:lang="en-US">Notional Amount Of Derivative Assets [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_NotionalAmountOfDerivativeLiabilityMember_lbl" xml:lang="en-US">Notional amount of derivative liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NotionalAmountOfDerivativeLiabilityMember_lbl" xml:lang="en-US">Notional Amount Of Derivative Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NotionalAmountOfDerivativeLiabilityMember_lbl" xml:lang="en-US">Notional Amount Of Derivative Liabilities [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsMajorTypesOfTradingSecuritiesAndAssetsAxis" xlink:label="us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsMajorTypesOfTradingSecuritiesAndAssetsAxis" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignExchangeContractMember" xlink:to="us-gaap_ForeignExchangeContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignExchangeContractMember_lbl" xml:lang="en-US">Foreign Exchange Contract [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignExchangeContractMember_lbl" xml:lang="en-US">Foreign Currency Contracts [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestRateContractMember" xlink:label="us-gaap_InterestRateContractMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateContractMember" xlink:to="us-gaap_InterestRateContractMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateContractMember_lbl" xml:lang="en-US">Interest Rate Contract [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestRateContractMember_lbl" xml:lang="en-US">Interest Rate Contracts [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HedgingRelationshipDomain_lbl" xml:lang="en-US">Hedging Relationship [Domain]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FreestandingDerivativesMember_lbl" xml:lang="en-US">Freestanding Derivatives [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FreestandingDerivativesMember_lbl" xml:lang="en-US">Freestanding Derivatives [Member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotionalAmountOfDerivatives" xlink:label="us-gaap_NotionalAmountOfDerivatives" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DerivativeFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Derivative Financial Instruments Line Items</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesMajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="us-gaap_ScheduleOfAvailableForSaleSecuritiesMajorTypesOfDebtAndEquitySecuritiesAxis" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndFinanceReceivablesMember" xlink:label="us-gaap_LoansAndFinanceReceivablesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansAndFinanceReceivablesMember_lbl" xml:lang="en-US">Loans And Receivables [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CorporateDebtSecuritiesMember" xlink:label="us-gaap_CorporateDebtSecuritiesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CorporateDebtSecuritiesMember_lbl" xml:lang="en-US">Corporate Loans [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CorporateBondSecuritiesMember" xlink:label="us-gaap_CorporateBondSecuritiesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CorporateBondSecuritiesMember_lbl" xml:lang="en-US">Corporate Bond Securities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CorporateBondSecuritiesMember_lbl" xml:lang="en-US">Corporate Bonds [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SeniorNotesMember" xlink:label="us-gaap_SeniorNotesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorNotesMember_lbl" xml:lang="en-US">Senior Notes [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xml:lang="en-US">Loans Receivable, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansReceivableFairValueDisclosure_lbl" xml:lang="en-US">Loans and Receivables</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles Corporate Loans Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles Corporate Loans Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure_lbl" xml:lang="en-US">Assets of Consolidated CLO Vehicles: Corporate Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateLoansFairValueDisclosure_lbl" xml:lang="en-US">Corporate Loans</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsOfConsolidatedCloVehiclesCorporateBondsFairValueDisclosure" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateBondsFairValueDisclosure" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateBondsFairValueDisclosure_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles Corporate Bonds Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateBondsFairValueDisclosure_lbl" xml:lang="en-US">Assets of Consolidated CLO Vehicles: Corporate Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesCorporateBondsFairValueDisclosure_lbl" xml:lang="en-US">Corporate Bonds</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsOfConsolidatedCloVehiclesOtherFairValueDisclosure" xlink:label="bx_AssetsOfConsolidatedCloVehiclesOtherFairValueDisclosure" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesSeniorSecuredNotesFairValueDisclosures_lbl" xml:lang="en-US">Liabilities Of Consolidated CLO Vehicles Senior Secured Notes Fair Value Disclosures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesSeniorSecuredNotesFairValueDisclosures_lbl" xml:lang="en-US">Liabilities of Consolidated CLO Vehicles: Senior Secured Notes</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities, Fair Value Disclosure</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities, Fair Value Disclosure, Total</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="us-gaap_FairValueByMeasurementBasisAxis" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xml:lang="en-US">Fair Value by Measurement Basis [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US">Fair Value Disclosure Item Amounts [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US">Fair Value, Disclosure Item Amounts [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsMember" xlink:label="bx_AssetsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AssetsMember" xlink:to="bx_AssetsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AssetsMember_lbl" xml:lang="en-US">Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AssetsMember_lbl" xml:lang="en-US">Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AssetsMember_lbl" xml:lang="en-US">Assets [Member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LiabilitiesMember" xlink:to="bx_LiabilitiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LiabilitiesMember_lbl" xml:lang="en-US">Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LiabilitiesMember_lbl" xml:lang="en-US">Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LiabilitiesMember_lbl" xml:lang="en-US">Liabilities [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US">Fair Value Measurements Fair Value Hierarchy [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_RealizedGainsLossesMember" xlink:label="bx_RealizedGainsLossesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_RealizedGainsLossesMember" xlink:to="bx_RealizedGainsLossesMember_lbl" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_RealizedGainsLossesMember_lbl" xml:lang="en-US">Realized Gains Losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_RealizedGainsLossesMember_lbl" xml:lang="en-US">Realized Gains (Losses) [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_NetChangeInUnrealizedGainsLossesMember_lbl" xml:lang="en-US">Net Change In Unrealized Gains Losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_NetChangeInUnrealizedGainsLossesMember_lbl" xml:lang="en-US">Net Change In Unrealized Gains (Losses) [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueOptionChangesInFairValueGainLoss_lbl" xml:lang="en-US">Realized and net change in unrealized gains (losses) on financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LoansAndBondsContractualPaymentPastDueNumberDays_lbl" xml:lang="en-US">Contractual payment considered past due, number days</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DesignatedAsHedgingInstrumentMember_lbl" xml:lang="en-US">Designated As Hedging Instrument [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DesignatedAsHedgingInstrumentMember_lbl" xml:lang="en-US">Derivative Instruments Used As Fair Value Hedges [Member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Fair Value Inputs Level1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Level 1 [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US">Fair Value Inputs Level2 [Member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US">Fair Value Inputs Level3 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US">Level 3 [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_InvestmentFundsFairValue" xlink:label="bx_InvestmentFundsFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_InvestmentFundsFairValue" xlink:to="bx_InvestmentFundsFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_InvestmentFundsFairValue_lbl" xml:lang="en-US">Investment Funds Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_InvestmentFundsFairValue_lbl" xml:lang="en-US">Investment Funds Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_InvestmentFundsFairValue_lbl" xml:lang="en-US">Investment Funds</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EquitySecuritiesFairValue" xlink:label="bx_EquitySecuritiesFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EquitySecuritiesFairValue" xlink:to="bx_EquitySecuritiesFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EquitySecuritiesFairValue_lbl" xml:lang="en-US">Equity Securities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EquitySecuritiesFairValue_lbl" xml:lang="en-US">Equity Securities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EquitySecuritiesFairValue_lbl" xml:lang="en-US">Equity Securities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PartnershipAndLlcInterestsTotalFairValue" xlink:label="bx_PartnershipAndLlcInterestsTotalFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PartnershipAndLlcInterestsTotalFairValue" xlink:to="bx_PartnershipAndLlcInterestsTotalFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PartnershipAndLlcInterestsTotalFairValue_lbl" xml:lang="en-US">Partnership And LLC Interests Total Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PartnershipAndLlcInterestsTotalFairValue_lbl" xml:lang="en-US">Partnership And Llc Interests Total Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PartnershipAndLlcInterestsTotalFairValue_lbl" xml:lang="en-US">Partnership and LLC interests total, fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_PartnershipAndLlcInterestsTotalFairValue_lbl" xml:lang="en-US">Partnership and LLC Interests</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DebtInstrumentsFairValue" xlink:label="bx_DebtInstrumentsFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DebtInstrumentsFairValue" xlink:to="bx_DebtInstrumentsFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DebtInstrumentsFairValue_lbl" xml:lang="en-US">Debt Instruments Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DebtInstrumentsFairValue_lbl" xml:lang="en-US">Debt Instruments Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DebtInstrumentsFairValue_lbl" xml:lang="en-US">Debt Instruments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" xlink:label="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" xlink:to="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles Freestanding Derivatives Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Assets Of Consolidated Clo Vehicles Freestanding Derivatives Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Freestanding Derivatives - Foreign Currency Swaps</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Freestanding Derivatives - Foreign Currency Contracts</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FreestandingDerivativesInterestRateContracts" xlink:label="bx_FreestandingDerivativesInterestRateContracts" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FreestandingDerivativesInterestRateContracts_lbl" xml:lang="en-US">Freestanding Derivatives - Interest Rate Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FreestandingDerivativesInterestRateContracts_lbl" xml:lang="en-US">Freestanding Derivatives - Interest Rate Contracts</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_InvestmentsConsolidatedFunds" xlink:label="bx_InvestmentsConsolidatedFunds" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_InvestmentsConsolidatedFunds" xlink:to="bx_InvestmentsConsolidatedFunds_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_InvestmentsConsolidatedFunds_lbl" xml:lang="en-US">Investments Consolidated Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_InvestmentsConsolidatedFunds_lbl" xml:lang="en-US">Investments Consolidated Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_InvestmentsConsolidatedFunds_lbl" xml:lang="en-US">Investment of Consolidated Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_InvestmentsConsolidatedFunds_lbl" xml:lang="en-US">Investment of Consolidated Funds</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_MoneyMarketFundsFairValue" xlink:label="bx_MoneyMarketFundsFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_MoneyMarketFundsFairValue" xlink:to="bx_MoneyMarketFundsFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_MoneyMarketFundsFairValue_lbl" xml:lang="en-US">Money Market Funds Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_MoneyMarketFundsFairValue_lbl" xml:lang="en-US">Money Market Funds Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_MoneyMarketFundsFairValue_lbl" xml:lang="en-US">Money Market Funds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:label="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:to="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_lbl" xml:lang="en-US">Derivative Instruments in Hedges, Assets, at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_lbl" xml:lang="en-US">Derivative Instruments Used as Fair Value Hedges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_lbl" xml:lang="en-US">Derivative Instruments in Hedges, Assets, at Fair Value, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_lbl" xml:lang="en-US">Derivative Instruments Used as Fair Value