Blackstone Group LP and KKR & Co. both had their worst one-day declines in more than a year yesterday on concern that a falling stock market will hinder the buyout firms' ability to sell companies.

The number of initial public offerings worldwide jumped 23 percent in the first half to 901 deals, according to data compiled by Bloomberg, and the stronger market enabled private- equity firms to sell companies at a profit, increasing distributions to investors and bolstering their own fees.

That start may be at risk if equity markets keep struggling. Blackstone, the world's biggest buyout firm, fell 11 percent in New York trading, more than twice the Standard & Poor's 500 Index's 4.8 percent decline in a global equity-market rout. Apollo Global Management LLC, which began trading on March 30, suffered its worst day and closed at its lowest price.

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