Private equity colossus Blackstone Group filed a preliminary prospectus Thursday for an IPO of up to $4 billion. The filing makes clear that the IPO isn't a means to raise capital for investments. Part of the proceeds will be used to buy stock in the management entities from Blackstone's partners, apparently allowing them to take cash out. Regulatory restrictions will prevent the firm from investing more than about 40 percent in its funds or other securities or in buyouts, a securities lawyer said.
March 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Private equity colossus Blackstone Group filed a preliminary prospectus Thursday for an initial public offering of up to $4 billion, answering some of the questions that has absorbed much of the financial world.
Among the financial nuggets buried in the tome: Blackstone booked $2.3 billion of pretax income in 2006 plus $7.58 billion in net gains on investment activities.
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