Hedges</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LoansAndReceivablesFairValue" xlink:label="bx_LoansAndReceivablesFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LoansAndReceivablesFairValue" xlink:to="bx_LoansAndReceivablesFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LoansAndReceivablesFairValue_lbl" xml:lang="en-US">Loans And Receivables Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LoansAndReceivablesFairValue_lbl" xml:lang="en-US">Loans And Receivables Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LoansAndReceivablesFairValue_lbl" xml:lang="en-US">Loans and Receivables</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalFinancialAssetsFairValue" xlink:label="bx_TotalFinancialAssetsFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalFinancialAssetsFairValue" xlink:to="bx_TotalFinancialAssetsFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalFinancialAssetsFairValue_lbl" xml:lang="en-US">Total Financial Assets Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalFinancialAssetsFairValue_lbl" xml:lang="en-US">Total Financial Assets Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalFinancialAssetsFairValue_lbl" xml:lang="en-US">Total financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_TotalFinancialAssetsFairValue_lbl" xml:lang="en-US">Total Financial Assets</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FreestandingDerivativesForeignCurrencyContracts" xlink:label="bx_FreestandingDerivativesForeignCurrencyContracts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FreestandingDerivativesForeignCurrencyContracts" xlink:to="bx_FreestandingDerivativesForeignCurrencyContracts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FreestandingDerivativesForeignCurrencyContracts_lbl" xml:lang="en-US">Freestanding Derivatives - Foreign Currency Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FreestandingDerivativesForeignCurrencyContracts_lbl" xml:lang="en-US">Freestanding Derivatives - Foreign Currency Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_FreestandingDerivativesForeignCurrencyContracts_lbl" xml:lang="en-US">Freestanding Derivatives - Foreign Currency Contracts</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure" xlink:to="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities Of Consolidated CLO Vehicles Freestanding Derivatives Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities Of Consolidated Clo Vehicles Freestanding Derivatives Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LiabilitiesOfConsolidatedCloVehiclesFreestandingDerivativesFairValueDisclosure_lbl" xml:lang="en-US">Freestanding Derivatives - Interest Rate Contracts</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FreestandingDerivativesLiabilitiesFairValue" xlink:label="bx_FreestandingDerivativesLiabilitiesFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FreestandingDerivativesLiabilitiesFairValue" xlink:to="bx_FreestandingDerivativesLiabilitiesFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FreestandingDerivativesLiabilitiesFairValue_lbl" xml:lang="en-US">Freestanding Derivatives Liabilities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FreestandingDerivativesLiabilitiesFairValue_lbl" xml:lang="en-US">Freestanding Derivatives Liabilities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FreestandingDerivativesLiabilitiesFairValue_lbl" xml:lang="en-US">Freestanding Derivatives, Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_FreestandingDerivativesLiabilitiesFairValue_lbl" xml:lang="en-US">Foreign Currency Contracts</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalFinancialLiabilitiesFairValue" xlink:label="bx_TotalFinancialLiabilitiesFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalFinancialLiabilitiesFairValue" xlink:to="bx_TotalFinancialLiabilitiesFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalFinancialLiabilitiesFairValue_lbl" xml:lang="en-US">Total Financial Liabilities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalFinancialLiabilitiesFairValue_lbl" xml:lang="en-US">Total Financial Liabilities Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_TotalFinancialLiabilitiesFairValue_lbl" xml:lang="en-US">Total Financial Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueLevel1ToLevel2TransfersAmount" xlink:label="us-gaap_FairValueLevel1ToLevel2TransfersAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLevel1ToLevel2TransfersAmount" xlink:to="us-gaap_FairValueLevel1ToLevel2TransfersAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLevel1ToLevel2TransfersAmount_lbl" xml:lang="en-US">Fair Value, Level 1 to level 2 Transfers, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueLevel1ToLevel2TransfersAmount_lbl" xml:lang="en-US">Transfers from Level I into Level II</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueLevel2ToLevel1TransfersAmount" xlink:label="us-gaap_FairValueLevel2ToLevel1TransfersAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLevel2ToLevel1TransfersAmount" xlink:to="us-gaap_FairValueLevel2ToLevel1TransfersAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLevel2ToLevel1TransfersAmount_lbl" xml:lang="en-US">Fair Value, Level 2 to level 1 Transfers, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueLevel2ToLevel1TransfersAmount_lbl" xml:lang="en-US">Transfers from Level II into Level I</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:label="us-gaap_FairValueOptionQuantitativeDisclosuresTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:to="us-gaap_FairValueOptionQuantitativeDisclosuresTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOptionQuantitativeDisclosuresTable_lbl" xml:lang="en-US">Fair Value, Option, Quantitative Disclosures [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueByValuationTechniqueAxis" xlink:label="bx_FairValueByValuationTechniqueAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueByValuationTechniqueAxis" xlink:to="bx_FairValueByValuationTechniqueAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueByValuationTechniqueAxis_lbl" xml:lang="en-US">Fair Value By Valuation Technique [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueByValuationTechniqueAxis_lbl" xml:lang="en-US">Fair Value By Valuation Technique [Axis]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueByValuationTechniqueDomain" xlink:label="bx_FairValueByValuationTechniqueDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueByValuationTechniqueDomain" xlink:to="bx_FairValueByValuationTechniqueDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueByValuationTechniqueDomain_lbl" xml:lang="en-US">Fair Value By Valuation Technique [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueByValuationTechniqueDomain_lbl" xml:lang="en-US">Fair Value By Valuation Technique [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueByValuationTechniqueDomain_lbl" xml:lang="en-US">Fair Value By Valuation Technique [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DiscountedCashFlowsMember" xlink:label="bx_DiscountedCashFlowsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DiscountedCashFlowsMember" xlink:to="bx_DiscountedCashFlowsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DiscountedCashFlowsMember_lbl" xml:lang="en-US">Discounted Cash Flows [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DiscountedCashFlowsMember_lbl" xml:lang="en-US">Discounted Cash Flows [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DiscountedCashFlowsMember_lbl" xml:lang="en-US">Discounted Cash Flows [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_MarketComparableCompaniesMember" xlink:label="bx_MarketComparableCompaniesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_MarketComparableCompaniesMember" xlink:to="bx_MarketComparableCompaniesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_MarketComparableCompaniesMember_lbl" xml:lang="en-US">Market Comparable Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_MarketComparableCompaniesMember_lbl" xml:lang="en-US">Market Comparable Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_MarketComparableCompaniesMember_lbl" xml:lang="en-US">Market Comparable Companies [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="us-gaap_RangeMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US">Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US">Range [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueRangePercentage" xlink:label="bx_FairValueRangePercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueRangePercentage" xlink:to="bx_FairValueRangePercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueRangePercentage_lbl" xml:lang="en-US">Fair value range percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueRangePercentage_lbl" xml:lang="en-US">Fair Value Range Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueRangePercentage_lbl" xml:lang="en-US">Fair value range percentage</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueRecoveryLagRange" xlink:label="bx_FairValueRecoveryLagRange" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueRecoveryLagRange" xlink:to="bx_FairValueRecoveryLagRange_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueRecoveryLagRange_lbl" xml:lang="en-US">Fair Value Recovery Lag Range</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueRecoveryLagRange_lbl" xml:lang="en-US">Fair Value Recovery Lag Range</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueRecoveryLagRange_lbl" xml:lang="en-US">Recovery Lag</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByAssetClassAxis" xlink:label="us-gaap_FairValueByAssetClassAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByAssetClassAxis" xlink:to="us-gaap_FairValueByAssetClassAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByAssetClassAxis_lbl" xml:lang="en-US">Fair Value by Asset Class [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_lbl" xml:lang="en-US">Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation By Asset Class [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_lbl" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, by Asset Class [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_InvestmentsOfConsolidatedFundsMember" xlink:label="bx_InvestmentsOfConsolidatedFundsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_InvestmentsOfConsolidatedFundsMember" xlink:to="bx_InvestmentsOfConsolidatedFundsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_InvestmentsOfConsolidatedFundsMember_lbl" xml:lang="en-US">Investments Of Consolidated Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_InvestmentsOfConsolidatedFundsMember_lbl" xml:lang="en-US">Investments Of Consolidated Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_InvestmentsOfConsolidatedFundsMember_lbl" xml:lang="en-US">Investments Of Consolidated Funds [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LoansAndReceivablesMember" xlink:label="bx_LoansAndReceivablesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LoansAndReceivablesMember" xlink:to="bx_LoansAndReceivablesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LoansAndReceivablesMember_lbl" xml:lang="en-US">Loans And Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LoansAndReceivablesMember_lbl" xml:lang="en-US">Loans And Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LoansAndReceivablesMember_lbl" xml:lang="en-US">Loans And Receivables [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xml:lang="en-US">Balance, End of Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xml:lang="en-US">Balance, Beginning of Period</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition" xlink:to="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition_lbl" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfering Due To Consolidation And Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition_lbl" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfering Due To Consolidation And Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferingDueToConsolidationAndAcquisition_lbl" xml:lang="en-US">Transfer In Due to Consolidation and Acquisition</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii" xlink:to="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii_lbl" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfer In To Level III</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii_lbl" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfer In To Level III</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii_lbl" xml:lang="en-US">Transfer In to Level III</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferInToLevelIii_lbl" xml:lang="en-US">Transfer In to Level II</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferOutOfLevelIii" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferOutOfLevelIii" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferOutOfLevelIii_lbl" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfer Out Of Level III</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransferOutOfLevelIii_lbl" xml:lang="en-US">Transfer Out of Level III</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_lbl" xml:lang="en-US">Purchases</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_lbl" xml:lang="en-US">Sales</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_lbl" xml:lang="en-US">Settlements</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet" xlink:label="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet" xlink:to="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Fair Value Assets Measured On Recurring Basis Realized Gain Loss Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Fair Value Assets Measured On Recurring Basis Realized Gain Loss Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueAssetsMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Realized Gains (Losses), Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings_lbl" xml:lang="en-US">Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentTypeAxis" xlink:label="us-gaap_InvestmentTypeAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeAxis" xlink:to="us-gaap_InvestmentTypeAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xml:lang="en-US">Investment Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="us-gaap_InvestmentTypeCategorizationMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeCategorizationMember" xlink:to="us-gaap_InvestmentTypeCategorizationMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xml:lang="en-US">Investment