Blackstone

Once the carried interest exception has been dealt with, it would be wiser to call a halt, even if the Blackstone tax structure survives.

But the feeling from sources close to Blackstone is that this expansion was more by chance than design.

The document did not reveal how much each of Blackstone's founders and other dozen top executives would sell into the IPO.

Steve Schwarzman, Blackstone's founder, described him as "one of our most senior leaders and a seasoned partner" .

Slater established his first mill in 1790 on the Blackstone River in Rhode Island. It was one of the first factories in the United States.

Carlyle's move follows that of Blackstone, which last August agreed with Shanghai city authorities to set up a renminbi fund.

Martha Stewart Living said that it had hired The Blackstone Group's (BX) advisory arm to "explore" various opportunities.

Blackstone would prohibit government from censoring speech, but he would still allow sanctions to be imposed after publication.

"This was an excess of capital, not an excess of cranes, " says Jonathan Gray, the boss of Blackstone's real-estate business.

While Blackstone's role in the transaction was known, the fact that CIC was the main buyer was not disclosed.

Blackstone has nonetheless managed to perform better than many of its rivals over the past two years.

Granting a $3bn mandate to Blackstone suggests a more aggressive approach to management of the reserves, and also a sense of urgency.

Blackstone owes much of its rapid growth both to its founders' feel for the markets and to luck, the authors argue.

Being close to the government could crimp Blackstone's room for manoeuvre in the future when, say, trying to lay off Chinese workers.

Blackstone is believed to be in the advanced stages of planning an initial public offering (IPO) of a minority stake, perhaps 10%.

It is no coincidence that the only other scheme comes from Blackstone, its listed private equity rival.

The investment in Morgan Stanley, done at a time of stress, was far more opportunistic than the Blackstone deal.

Blackstone and Lion said social, regulatory and legal steps will need to be completed before they decide whether or not to accept the bid.

He said it was unlikely that CIC would pull out of institutions such as Morgan Stanley and Blackstone because it would lose too much money.

The Citi portfolio includes loans used to finance acquisitions by Apollo, Blackstone and TPG, as well as debt in their rivals' deals.

China's CIC seemed to have scored when it paid $3 billion for a stake in Blackstone, a private-equity group that listed its shares.

But like the Blackstone deal, the investment in Morgan Stanley would almost certainly have required State Council approval.

Mr Chae has spent much of his career at Blackstone doing telecoms and media deals, including Nielsen, Weather Channel and Michael's Stores.

China's sovereign-wealth fund has lost plenty of money on its year-old Blackstone stake and on its investment in Morgan Stanley.

Under traditional principles as enunciated by Blackstone, Zenger had a right to publish his criticism, but now had to face the consequences.

The move by Blackstone emerged yesterday as it reported a drop in quarterly earnings, although they were ahead of analysts' estimates.

So far investors remain sufficiently optimistic about Blackstone's ability to produce returns to fork out more capital.

But the chances are Beijing will be offered a slug of at least some of Blackstone's juicier deals.

A Blackstone spokeswoman did not provide comment.

The investment is only the second by China Investment Corp, which bought a pre-IPO stake in Blackstone, the US private equity firm, in May.

A number of US private equity managers, including Blackstone and KKR, are thought to be scrutinising Fortress's float.

The finance house Blackstone is thought to have placed him on the short list to buy the Arsenal stake.

Blackstone said "crime is an act committed in violation of a public either for bidding or commanding it" .

Blackstone has warned of a slowdown in large private equity takeovers due to the upheaval in credit markets.

Blackstone had invested more than $4 billion in the eight companies it was considering listing in the next year, it said.

One sign of this was China's purchase of a 9. 9 per cent stake in the US finance house Blackstone on its flotation last month.

The stock price of Blackstone, a rival private-equity firm that went public in 2007, has tumbled to less than a third of its listing price.

Shanghai city's government agreed to finance at least 20 percent of Blackstone's RMB fund capital, the source said.

In the case of Blackstone, the fund's investment has lost more than a third of its value.

On Thursday, Blackstone sold $600 million of 10-year senior bonds, the firm's first bond sale and a rare move for a private-equity firm.

