UPDATE 5-Blackstone profit tops view; sees more deals ahead

* Q3 EPS 25 cents; Street view 15 cents

* Has $27 bln of capital available for investment

* Says deal flow up, fund-raising improving

* Shares rise 7 pct (Adds background about recent sales; fundraising, shares)

By Megan Davies

NEW YORK, Nov 6 (Reuters) - Private equity firm Blackstone Group LP (BX.N: Quote, Profile, Research) posted a forecast-beating quarterly profit on Friday and said it is gearing up for more deals and IPOs as the lending and equity markets recover.

The company, which has immense real estate and private equity assets, has stepped up deal activity in the past few months, including buying Anheuser-Busch InBev's (ABI.BR: Quote, Profile, Research) U.S. theme parks for up to $2.7 billion.

"Our pipeline of new deals is growing substantially," Blackstone Chief Operating Officer Tony James said on a conference call.

He said Blackstone has $27 billion of "dry powder" -- capital available for investment. The lion's share is in its real estate and private equity funds.