Type Categorization [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xml:lang="en-US">Investment Type Categorization [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CollateralizedLoanObligationsSeniorNotesMember" xlink:label="bx_CollateralizedLoanObligationsSeniorNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CollateralizedLoanObligationsSeniorNotesMember" xlink:to="bx_CollateralizedLoanObligationsSeniorNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CollateralizedLoanObligationsSeniorNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Senior Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CollateralizedLoanObligationsSeniorNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Senior Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CollateralizedLoanObligationsSeniorNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Senior Notes [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CollateralizedLoanObligationsSubordinatedNotesMember" xlink:label="bx_CollateralizedLoanObligationsSubordinatedNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CollateralizedLoanObligationsSubordinatedNotesMember" xlink:to="bx_CollateralizedLoanObligationsSubordinatedNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CollateralizedLoanObligationsSubordinatedNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Subordinated Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CollateralizedLoanObligationsSubordinatedNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Subordinated Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CollateralizedLoanObligationsSubordinatedNotesMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Subordinated Notes [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Balance, End of Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Balance, Beginning of Period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet_lbl" xml:lang="en-US">Transfer In Due to Consolidation and Acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_lbl" xml:lang="en-US">Issuances</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xml:lang="en-US">Settlements</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet" xlink:label="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet" xlink:to="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Fair Value Liabilities Measured On Recurring Basis Realized Gain Loss Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Fair Value Liabilities Measured On Recurring Basis Realized Gain Loss Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueLiabilitiesMeasuredOnRecurringBasisRealizedGainLossNet_lbl" xml:lang="en-US">Realized (Gains) Losses, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_lbl" xml:lang="en-US">Changes in Unrealized (Gains) Losses Included in Earnings Related to Liabilities Still Held at the Reporting Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain" />
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    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ConsolidatedCloVehicleMember" xlink:label="bx_ConsolidatedCloVehicleMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ConsolidatedCloVehicleMember" xlink:to="bx_ConsolidatedCloVehicleMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ConsolidatedCloVehicleMember_lbl" xml:lang="en-US">Consolidated CLO Vehicle [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ConsolidatedCloVehicleMember_lbl" xml:lang="en-US">Consolidated Clo Vehicle [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ConsolidatedCloVehicleMember_lbl" xml:lang="en-US">Consolidated CLO Vehicles [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AllOtherConsolidatedBlackstoneFundsMember" xlink:label="bx_AllOtherConsolidatedBlackstoneFundsMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AllOtherConsolidatedBlackstoneFundsMember_lbl" xml:lang="en-US">All Other Consolidated Blackstone Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AllOtherConsolidatedBlackstoneFundsMember_lbl" xml:lang="en-US">All Other Consolidated Blackstone Funds [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ConsolidatedCloVehicleAndBlackstoneFundsMember" xlink:label="bx_ConsolidatedCloVehicleAndBlackstoneFundsMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ConsolidatedCloVehicleAndBlackstoneFundsMember_lbl" xml:lang="en-US">Consolidated CLO vehicle and blackstone funds [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ConsolidatedCloVehicleAndBlackstoneFundsMember_lbl" xml:lang="en-US">Consolidated Clo Vehicle And Blackstone Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ConsolidatedCloVehicleAndBlackstoneFundsMember_lbl" xml:lang="en-US">Consolidated CLO Vehicle And Blackstone Funds [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalInvestmentsVie" xlink:label="bx_TotalInvestmentsVie" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalInvestmentsVie" xlink:to="bx_TotalInvestmentsVie_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalInvestmentsVie_lbl" xml:lang="en-US">Total Investments VIE.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalInvestmentsVie_lbl" xml:lang="en-US">Total Investments VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalInvestmentsVie_lbl" xml:lang="en-US">Investments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie" xlink:label="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie" xlink:to="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie_lbl" xml:lang="en-US">VIE Carrying Amount of Investments Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie_lbl" xml:lang="en-US">VIE Carrying Amount of Investments Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_VieCarryingAmountOfInvestmentsUnconsolidatedVie_lbl" xml:lang="en-US">Investments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_VieCarryingAmountOfReceivablesUnconsolidatedVie" xlink:label="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie" xlink:to="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie_lbl" xml:lang="en-US">VIE Carrying Amount of Receivables Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie_lbl" xml:lang="en-US">VIE Carrying Amount of Receivables Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_VieCarryingAmountOfReceivablesUnconsolidatedVie_lbl" xml:lang="en-US">Receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_lbl" xml:lang="en-US">Variable Interest Entity, Carrying Amount of Assets, Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_lbl" xml:lang="en-US">Total VIE Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities" xlink:to="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US">Variable Interest Entity, Carrying Amount of Liabilities, Unconsolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US">VIE Liabilities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PotentialClawbackObligationOfNonConsolidatedVie" xlink:label="bx_PotentialClawbackObligationOfNonConsolidatedVie" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PotentialClawbackObligationOfNonConsolidatedVie" xlink:to="bx_PotentialClawbackObligationOfNonConsolidatedVie_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PotentialClawbackObligationOfNonConsolidatedVie_lbl" xml:lang="en-US">Potential Clawback Obligation of Non-consolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PotentialClawbackObligationOfNonConsolidatedVie_lbl" xml:lang="en-US">Potential Clawback Obligation of Non Consolidated VIE</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PotentialClawbackObligationOfNonConsolidatedVie_lbl" xml:lang="en-US">Potential Clawback Obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xml:lang="en-US">Variable Interest Entity, Entity Maximum Loss Exposure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xml:lang="en-US">Partnership's maximum exposure to loss relating to non-consolidated VIEs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_lbl" xml:lang="en-US">Maximum Exposure to Loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesFinancingTransactionTable" xlink:label="us-gaap_SecuritiesFinancingTransactionTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesFinancingTransactionTable" xlink:to="us-gaap_SecuritiesFinancingTransactionTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesFinancingTransactionTable_lbl" xml:lang="en-US">Securities Financing Transaction [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesFinancingTransactionLineItems" xlink:label="us-gaap_SecuritiesFinancingTransactionLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesFinancingTransactionLineItems" xlink:to="us-gaap_SecuritiesFinancingTransactionLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesFinancingTransactionLineItems_lbl" xml:lang="en-US">Securities Financing Transaction [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed" xlink:label="us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed" xlink:to="us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed_lbl" xml:lang="en-US">Collateral Securities Repledged, Delivered, or Used</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CollateralSecuritiesRepledgedDeliveredOrUsed_lbl" xml:lang="en-US">U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:label="us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold" xlink:to="us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold_lbl" xml:lang="en-US">Securities Received as Collateral, Amount Repledged and Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuritiesReceivedAsCollateralAmountRepledgedAndSold_lbl" xml:lang="en-US">Securities repledged, delivered or used to settle Securities Sold, Not Yet Purchased</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged" xlink:label="us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged" xlink:to="us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged_lbl" xml:lang="en-US">Fair Value of Securities Received as Collateral that Have Been Resold or Repledged</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatHaveBeenResoldOrRepledged_lbl" xml:lang="en-US">Pledged securities with carrying value to collateralize its repurchase agreements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates" xlink:label="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates" xlink:to="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Senior Secured Notes Due to Non-consolidated Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Senior Secured Notes Due to Nonconsolidated Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SeniorSecuredNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Senior Secured Notes due to non-consolidated affiliates</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SubordinatedNotesDueToNonconsolidatedAffiliates" xlink:label="bx_SubordinatedNotesDueToNonconsolidatedAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SubordinatedNotesDueToNonconsolidatedAffiliates" xlink:to="bx_SubordinatedNotesDueToNonconsolidatedAffiliates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SubordinatedNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Subordinated Notes Due to Non-consolidated Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SubordinatedNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Subordinated Notes Due to Nonconsolidated Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SubordinatedNotesDueToNonconsolidatedAffiliates_lbl" xml:lang="en-US">Subordinated Notes due to non-consolidated affiliates</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueOfSeniorSecuredNotes" xlink:label="bx_FairValueOfSeniorSecuredNotes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueOfSeniorSecuredNotes" xlink:to="bx_FairValueOfSeniorSecuredNotes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueOfSeniorSecuredNotes_lbl" xml:lang="en-US">Fair Value Of Senior Secured Notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueOfSeniorSecuredNotes_lbl" xml:lang="en-US">Fair Value Of Senior Secured Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueOfSeniorSecuredNotes_lbl" xml:lang="en-US">Fair value of Senior Secured notes</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueOfSubordinatedNotes" xlink:label="bx_FairValueOfSubordinatedNotes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueOfSubordinatedNotes" xlink:to="bx_FairValueOfSubordinatedNotes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueOfSubordinatedNotes_lbl" xml:lang="en-US">Fair Value Of Subordinated Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueOfSubordinatedNotes_lbl" xml:lang="en-US">Fair Value Of Subordinated Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueOfSubordinatedNotes_lbl" xml:lang="en-US">Fair value of Subordinated notes</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueOfSeniorSecuredNotesDueToAffiliates" xlink:label="bx_FairValueOfSeniorSecuredNotesDueToAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueOfSeniorSecuredNotesDueToAffiliates" xlink:to="bx_FairValueOfSeniorSecuredNotesDueToAffiliates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueOfSeniorSecuredNotesDueToAffiliates_lbl" xml:lang="en-US">Fair Value Of Senior Secured Notes Due To Affiliates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueOfSeniorSecuredNotesDueToAffiliates_lbl" xml:lang="en-US">Fair Value Of Senior Secured Notes Due To Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueOfSeniorSecuredNotesDueToAffiliates_lbl" xml:lang="en-US">Fair value of Senior Secured notes due to affiliates</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueOfSubordinatedNotesDueToAffiliates" xlink:label="bx_FairValueOfSubordinatedNotesDueToAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueOfSubordinatedNotesDueToAffiliates" xlink:to="bx_FairValueOfSubordinatedNotesDueToAffiliates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueOfSubordinatedNotesDueToAffiliates_lbl" xml:lang="en-US">Fair value of subordinated notes due to affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueOfSubordinatedNotesDueToAffiliates_lbl" xml:lang="en-US">Fair value of Subordinated notes due to affiliates</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FairValueOfCLOAssets" xlink:label="bx_FairValueOfCLOAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FairValueOfCLOAssets" xlink:to="bx_FairValueOfCLOAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FairValueOfCLOAssets_lbl" xml:lang="en-US">Fair