Then, over the weekend, news broke that China was to invest $3bn in Blackstone, the US-based investment group.

Tony James, president of [financial services firm] Blackstone, said Ms. Porat was available at all hours to handle issues.

While its original agreement with Blackstone binds the Chinese to hold shares for four years, any new purchases have no such restrictions.

Blackstone is also helping China National BlueStar, a consumer company in which it has a stake, make overseas investments.

The new fund will focus on portfolio investment, taking relatively few direct stakes in companies, as it did with Blackstone.

Only rarely does a country go so far as Blackstone advocated by absolutely outlawing any and all previous restraints on the press.

Few doubt that the clearest winners would be Blackstone's owners and the tight group of senior managers around them.

They soon learned that pre-IPO deals aren't always winners: U. S. financial stocks, including Blackstone, took a dramatic turn downward.

KKR first tried to go public in 2007, shortly after Blackstone listed. A deteriorating economy put the kibosh on those plans.

Stephen Schwarzman of the Blackstone Group probably has not cut back on his consumption of $40 stone-crab claws.

blackstone consists of three large pieces and some fragments , surrounded by a stone ring and held together with a silver band.

And private equity firms possess a useful set of skills in today's economy, which Blackstone's CEO dubbed a "depression" .

In the last week of July, executives at Blackstone and KKR were rocked by a new and unsettling experience.

Blackstone was hit hard by the credit squeeze, posting a net loss of $113m due to a non-cash charge related to its initial public offering.

When China's state investment fund took a $3bn stake in Blackstone it bought non-voting shares and did not have a seat on the board.

Rivals Blackstone Group LP and Fortress Investment Group LLC joined the public markets a few years ago.

In 2007 the company I cofounded, the Blackstone Group, held a most successful public offering.

Thereafter, pro rata to all partners of the Blackstone Holdings partnerships in accordance with their respective partnership interests.

The Blackstone deal is likely to stir others to invest their money even farther away from prying eyes than they do already.

When Blackstone published his "Commentaries" midway through the eighteenth century, one whole volume was devoted to land law.

Blackstone posted stable results Thursday with improved performance in its private-equity funds.

Co-payments tend to be much higher than for other operations, sometimes as much $5, 000, Dr. Blackstone said.

Some of these official investors have brought in foreign partners, including big private-equity firms such as Blackstone, Carlyle and TPG.

"The Blackstone deal is not as good as we thought, " Jesse Wang, a senior official of the China Investment Corp, said in September.

I would be retiring from Blackstone, but my mind was still sharp and my energy was good.

"A real snapback in interest rates is the big real-estate risk, " says Mr Gray at Blackstone.

Blackstone, a private-equity firm, profitably sold on most of the property assets of Equity Office Properties within months of buying it.

Carlyle and Blackstone are among the five firms participating.

The first involved convincing Beijing to pay $3bn for non-voting shares in Blackstone ahead of its initial public offering.

The portfolio company would have found it difficult to raise prices if Blackstone was a shareholder.

Although the Blackstone investment will not cure China's economic headaches, the deal is good news for US financial services.

Our continuing series of profiles of financial firms looks at the evolution of Blackstone, the most public private-equity outfit .

"laws . . . . corrected, altered, and amended by acts of parliament and common usage" (William Blackstone).

Blackstone's property fund has also invested in a Shanghai property-development project.

The sale attracted interest from several Chinese and foreign buyers, including Blackstone, Carlyle and Bain Capital.

Buying into Blackstone is afirst step to diversifying those reserves out of US Treasury bonds.

China has sought western expertise by buying stakes in a range of concerns, from IBM to Blackstone.

In the past, Blackstone has declined to put in more equity to rescue other deals that were unravelling.

The banker said Carlyle's discussions had been influenced by Blackstone's $600m bond offer in August.

Blackstone's returns have been amplified to more than 100% by the use of debt raised from private investors to purchase the securities.

The change for the firms like KKR and Blackstone is due, in part, to their evolution from private partnerships to publicly traded companies.

One person familiar with the situation said: "The sides are talking. BlueStar and Blackstone want to do a deal if they can. "

Blackstone declined comment. Bank of America was not immediately available for comment.