Value Of The C L O Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FairValueOfCLOAssets_lbl" xml:lang="en-US">Fair Value Of The C L O Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FairValueOfCLOAssets_lbl" xml:lang="en-US">Fair value of the CLO assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US">Debt Instrument Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US">Debt Instrument, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FivePointEightSevenFivePercentNotesMember" xlink:label="bx_FivePointEightSevenFivePercentNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FivePointEightSevenFivePercentNotesMember" xlink:to="bx_FivePointEightSevenFivePercentNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FivePointEightSevenFivePercentNotesMember_lbl" xml:lang="en-US">Five point eight seven five percent notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FivePointEightSevenFivePercentNotesMember_lbl" xml:lang="en-US">Five Point Eight Seven Five Percent Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FivePointEightSevenFivePercentNotesMember_lbl" xml:lang="en-US">5.875% Notes [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SixPointSixTwoFivePercentNotesMember" xlink:label="bx_SixPointSixTwoFivePercentNotesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SixPointSixTwoFivePercentNotesMember" xlink:to="bx_SixPointSixTwoFivePercentNotesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SixPointSixTwoFivePercentNotesMember_lbl" xml:lang="en-US">Six Point Six Two Five Percent Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SixPointSixTwoFivePercentNotesMember_lbl" xml:lang="en-US">Six Point Six Two Five Percent Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SixPointSixTwoFivePercentNotesMember_lbl" xml:lang="en-US">6.625% Notes [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Debt instrument, interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate" xlink:label="us-gaap_DebtInstrumentIssuanceDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentIssuanceDate" xlink:to="us-gaap_DebtInstrumentIssuanceDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentIssuanceDate_lbl" xml:lang="en-US">Debt instrument, Issuance date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SeniorNotes" xlink:label="us-gaap_SeniorNotes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorNotes" xlink:to="us-gaap_SeniorNotes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior Notes, Total</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CarryingValueOfIssuedNotes" xlink:label="bx_CarryingValueOfIssuedNotes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CarryingValueOfIssuedNotes" xlink:to="bx_CarryingValueOfIssuedNotes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CarryingValueOfIssuedNotes_lbl" xml:lang="en-US">Carrying Value Of Issued Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CarryingValueOfIssuedNotes_lbl" xml:lang="en-US">Carrying Value Of Issued Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CarryingValueOfIssuedNotes_lbl" xml:lang="en-US">Carrying Value of issued notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesIssued1" xlink:label="us-gaap_NotesIssued1" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesIssued1" xlink:to="us-gaap_NotesIssued1_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesIssued1_lbl" xml:lang="en-US">Notes Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesIssued1_lbl" xml:lang="en-US">Fair value of the notes issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesIssued1_lbl" xml:lang="en-US">Debt instrument, Fair Value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LineOfCreditFacilityTable" xlink:label="us-gaap_LineOfCreditFacilityTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityTable" xlink:to="us-gaap_LineOfCreditFacilityTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityTable_lbl" xml:lang="en-US">Line of Credit Facility [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BorrowingsThroughConsolidatedCloVehiclesLineItems" xlink:label="bx_BorrowingsThroughConsolidatedCloVehiclesLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BorrowingsThroughConsolidatedCloVehiclesLineItems" xlink:to="bx_BorrowingsThroughConsolidatedCloVehiclesLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BorrowingsThroughConsolidatedCloVehiclesLineItems_lbl" xml:lang="en-US">Borrowings Through Consolidated CLO Vehicles [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BorrowingsThroughConsolidatedCloVehiclesLineItems_lbl" xml:lang="en-US">Borrowings Through Consolidated CLO Vehicles [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Debt Instrument, Principal Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Borrowing Outstanding</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_WeightedAverageInterestRate" xlink:label="bx_WeightedAverageInterestRate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_WeightedAverageInterestRate" xlink:to="bx_WeightedAverageInterestRate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_WeightedAverageInterestRate_lbl" xml:lang="en-US">Weighted average interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageInterestRate_lbl" xml:lang="en-US">Weighted Average Interest Rate</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_WeightedAverageRemainingMaturityInYears" xlink:label="bx_WeightedAverageRemainingMaturityInYears" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_WeightedAverageRemainingMaturityInYears" xlink:to="bx_WeightedAverageRemainingMaturityInYears_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_WeightedAverageRemainingMaturityInYears_lbl" xml:lang="en-US">Weighted Average Remaining Maturity in Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageRemainingMaturityInYears_lbl" xml:lang="en-US">Weighted Average Remaining Maturity In Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_WeightedAverageRemainingMaturityInYears_lbl" xml:lang="en-US">Weighted Average Remaining Maturity in Years</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_OperatingBorrowingsMember" xlink:label="bx_OperatingBorrowingsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_OperatingBorrowingsMember" xlink:to="bx_OperatingBorrowingsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_OperatingBorrowingsMember_lbl" xml:lang="en-US">Operating Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_OperatingBorrowingsMember_lbl" xml:lang="en-US">Operating Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_OperatingBorrowingsMember_lbl" xml:lang="en-US">Operating Borrowings [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackstoneFundFacilitiesCloVehiclesMember" xlink:label="bx_BlackstoneFundFacilitiesCloVehiclesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackstoneFundFacilitiesCloVehiclesMember" xlink:to="bx_BlackstoneFundFacilitiesCloVehiclesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackstoneFundFacilitiesCloVehiclesMember_lbl" xml:lang="en-US">Blackstone Fund Facilities / CLO Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackstoneFundFacilitiesCloVehiclesMember_lbl" xml:lang="en-US">Blackstone Fund Facilities Clo Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackstoneFundFacilitiesCloVehiclesMember_lbl" xml:lang="en-US">Blackstone Fund Facilities / CLO Vehicles [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalBorrowingsMember" xlink:label="bx_TotalBorrowingsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalBorrowingsMember" xlink:to="bx_TotalBorrowingsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalBorrowingsMember_lbl" xml:lang="en-US">Total Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalBorrowingsMember_lbl" xml:lang="en-US">Total Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalBorrowingsMember_lbl" xml:lang="en-US">Total Borrowings [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ScheduledPrincipalPaymentsForBorrowingsLineItems" xlink:label="bx_ScheduledPrincipalPaymentsForBorrowingsLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ScheduledPrincipalPaymentsForBorrowingsLineItems" xlink:to="bx_ScheduledPrincipalPaymentsForBorrowingsLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ScheduledPrincipalPaymentsForBorrowingsLineItems_lbl" xml:lang="en-US">Scheduled Principal Payments For Borrowings [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ScheduledPrincipalPaymentsForBorrowingsLineItems_lbl" xml:lang="en-US">Scheduled Principal Payments For Borrowings [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear" xlink:to="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear_lbl" xml:lang="en-US">Five Year Schedule of Maturities of Parent Company, Repayments of Principal within One Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleWithinOneYear_lbl" xml:lang="en-US">2012</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo" xlink:to="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo_lbl" xml:lang="en-US">Five Year Schedule of Maturities of Parent Company, Repayments of Principal in Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearTwo_lbl" xml:lang="en-US">2013</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree" xlink:to="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree_lbl" xml:lang="en-US">Five Year Schedule of Maturities of Parent Company, Repayment of Principal in Year Three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentOfPrincipleInYearThree_lbl" xml:lang="en-US">2014</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour" xlink:to="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour_lbl" xml:lang="en-US">Five Year Schedule of Maturities of Parent Company, Repayments of Principal in Year Four</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipleInYearFour_lbl" xml:lang="en-US">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive" xlink:to="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US">Five Year Schedule of Maturities of Parent Company, Repayments of Principal after Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiveYearScheduleOfMaturitiesOfParentCompanyRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective Income Tax Rate, Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective Income Tax Rate, Continuing Operations, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US">Schedule Of Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackStoneCommonUnitsMember" xlink:label="bx_BlackStoneCommonUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackStoneCommonUnitsMember" xlink:to="bx_BlackStoneCommonUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackStoneCommonUnitsMember_lbl" xml:lang="en-US">Black Stone Common Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackStoneCommonUnitsMember_lbl" xml:lang="en-US">Black Stone Common Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackStoneCommonUnitsMember_lbl" xml:lang="en-US">Blackstone Common Units [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Stock Repurchased During Period, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Common stock repurchased, units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Stock Repurchased During Period, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Common stock repurchased, value</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundsRemainingUnderRepurchaseProgram" xlink:label="bx_FundsRemainingUnderRepurchaseProgram" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundsRemainingUnderRepurchaseProgram" xlink:to="bx_FundsRemainingUnderRepurchaseProgram_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundsRemainingUnderRepurchaseProgram_lbl" xml:lang="en-US">Funds Remaining Under Repurchase Program</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundsRemainingUnderRepurchaseProgram_lbl" xml:lang="en-US">Funds Remaining Under Repurchase Program</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FundsRemainingUnderRepurchaseProgram_lbl" xml:lang="en-US">Amount remaining available for repurchases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:label="us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable" xlink:to="us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTable_lbl" xml:lang="en-US">Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareDilutedLineItems" xlink:label="us-gaap_EarningsPerShareDilutedLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDilutedLineItems" xlink:to="us-gaap_EarningsPerShareDilutedLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDilutedLineItems_lbl" xml:lang="en-US">Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits" xlink:label="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits" xlink:to="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits_lbl" xml:lang="en-US">Weighted-Average Unvested Deferred Restricted Common Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits_lbl" xml:lang="en-US">Weighted-Average Unvested Deferred Restricted Common Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_WeightedAverageUnvestedDeferredRestrictedCommonUnits_lbl" xml:lang="en-US">Weighted-Average Unvested Deferred Restricted Common Units</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AntiDilutiveWeightedAverageOfPartnershipUnits" xlink:label="bx_AntiDilutiveWeightedAverageOfPartnershipUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AntiDilutiveWeightedAverageOfPartnershipUnits" xlink:to="bx_AntiDilutiveWeightedAverageOfPartnershipUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AntiDilutiveWeightedAverageOfPartnershipUnits_lbl" xml:lang="en-US">Anti-Dilutive Weighted-Average of Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AntiDilutiveWeightedAverageOfPartnershipUnits_lbl" xml:lang="en-US">Anti-Dilutive Weighted-Average of Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AntiDilutiveWeightedAverageOfPartnershipUnits_lbl" xml:lang="en-US">Weighted-Average Blackstone Holdings Partnership Units, Anti-dilutive</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnitsOfPartnershipInterestAmount" xlink:label="us-gaap_UnitsOfPartnershipInterestAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnitsOfPartnershipInterestAmount" xlink:to="us-gaap_UnitsOfPartnershipInterestAmount_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnitsOfPartnershipInterestAmount_lbl" xml:lang="en-US">Units of Partnership Interest, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnitsOfPartnershipInterestAmount_lbl" xml:lang="en-US">Partnership grant units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xml:lang="en-US">Employee Service Share-based Compensation, Tax Benefit from Compensation Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xml:lang="en-US">Tax benefits in relation to equity-based awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Estimated unrecognized compensation expense related to unvested awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition_lbl" xml:lang="en-US">Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards, Weighted Average Period of Recognition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition_lbl" xml:lang="en-US">Weighted-average period for recognized compensation expense related to unvested awards, years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_lbl" xml:lang="en-US">Total vested and unvested outstanding units</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalOutstandingUnvestedPhantomUnits" xlink:label="bx_TotalOutstandingUnvestedPhantomUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalOutstandingUnvestedPhantomUnits" xlink:to="bx_TotalOutstandingUnvestedPhantomUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalOutstandingUnvestedPhantomUnits_lbl" xml:lang="en-US">Total Outstanding Unvested Phantom Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalOutstandingUnvestedPhantomUnits_lbl" xml:lang="en-US">Total Outstanding Unvested Phantom Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalOutstandingUnvestedPhantomUnits_lbl" xml:lang="en-US">Total outstanding unvested phantom units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardAwardTypeAndPlanNameAxis" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardAwardTypeAndPlanNameAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardAwardTypeAndPlanNameAxis" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardAwardTypeAndPlanNameAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardAwardTypeAndPlanNameAxis_lbl" xml:lang="en-US">Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Award Type and Plan Name [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US">Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackstonePartnershipUnitsMember" xlink:label="bx_BlackstonePartnershipUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackstonePartnershipUnitsMember" xlink:to="bx_BlackstonePartnershipUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackstonePartnershipUnitsMember_lbl" xml:lang="en-US">Blackstone Partnership Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackstonePartnershipUnitsMember_lbl" xml:lang="en-US">Blackstone Partnership Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackstonePartnershipUnitsMember_lbl" xml:lang="en-US">Blackstone Partnership Units [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember" xlink:label="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember" xlink:to="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember_lbl" xml:lang="en-US">Equity Settled Awards Deferred Restricted Common Units And Options [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember_lbl" xml:lang="en-US">Equity Settled Awards Deferred Restricted Common Units And Options [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EquitySettledAwardsDeferredRestrictedCommonUnitsAndOptionsMember_lbl" xml:lang="en-US">Equity Settled Awards - Deferred Restricted Common Units And Options [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember" xlink:label="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember" xlink:to="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Equity Settled Awards Weighted Average Grant Date Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Equity Settled Awards Weighted Average Grant Date Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EquitySettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Equity Settled Awards - Weighted-Average Grant Date Fair Value [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CashSettledAwardsPhantomUnitsMember" xlink:label="bx_CashSettledAwardsPhantomUnitsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CashSettledAwardsPhantomUnitsMember" xlink:to="bx_CashSettledAwardsPhantomUnitsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CashSettledAwardsPhantomUnitsMember_lbl" xml:lang="en-US">Cash Settled Awards Phantom Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CashSettledAwardsPhantomUnitsMember_lbl" xml:lang="en-US">Cash Settled Awards Phantom Units [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CashSettledAwardsPhantomUnitsMember_lbl" xml:lang="en-US">Cash Settled Awards - Phantom Units [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember" xlink:label="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember" xlink:to="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Cash Settled Awards Weighted Average Grant Date Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Cash Settled Awards Weighted Average Grant Date Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CashSettledAwardsWeightedAverageGrantDateFairValueMember_lbl" xml:lang="en-US">Cash Settled Awards - Weighted-Average Grant Date Fair Value [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackstoneGroupLPMember" xlink:label="bx_BlackstoneGroupLPMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackstoneGroupLPMember" xlink:to="bx_BlackstoneGroupLPMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackstoneGroupLPMember_lbl" xml:lang="en-US">The Blackstone Group L.P. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackstoneGroupLPMember_lbl" xml:lang="en-US">Blackstone Group L P [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackstoneGroupLPMember_lbl" xml:lang="en-US">The Blackstone Group L.P. [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Unvested, Balance at March 31, 2012 (Weighted-Average Grant Date Fair Value)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Unvested, Balance at December 31, 2011 (Weighted-Average Grant Date Fair Value)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Non-vested balance at December 31, 2009 (Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Non-vested balance at September 30, 2010 (Weighted Average Grant Date Fair Value)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Granted (Weighted-Average Grant Date Fair Value)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Vested (Weighted-Average Grant Date Fair Value)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Forfeited (Weighted-Average Grant Date Fair Value)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Unvested, Balance at March 31, 2012 (Units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Unvested, Balance at December 31, 2011 (Units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Non-vested balance at September 31, 2010 (Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Non-vested balance at December 31, 2009 (Shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">Granted (Units)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">Vested (Units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">Vested (Units)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US">Forfeited (Units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US">Forfeited (Units)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_UnitsExpectedToVestForPartnershipUnits" xlink:label="bx_UnitsExpectedToVestForPartnershipUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_UnitsExpectedToVestForPartnershipUnits" xlink:to="bx_UnitsExpectedToVestForPartnershipUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_UnitsExpectedToVestForPartnershipUnits_lbl" xml:lang="en-US">Units Expected To Vest For Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_UnitsExpectedToVestForPartnershipUnits_lbl" xml:lang="en-US">Units Expected To Vest For Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_UnitsExpectedToVestForPartnershipUnits_lbl" xml:lang="en-US">Blackstone Holdings Partnership Units (Units)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions" xlink:label="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions" xlink:to="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions_lbl" xml:lang="en-US">Units Expected To Vest Deferred Restricted Common Units And Options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions_lbl" xml:lang="en-US">Units Expected To Vest Deferred Restricted Common Units And Options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_UnitsExpectedToVestDeferredRestrictedCommonUnitsAndOptions_lbl" xml:lang="en-US">Deferred Restricted Blackstone Common Units and Options (Units)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_UnitsExpectedToVestForTotalEquityBasedAwards" xlink:label="bx_UnitsExpectedToVestForTotalEquityBasedAwards" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_UnitsExpectedToVestForTotalEquityBasedAwards_lbl" xml:lang="en-US">Units Expected To Vest For Total Equity Based Awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_UnitsExpectedToVestForTotalEquityBasedAwards_lbl" xml:lang="en-US">Total Equity-Based Awards (Units)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_UnitsExpectedToVestForTotalEquityBasedAwards_lbl" xml:lang="en-US">Total Equity-Based Awards (Units)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_UnitsExpectedToVestForPhantomUnits_lbl" xml:lang="en-US">Units Expected To Vest For Phantom Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_UnitsExpectedToVestForPhantomUnits_lbl" xml:lang="en-US">Phantom Units (Units)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_WeightedAverageServicePeriodInYearsForPartnershipUnits" xlink:label="bx_WeightedAverageServicePeriodInYearsForPartnershipUnits" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_WeightedAverageServicePeriodInYearsForPartnershipUnits_lbl" xml:lang="en-US">Weighted Average Service Period In Years For Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageServicePeriodInYearsForPartnershipUnits_lbl" xml:lang="en-US">Weighted Average Service Period In Years For Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_WeightedAverageServicePeriodInYearsForPartnershipUnits_lbl" xml:lang="en-US">Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageServicePeriodInYearsForDeferredRestrictedCommonUnitsAndOptions_lbl" xml:lang="en-US">Weighted Average Service Period In Years For Deferred Restricted Common Units and Options</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageServicePeriodInYearsForTotalEquityBasedAwards_lbl" xml:lang="en-US">Weighted Average Service Period In Years For Total Equity Based Awards</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_WeightedAverageServicePeriodInYearsForPhantomUnits_lbl" xml:lang="en-US">Weighted Average Service Period In Years For Phantom Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_WeightedAverageServicePeriodInYearsForPhantomUnits_lbl" xml:lang="en-US">Phantom Units (Weighted-Average Service Period in Years)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FoundersOtherSeniorManagingDirectorsAndEmployeesShareOfNetIncomeAttributableToRedeemableNonControllingAndNonControllingInterestsInConsolidatedEntities_lbl" xml:lang="en-US">Founders Other Senior Managing Directors And Employees Share Of Net Income Attributable To Redeemable Non Controlling And Non Controlling Interests In Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FoundersOtherSeniorManagingDirectorsAndEmployeesShareOfNetIncomeAttributableToRedeemableNonControllingAndNonControllingInterestsInConsolidatedEntities_lbl" xml:lang="en-US">Founder's, other senior managing directors' and employees' share of the Net Income Attributable to Redeemable Non-Controlling Interests</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_InterestFromLoansToAffiliates" xlink:label="bx_InterestFromLoansToAffiliates" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_InterestFromLoansToAffiliates_lbl" xml:lang="en-US">Interest From Loans to Affiliates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_InterestFromLoansToAffiliates_lbl" xml:lang="en-US">Interest from loans to affiliates</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CashSavingInTaxReceivableAgreements" xlink:label="bx_CashSavingInTaxReceivableAgreements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CashSavingInTaxReceivableAgreements" xlink:to="bx_CashSavingInTaxReceivableAgreements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CashSavingInTaxReceivableAgreements_lbl" xml:lang="en-US">Cash Saving in tax receivable agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CashSavingInTaxReceivableAgreements_lbl" xml:lang="en-US">Cash Saving In Tax Receivable Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CashSavingInTaxReceivableAgreements_lbl" xml:lang="en-US">Cash saving in tax receivable agreements, percentage</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements" xlink:to="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements_lbl" xml:lang="en-US">Expected future payments under the tax receivable agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreements_lbl" xml:lang="en-US">Expected future payments under the tax receivable agreements</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ExpectedFuturePaymentsUnderTaxReceivableAgreementsInYears" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreementsInYears" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreementsInYears_lbl" xml:lang="en-US">Expected future payments under the tax receivable agreements in years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ExpectedFuturePaymentsUnderTaxReceivableAgreementsInYears_lbl" xml:lang="en-US">Expected future payments under the tax receivable agreements in years</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements" xlink:label="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements" xlink:to="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements_lbl" xml:lang="en-US">After Tax Net Present Value Estimated Payments For The Tax Receivable Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements_lbl" xml:lang="en-US">After Tax Net Present Value Estimated Payments For The Tax Receivable Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AfterTaxNetPresentValueEstimatedPaymentsForTaxReceivableAgreements_lbl" xml:lang="en-US">After-tax net present value estimated payments</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AfterTaxNetPresentValueDiscountRateAssumptionForTaxReceivableAgreements" xlink:label="bx_AfterTaxNetPresentValueDiscountRateAssumptionForTaxReceivableAgreements" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AfterTaxNetPresentValueDiscountRateAssumptionForTaxReceivableAgreements_lbl" xml:lang="en-US">After Tax Net Present Value Discount Rate Assumption For The Tax Receivable Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AfterTaxNetPresentValueDiscountRateAssumptionForTaxReceivableAgreements_lbl" xml:lang="en-US">After Tax Net Present Value Discount Rate Assumption For The Tax Receivable Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AfterTaxNetPresentValueDiscountRateAssumptionForTaxReceivableAgreements_lbl" xml:lang="en-US">After-tax net present value discount rate assumption</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest" xlink:label="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest" xlink:to="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest_lbl" xml:lang="en-US">Accrual For Potential Clawback Of Previously Distributed Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest_lbl" xml:lang="en-US">Accrual For Potential Clawback Of Previously Distributed Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AccrualForPotentialClawbackOfPreviouslyDistributedInterest_lbl" xml:lang="en-US">Accrual for Potential Clawback of Previously Distributed Carried Interest</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds" xlink:label="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds" xlink:to="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds_lbl" xml:lang="en-US">Primarily interest bearing advances made on behalf of certain non-controlling interest holders and company employees for investments in Company funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds_lbl" xml:lang="en-US">Primarily interest bearing advances made on behalf of certain non-controlling interest holders and company employees for investments in Company funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PrimarilyInterestBearingAdvancesMadeOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployeesForInvestmentsInCompanyFunds_lbl" xml:lang="en-US">Primarily Interest Bearing Advances Made on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees for Investments in Blackstone Funds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueFromRelatedParties" xlink:label="us-gaap_DueFromRelatedParties" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US">Due from Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US">Amounts Due from Portfolio Companies and Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US">"</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds" xlink:label="bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds" xlink:to="bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds_lbl" xml:lang="en-US">Investments Redeemed in Non-Consolidated Funds of Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_InvestmentsRedeemedInNonConsolidatedFundsOfFunds_lbl" xml:lang="en-US">Investments Redeemed in Non-Consolidated Funds of Funds</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds" xlink:label="bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds" xlink:to="bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds_lbl" xml:lang="en-US">Management and Performance Fees Due from Non-Consolidated Funds of Funds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ManagementAndPerformanceFeesDueFromNonConsolidatedFundsOfFunds_lbl" xml:lang="en-US">Management and Performance Fees Due from Non-Consolidated Funds of Funds</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities" xlink:label="bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities" xlink:to="bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities_lbl" xml:lang="en-US">Payments Made on Behalf of Non-Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PaymentsMadeOnBehalfOfNonConsolidatedEntities_lbl" xml:lang="en-US">Payments Made on Behalf of Non-Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdvancesToAffiliate" xlink:label="us-gaap_AdvancesToAffiliate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvancesToAffiliate" xlink:to="us-gaap_AdvancesToAffiliate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvancesToAffiliate_lbl" xml:lang="en-US">Advances to Affiliate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdvancesToAffiliate_lbl" xml:lang="en-US">Advances Made to Certain Non-Controlling Interest Holders and Blackstone Employees</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements" xlink:label="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements" xlink:to="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements_lbl" xml:lang="en-US">Due to certain non-controlling interest holders in connection with tax receivable agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements_lbl" xml:lang="en-US">Due to certain non-controlling interest holders in connection with tax receivable agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DueToCertainNonControllingInterestHoldersInConnectionWithTaxReceivableAgreements_lbl" xml:lang="en-US">Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees" xlink:label="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees" xlink:to="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees_lbl" xml:lang="en-US">Accrual For Potential Repayment Of Previously Received Performance Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees_lbl" xml:lang="en-US">Accrual For Potential Repayment Of Previously Received Performance Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees_lbl" xml:lang="en-US">Clawback obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_AccrualForPotentialRepaymentOfPreviouslyReceivedPerformanceFees_lbl" xml:lang="en-US">Accrual for Potential Repayment of Previously Received Performance Fees</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DueToNoteHoldersOfConsolidateCloVehicles" xlink:label="bx_DueToNoteHoldersOfConsolidateCloVehicles" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DueToNoteHoldersOfConsolidateCloVehicles_lbl" xml:lang="en-US">Due To Note Holders Of Consolidate CLO Vehicles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DueToNoteHoldersOfConsolidateCloVehicles_lbl" xml:lang="en-US">Due To Note Holders Of Consolidate CLO Vehicles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DueToNoteHoldersOfConsolidateCloVehicles_lbl" xml:lang="en-US">Due to Note-Holders of Consolidated CLO Vehicles</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees" xlink:label="bx_DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees_lbl" xml:lang="en-US">Distributions Received On Behalf Of Certain Non Controlling Interest Holders And Company Employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees_lbl" xml:lang="en-US">Distributions Received On Behalf Of Certain Non Controlling Interest Holders And Company Employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DistributionsReceivedOnBehalfOfCertainNonControllingInterestHoldersAndCompanyEmployees_lbl" xml:lang="en-US">Distributions Received on Behalf of Certain Non-Controlling Interest Holders and Blackstone Employees</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PayableToAffiliatesForConsolidatedFundsInLiquidation" xlink:label="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation" xlink:to="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation_lbl" xml:lang="en-US">Payable to affiliates for consolidated funds in liquidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation_lbl" xml:lang="en-US">Payable To Affiliates For Consolidated Funds In Liquidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PayableToAffiliatesForConsolidatedFundsInLiquidation_lbl" xml:lang="en-US">Payable to Affiliates for Consolidated Funds in Liquidation</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities" xlink:label="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities" xlink:to="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities_lbl" xml:lang="en-US">Distributions Received on Behalf of Non-Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities_lbl" xml:lang="en-US">Distributions Received on Behalf of Non-Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DistributionsReceivedOnBehalfOfNonConsolidatedEntities_lbl" xml:lang="en-US">Distributions Received on Behalf of Blackstone Entities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PaymentsMadeByNonConsolidatedEntities" xlink:label="bx_PaymentsMadeByNonConsolidatedEntities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PaymentsMadeByNonConsolidatedEntities" xlink:to="bx_PaymentsMadeByNonConsolidatedEntities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PaymentsMadeByNonConsolidatedEntities_lbl" xml:lang="en-US">Payments Made by Non-Consolidated Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PaymentsMadeByNonConsolidatedEntities_lbl" xml:lang="en-US">Payments Made by Non-Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CommitmentsAndContingenciesTable" xlink:label="bx_CommitmentsAndContingenciesTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CommitmentsAndContingenciesTable" xlink:to="bx_CommitmentsAndContingenciesTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CommitmentsAndContingenciesTable_lbl" xml:lang="en-US">Commitments and Contingencies [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CommitmentsAndContingenciesTable_lbl" xml:lang="en-US">Commitments and Contingencies [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PortfolioCompanyAcquisitionMember" xlink:label="bx_PortfolioCompanyAcquisitionMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PortfolioCompanyAcquisitionMember" xlink:to="bx_PortfolioCompanyAcquisitionMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PortfolioCompanyAcquisitionMember_lbl" xml:lang="en-US">Portfolio company acquisition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PortfolioCompanyAcquisitionMember_lbl" xml:lang="en-US">Portfolio Company Acquisition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PortfolioCompanyAcquisitionMember_lbl" xml:lang="en-US">Portfolio Company Acquisition [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackstoneFundsMember" xlink:label="bx_BlackstoneFundsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackstoneFundsMember" xlink:to="bx_BlackstoneFundsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackstoneFundsMember_lbl" xml:lang="en-US">Blackstone Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackstoneFundsMember_lbl" xml:lang="en-US">Blackstone Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackstoneFundsMember_lbl" xml:lang="en-US">Blackstone Funds [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_GeneralPartnerCapitalFundingCommitments" xlink:label="bx_GeneralPartnerCapitalFundingCommitments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_GeneralPartnerCapitalFundingCommitments" xlink:to="bx_GeneralPartnerCapitalFundingCommitments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_GeneralPartnerCapitalFundingCommitments_lbl" xml:lang="en-US">General Partner Capital Funding Commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_GeneralPartnerCapitalFundingCommitments_lbl" xml:lang="en-US">General Partner Capital Funding Commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_GeneralPartnerCapitalFundingCommitments_lbl" xml:lang="en-US">General partner capital funding</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing" xlink:label="bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing" xlink:to="bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing_lbl" xml:lang="en-US">Signed Investment Commitments For Portfolio Company Acquisitions In Process Of Closing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SignedInvestmentCommitmentsForPortfolioCompanyAcquisitionsInProcessOfClosing_lbl" xml:lang="en-US">Signed investment commitments for portfolio company acquisitions in process of closing</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundsSignedInvestmentCommitments" xlink:label="bx_FundsSignedInvestmentCommitments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundsSignedInvestmentCommitments" xlink:to="bx_FundsSignedInvestmentCommitments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundsSignedInvestmentCommitments_lbl" xml:lang="en-US">Funds Signed Investment Commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundsSignedInvestmentCommitments_lbl" xml:lang="en-US">Funds Signed Investment Commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FundsSignedInvestmentCommitments_lbl" xml:lang="en-US">Funds signed investment commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueConcentrationOfRiskInvestments" xlink:label="us-gaap_FairValueConcentrationOfRiskInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueConcentrationOfRiskInvestments" xlink:to="us-gaap_FairValueConcentrationOfRiskInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueConcentrationOfRiskInvestments_lbl" xml:lang="en-US">Fair Value, Concentration of Risk, Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueConcentrationOfRiskInvestments_lbl" xml:lang="en-US">Total investments at risk in respect of guarantees extended</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LoansHeldByEmployeesForInvestmentGuaranteed" xlink:label="bx_LoansHeldByEmployeesForInvestmentGuaranteed" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LoansHeldByEmployeesForInvestmentGuaranteed" xlink:to="bx_LoansHeldByEmployeesForInvestmentGuaranteed_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LoansHeldByEmployeesForInvestmentGuaranteed_lbl" xml:lang="en-US">Loans Held By Employees For Investment Guaranteed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LoansHeldByEmployeesForInvestmentGuaranteed_lbl" xml:lang="en-US">Loans Held By Employees For Investment Guaranteed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LoansHeldByEmployeesForInvestmentGuaranteed_lbl" xml:lang="en-US">Loans held By employees for investment guaranteed</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ContingentObligationsCurrentlyAnticipatedToExpireStart" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart" xlink:to="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart_lbl" xml:lang="en-US">Contingent Obligations Currently Anticipated to Expire Start</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart_lbl" xml:lang="en-US">Contingent Obligations Currently Anticipated to Expire Start</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireStart_lbl" xml:lang="en-US">Contingent obligations currently anticipated to expire start</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd" xlink:to="bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd_lbl" xml:lang="en-US">Contingent obligations currently anticipated to expire end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ContingentObligationsCurrentlyAnticipatedToExpireEnd_lbl" xml:lang="en-US">Contingent obligations currently anticipated to expire end</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ProvisionForCashClawback" xlink:label="bx_ProvisionForCashClawback" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ProvisionForCashClawback" xlink:to="bx_ProvisionForCashClawback_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ProvisionForCashClawback_lbl" xml:lang="en-US">Provision for cash clawback</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ProvisionForCashClawback_lbl" xml:lang="en-US">Provision for cash clawback</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BlackstoneHoldingsMember" xlink:label="bx_BlackstoneHoldingsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BlackstoneHoldingsMember" xlink:to="bx_BlackstoneHoldingsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BlackstoneHoldingsMember_lbl" xml:lang="en-US">Blackstone Holdings Member</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BlackstoneHoldingsMember_lbl" xml:lang="en-US">Blackstone Holdings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BlackstoneHoldingsMember_lbl" xml:lang="en-US">Blackstone Holdings [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_CurrentAndFormerBlackstonePersonnelMember" xlink:label="bx_CurrentAndFormerBlackstonePersonnelMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_CurrentAndFormerBlackstonePersonnelMember" xlink:to="bx_CurrentAndFormerBlackstonePersonnelMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_CurrentAndFormerBlackstonePersonnelMember_lbl" xml:lang="en-US">Current and former Blackstone personnel [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_CurrentAndFormerBlackstonePersonnelMember_lbl" xml:lang="en-US">Current And Former Blackstone Personnel [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_CurrentAndFormerBlackstonePersonnelMember_lbl" xml:lang="en-US">Current And Former Blackstone Personnel [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ClawbackObligations" xlink:label="bx_ClawbackObligations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ClawbackObligations" xlink:to="bx_ClawbackObligations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ClawbackObligations_lbl" xml:lang="en-US">Clawback Obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ClawbackObligations_lbl" xml:lang="en-US">Clawback obligations</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ClawbackObligationsPartnerships" xlink:label="bx_ClawbackObligationsPartnerships" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ClawbackObligationsPartnerships" xlink:to="bx_ClawbackObligationsPartnerships_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ClawbackObligationsPartnerships_lbl" xml:lang="en-US">Clawback Obligations Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ClawbackObligationsPartnerships_lbl" xml:lang="en-US">Clawback Obligations Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ClawbackObligationsPartnerships_lbl" xml:lang="en-US">Clawback obligations partnerships</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ClawbackObligationsCurrentAndFormerPersonnel" xlink:label="bx_ClawbackObligationsCurrentAndFormerPersonnel" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ClawbackObligationsCurrentAndFormerPersonnel" xlink:to="bx_ClawbackObligationsCurrentAndFormerPersonnel_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ClawbackObligationsCurrentAndFormerPersonnel_lbl" xml:lang="en-US">Clawback Obligations Current And Former Personnel</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ClawbackObligationsCurrentAndFormerPersonnel_lbl" xml:lang="en-US">Clawback Obligations Current And Former Personnel</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ClawbackObligationsCurrentAndFormerPersonnel_lbl" xml:lang="en-US">Clawback obligations Current and Former Personnel</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalSegmentMember" xlink:label="bx_TotalSegmentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalSegmentMember" xlink:to="bx_TotalSegmentMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalSegmentMember_lbl" xml:lang="en-US">Total Segment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalSegmentMember_lbl" xml:lang="en-US">Total Segment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalSegmentMember_lbl" xml:lang="en-US">Total Segments [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_HedgeFundSolutionsAndCreditBusinessesMember" xlink:label="bx_HedgeFundSolutionsAndCreditBusinessesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_HedgeFundSolutionsAndCreditBusinessesMember" xlink:to="bx_HedgeFundSolutionsAndCreditBusinessesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_HedgeFundSolutionsAndCreditBusinessesMember_lbl" xml:lang="en-US">Hedge Fund Solutions And Credit Businesses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_HedgeFundSolutionsAndCreditBusinessesMember_lbl" xml:lang="en-US">Hedge Fund Solutions And Credit Businesses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_HedgeFundSolutionsAndCreditBusinessesMember_lbl" xml:lang="en-US">Hedge Fund Solutions And Credit Businesses [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ManagementFeesBaseRevenue" xlink:label="us-gaap_ManagementFeesBaseRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ManagementFeesBaseRevenue" xlink:to="us-gaap_ManagementFeesBaseRevenue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ManagementFeesBaseRevenue_lbl" xml:lang="en-US">Management Fees, Base Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ManagementFeesBaseRevenue_lbl" xml:lang="en-US">Base management fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ManagementFeesBaseRevenue_lbl" xml:lang="en-US">Management and Advisory Fees, Base Management Fees</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AdvisoryFees" xlink:label="bx_AdvisoryFees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AdvisoryFees" xlink:to="bx_AdvisoryFees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AdvisoryFees_lbl" xml:lang="en-US">Advisory Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AdvisoryFees_lbl" xml:lang="en-US">Advisory fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_AdvisoryFees_lbl" xml:lang="en-US">Advisory fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_AdvisoryFees_lbl" xml:lang="en-US">Management and Advisory Fees, Advisory Fees</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TransactionAndOtherFeesNet" xlink:label="bx_TransactionAndOtherFeesNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TransactionAndOtherFeesNet" xlink:to="bx_TransactionAndOtherFeesNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TransactionAndOtherFeesNet_lbl" xml:lang="en-US">Transaction and Other Fees, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TransactionAndOtherFeesNet_lbl" xml:lang="en-US">Transaction And Other Fees Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TransactionAndOtherFeesNet_lbl" xml:lang="en-US">Transaction and other fees, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_TransactionAndOtherFeesNet_lbl" xml:lang="en-US">Management and Advisory Fees, Transaction and Other Fees, Net</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ManagementFeeOffsets" xlink:label="bx_ManagementFeeOffsets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ManagementFeeOffsets" xlink:to="bx_ManagementFeeOffsets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ManagementFeeOffsets_lbl" xml:lang="en-US">Management Fee Offsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ManagementFeeOffsets_lbl" xml:lang="en-US">Management fee offsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_ManagementFeeOffsets_lbl" xml:lang="en-US">Management and Advisory Fees, Management Fee Offsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_ManagementFeeOffsets_lbl" xml:lang="en-US">Management Fee Offsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other General Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other Operating Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other Cost and Expense, Operating, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other Operating Expenses</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EconomicNetIncome" xlink:label="bx_EconomicNetIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EconomicNetIncome" xlink:to="bx_EconomicNetIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EconomicNetIncome_lbl" xml:lang="en-US">Economic Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EconomicNetIncome_lbl" xml:lang="en-US">Economic Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EconomicNetIncome_lbl" xml:lang="en-US">Economic Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="bx_EconomicNetIncome_lbl" xml:lang="en-US">Economic Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_EconomicNetIncome_lbl" xml:lang="en-US">Economic Net Income (Loss)</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SegmentReportingOfSegmentAssets" xlink:label="bx_SegmentReportingOfSegmentAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SegmentReportingOfSegmentAssets" xlink:to="bx_SegmentReportingOfSegmentAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SegmentReportingOfSegmentAssets_lbl" xml:lang="en-US">Segment Reporting Of Segment Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SegmentReportingOfSegmentAssets_lbl" xml:lang="en-US">Segment Reporting Of Segment Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SegmentReportingOfSegmentAssets_lbl" xml:lang="en-US">Segment Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_SegmentReportingOfSegmentAssets_lbl" xml:lang="en-US">Total Assets</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ConsolidationAdjustmentsAndReconcilingItemsMember" xlink:label="bx_ConsolidationAdjustmentsAndReconcilingItemsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ConsolidationAdjustmentsAndReconcilingItemsMember" xlink:to="bx_ConsolidationAdjustmentsAndReconcilingItemsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ConsolidationAdjustmentsAndReconcilingItemsMember_lbl" xml:lang="en-US">Consolidation Adjustments and Reconciling Items [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ConsolidationAdjustmentsAndReconcilingItemsMember_lbl" xml:lang="en-US">Consolidation Adjustments And Reconciling Items [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ConsolidationAdjustmentsAndReconcilingItemsMember_lbl" xml:lang="en-US">Consolidation Adjustments And Reconciling Items [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation" xlink:label="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation" xlink:to="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation_lbl" xml:lang="en-US">Fund Management Fees And Performance Fees Eliminated In Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation_lbl" xml:lang="en-US">Fund Management Fees And Performance Fees Eliminated In Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FundManagementFeesAndPerformanceFeesEliminatedInConsolidation_lbl" xml:lang="en-US">Fund Management Fees and Performance Fees Eliminated in Consolidation</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_FundExpensesAddedInConsolidation" xlink:label="bx_FundExpensesAddedInConsolidation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_FundExpensesAddedInConsolidation" xlink:to="bx_FundExpensesAddedInConsolidation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_FundExpensesAddedInConsolidation_lbl" xml:lang="en-US">Fund Expenses Added in Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_FundExpensesAddedInConsolidation_lbl" xml:lang="en-US">Fund Expenses Added In Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_FundExpensesAddedInConsolidation_lbl" xml:lang="en-US">Fund expenses added in consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_FundExpensesAddedInConsolidation_lbl" xml:lang="en-US">Fund Expenses Added in Consolidation</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest" xlink:label="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest" xlink:to="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Segment Reconciliation Net Income Loss Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SegmentReconciliationNetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Non-Controlling Interests in Income (Loss) of Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TransactionalOtherIncome" xlink:label="bx_TransactionalOtherIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TransactionalOtherIncome" xlink:to="bx_TransactionalOtherIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TransactionalOtherIncome_lbl" xml:lang="en-US">Transactional Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TransactionalOtherIncome_lbl" xml:lang="en-US">Transactional other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_TransactionalOtherIncome_lbl" xml:lang="en-US">Transaction-Related Other Income</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalConsolidationAdjustmentsAndReconcilingItems" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalConsolidationAdjustmentsAndReconcilingItems" xlink:to="bx_TotalConsolidationAdjustmentsAndReconcilingItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItems_lbl" xml:lang="en-US">Total Consolidation Adjustments and Reconciling Items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItems_lbl" xml:lang="en-US">Total Consolidation Adjustments and Reconciling Items</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_SegmentReconciliationAmortizationOfIntangibleAssets" xlink:label="bx_SegmentReconciliationAmortizationOfIntangibleAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_SegmentReconciliationAmortizationOfIntangibleAssets" xlink:to="bx_SegmentReconciliationAmortizationOfIntangibleAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_SegmentReconciliationAmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Segment Reconciliation Amortization Of Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_SegmentReconciliationAmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Segment Reconciliation Amortization Of Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="bx_SegmentReconciliationAmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of Intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_SegmentReconciliationAmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of Intangibles</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_IpoAndAcquisitionRelatedCharges" xlink:label="bx_IpoAndAcquisitionRelatedCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_IpoAndAcquisitionRelatedCharges" xlink:to="bx_IpoAndAcquisitionRelatedCharges_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_IpoAndAcquisitionRelatedCharges_lbl" xml:lang="en-US">IPO And Acquisition Related Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_IpoAndAcquisitionRelatedCharges_lbl" xml:lang="en-US">Ipo And Acquisition Related Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_IpoAndAcquisitionRelatedCharges_lbl" xml:lang="en-US">IPO and acquisition-related charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_IpoAndAcquisitionRelatedCharges_lbl" xml:lang="en-US">IPO and Acquisition-Related Charges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Non-Controlling Interest in Income (Loss) of Consolidated Entities, Adjustment to Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Non-controlling interests in income (loss) of consolidated entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Non-Controlling Interests in Income (Loss) of Consolidated Entities</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes" xlink:to="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes_lbl" xml:lang="en-US">Total Consolidation Adjustments And Reconciling Items For Economic Net Income To Income Loss Before Provision For Taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes_lbl" xml:lang="en-US">Total Consolidation Adjustments And Reconciling Items For Economic Net Income To Income Loss Before Provision For Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes_lbl" xml:lang="en-US">Total consolidation adjustments and reconciling items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="bx_TotalConsolidationAdjustmentsAndReconcilingItemsForEconomicNetIncomeToIncomeLossBeforeProvisionForTaxes_lbl" xml:lang="en-US">Total Consolidation Adjustments and Reconciling Items</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAffiliatesMember" xlink:label="us-gaap_OtherAffiliatesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAffiliatesMember" xlink:to="us-gaap_OtherAffiliatesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAffiliatesMember_lbl" xml:lang="en-US">Other Affiliates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAffiliatesMember_lbl" xml:lang="en-US">Consolidated Blackstone Funds [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CreditDefaultSwapMember" xlink:label="us-gaap_CreditDefaultSwapMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditDefaultSwapMember" xlink:to="us-gaap_CreditDefaultSwapMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditDefaultSwapMember_lbl" xml:lang="en-US">Credit Default Swap [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CreditDefaultSwapMember_lbl" xml:lang="en-US">Credit Default Swap [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresByEligibleItemOrGroupAxis" xlink:label="us-gaap_FairValueOptionQuantitativeDisclosuresByEligibleItemOrGroupAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionQuantitativeDisclosuresByEligibleItemOrGroupAxis" xlink:to="us-gaap_FairValueOptionQuantitativeDisclosuresByEligibleItemOrGroupAxis_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOptionQuantitativeDisclosuresByEligibleItemOrGroupAxis_lbl" xml:lang="en-US">Fair Value, Option, Quantitative Disclosures, by Eligible Item or Group [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOptionEligibleItemOrGroupDomain" xlink:label="us-gaap_FairValueOptionEligibleItemOrGroupDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionEligibleItemOrGroupDomain" xlink:to="us-gaap_FairValueOptionEligibleItemOrGroupDomain_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOptionEligibleItemOrGroupDomain_lbl" xml:lang="en-US">Fair Value Option Eligible Item Or Group [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueOptionEligibleItemOrGroupDomain_lbl" xml:lang="en-US">Fair Value, Option, Eligible Item or Group [Domain]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DiscountRateMember" xlink:label="bx_DiscountRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DiscountRateMember" xlink:to="bx_DiscountRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DiscountRateMember_lbl" xml:lang="en-US">Discount Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DiscountRateMember_lbl" xml:lang="en-US">Discount Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DiscountRateMember_lbl" xml:lang="en-US">Discount Rate [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_RevenueCagrMember" xlink:label="bx_RevenueCagrMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_RevenueCagrMember" xlink:to="bx_RevenueCagrMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_RevenueCagrMember_lbl" xml:lang="en-US">Revenue CAGR [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_RevenueCagrMember_lbl" xml:lang="en-US">Revenue Cagr [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_RevenueCagrMember_lbl" xml:lang="en-US">Revenue CAGR [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ExitMultipleMember" xlink:label="bx_ExitMultipleMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ExitMultipleMember" xlink:to="bx_ExitMultipleMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ExitMultipleMember_lbl" xml:lang="en-US">Exit Multiple [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ExitMultipleMember_lbl" xml:lang="en-US">Exit Multiple [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ExitMultipleMember_lbl" xml:lang="en-US">Exit Multiple [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ExitCapRateMember" xlink:label="bx_ExitCapRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ExitCapRateMember" xlink:to="bx_ExitCapRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ExitCapRateMember_lbl" xml:lang="en-US">Exit Cap Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ExitCapRateMember_lbl" xml:lang="en-US">Exit Cap Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ExitCapRateMember_lbl" xml:lang="en-US">Exit Cap Rate [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DefaultRateMember" xlink:label="bx_DefaultRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DefaultRateMember" xlink:to="bx_DefaultRateMember_lbl" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_RecoveryLagMember_lbl" xml:lang="en-US">Recovery Lag [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_RecoveryLagMember_lbl" xml:lang="en-US">Recovery Lag [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_RecoveryLagMember_lbl" xml:lang="en-US">Recovery Lag [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PrePaymentRateMember_lbl" xml:lang="en-US">Pre Payment Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PrePaymentRateMember_lbl" xml:lang="en-US">Pre Payment Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PrePaymentRateMember_lbl" xml:lang="en-US">Pre-payment Rate [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ReinvestmentRateMember" xlink:label="bx_ReinvestmentRateMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ReinvestmentRateMember" xlink:to="bx_ReinvestmentRateMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ReinvestmentRateMember_lbl" xml:lang="en-US">Reinvestment Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ReinvestmentRateMember_lbl" xml:lang="en-US">Reinvestment Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ReinvestmentRateMember_lbl" xml:lang="en-US">Reinvestment Rate [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ReinvestmentPriceMember" xlink:label="bx_ReinvestmentPriceMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ReinvestmentPriceMember" xlink:to="bx_ReinvestmentPriceMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ReinvestmentPriceMember_lbl" xml:lang="en-US">Reinvestment Price [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ReinvestmentPriceMember_lbl" xml:lang="en-US">Reinvestment Price [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ReinvestmentPriceMember_lbl" xml:lang="en-US">Reinvestment Price [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_EbitdaMultipleMarketMember" xlink:label="bx_EbitdaMultipleMarketMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_EbitdaMultipleMarketMember" xlink:to="bx_EbitdaMultipleMarketMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_EbitdaMultipleMarketMember_lbl" xml:lang="en-US">EBITDA Multiple Market [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_EbitdaMultipleMarketMember_lbl" xml:lang="en-US">Ebitda Multiple Market [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_EbitdaMultipleMarketMember_lbl" xml:lang="en-US">EBITDA Multiple Market [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_BookValueCompMember" xlink:label="bx_BookValueCompMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_BookValueCompMember" xlink:to="bx_BookValueCompMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_BookValueCompMember_lbl" xml:lang="en-US">Book Value Comp [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_BookValueCompMember_lbl" xml:lang="en-US">Book Value Comp [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_BookValueCompMember_lbl" xml:lang="en-US">Book Value Comp [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_LiquidityDiscountMember" xlink:label="bx_LiquidityDiscountMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_LiquidityDiscountMember" xlink:to="bx_LiquidityDiscountMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_LiquidityDiscountMember_lbl" xml:lang="en-US">Liquidity Discount [Member].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_LiquidityDiscountMember_lbl" xml:lang="en-US">Liquidity Discount [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_LiquidityDiscountMember_lbl" xml:lang="en-US">Liquidity Discount [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_ConsolidatedEquitySecuritiesMember" xlink:label="bx_ConsolidatedEquitySecuritiesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_ConsolidatedEquitySecuritiesMember" xlink:to="bx_ConsolidatedEquitySecuritiesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_ConsolidatedEquitySecuritiesMember_lbl" xml:lang="en-US">Consolidated Equity Securities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_ConsolidatedEquitySecuritiesMember_lbl" xml:lang="en-US">Consolidated Equity Securities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_ConsolidatedEquitySecuritiesMember_lbl" xml:lang="en-US">Consolidated Equity Securities [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_PartnershipAndLlcInterestsMember" xlink:label="bx_PartnershipAndLlcInterestsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_PartnershipAndLlcInterestsMember" xlink:to="bx_PartnershipAndLlcInterestsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_PartnershipAndLlcInterestsMember_lbl" xml:lang="en-US">Partnership And LLC Interests [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_PartnershipAndLlcInterestsMember_lbl" xml:lang="en-US">Partnership And Llc Interests [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_PartnershipAndLlcInterestsMember_lbl" xml:lang="en-US">Partnership And LLC Interests [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_DebtInstrumentsMember" xlink:label="bx_DebtInstrumentsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_DebtInstrumentsMember" xlink:to="bx_DebtInstrumentsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_DebtInstrumentsMember_lbl" xml:lang="en-US">Debt Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_DebtInstrumentsMember_lbl" xml:lang="en-US">Debt Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_DebtInstrumentsMember_lbl" xml:lang="en-US">Debt Instruments [Member]</label>
    <loc xlink:type="locator" xlink:href="bx-20120331.xsd#bx_AssetsOfConsolidatedCloVehiclesMember" xlink:label="bx_AssetsOfConsolidatedCloVehiclesMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bx_AssetsOfConsolidatedCloVehiclesMember" xlink:to="bx_AssetsOfConsolidatedCloVehiclesMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="bx_AssetsOfConsolidatedCloVehiclesMember_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="bx_AssetsOfConsolidatedCloVehiclesMember_lbl" xml:lang="en-US">Assets Of Consolidated Clo Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="bx_AssetsOfConsolidatedCloVehiclesMember_lbl" xml:lang="en-US">Assets Of Consolidated CLO Vehicles [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CollateralizedLoanObligationsMember" xlink:label="us-gaap_CollateralizedLoanObligationsMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollateralizedLoanObligationsMember" xlink:to="us-gaap_CollateralizedLoanObligationsMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CollateralizedLoanObligationsMember_lbl" xml:lang="en-US">Collateralized Loan Obligations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CollateralizedLoanObligationsMember_lbl" xml:lang="en-US">Collateralized Loan Obligations [Member]</label>
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