Expect that to be rectified soon, since Blackstone is out raising a $10 billion real estate fund.

When CIC was in its infancy, it took a 10 per cent stake in Blackstone ahead of the US firm's public listing in 2007.

The Volcker rule, which puts limits on banks' ability to invest capital in alternative assets, could also help Blackstone.

Tony James, Blackstone's president, expects that half of Blackstone's private equity deals will be in Asia next year.

A Chinese wall of money will be on its way, once the Blackstone precedent has been set.

Investors, whose shares are down nearly 60% from when Blackstone debuted, didn't benefit as much from the firm's mastery of market timing.

Blackstone also paid $600 million for a 20% stake in Chinese chemicals maker China National BlueStar (Group) Corp.

But the Blackstone investment will be regarded as a landmark deal signalling its arrival in the mainstream of global financial markets.

But in Blackstone's view, the publisher would properly bear the responsibility for whatever he chose to disseminate.

Blackstone also paid $600 million for a 20% stake in Chinese chemical maker China National BlueStar (Group) Corp.

Blackstone's fund will likely follow a model set by two China-focused private-equity firms, CDH Investments and Hony Capital.

Following Blackstone's lead, big buy-out firms continue to tap the public markets for fresh capital.

Private equity firms, including Blackstone, have already bid for Lehman's merchant banking assets.

As a public company, Blackstone values its holdings quarterly.

The $3bn Chinese investment this year in Blackstone, the US private equity group, drew the particular attention of German authorities.

What Blackstone can offer instead is experience in managing consumer products companies.

US officials have also reacted positively to news that China is to invest $3bn in Blackstone, the private equity group.

CIC and Blackstone paid about 35 cents on the dollar for the portfolio, which includes both current and non-performing loans, sources said.

That investment has sparked resentment in China towards both Blackstone and CIC because, on paper, it is worth less than CIC paid for it.

This could scupper Kohlberg Kravis Roberts's hopes of following Blackstone to the stockmarket.

They would suffer if Blackstone came under pressure from the market to support returns by raising its already plump fees.

Shares in the US financial firms have subsequently slumped, with Blackstone down 40 per cent since the June 2007 purchase.

Blackstone announced it would pay $543m to take Dynegy, an American energy company, private.

"His record is impressive, " said Byron R. Wien, vice chairman of Blackstone Advisory Services.

The approach adopted by Blackstone et al does not entirely fit this model.

As for Blackstone, the stock has halved since the IPO.

Apollo would buy about half the portfolio, with Blackstone and TPG taking the rest.

Blackstone said in the announcement it will give priority to investments in Shanghai and neighboring areas.

Bright Food had discussions with Blackstone and, subsequently, TPG, they added.

By the time the Chinese were talking to Citi, the Blackstone investment had nearly halved in value.

Kabaker, a former managing director at Blackstone Group LP, currently heads Treasury's office of Capital Markets and Housing Finance.

It is backed by Blackstone and Warburg Pincus, the private equity groups, which stand to generate a fourfold return on the deal.

Blackstone's partner will be Shanghai Pudong New Area, a development zone in the city's financial district.

It also, potentially, gives Blackstone a new core investor when raising new investment funds.

The landmark decision to park $3bn in the initial public offering of Blackstone, the US private equity group, was taken in Beijing.

The last deal north of $10 billion was Blackstone's takeover of Hilton Worldwide, a $20 billion transaction that closed in October 2007.

By not being larger than five billion yuan, Blackstone's fund will have more flexibility.

"We know kids have orthopedic problems from the weight itself, " Blackstone added.

He admits that China's investment in Blackstone has boosted his firm's reputation and profile there.

Following its investments in Blackstone and Morgan Stanley in 2007, CIC was heavily criticised domestically.

But if Blackstone does agree to complete, it is likely to be done at a lower price.

Because Blackstone's funds hold private firms, putting a value on those holdings requires a lot of subjective accounting.

Middle Eastern investors were big buyers of the Blackstone IPO.

Since Blackstone announced its fund last August, little has moved forward.

"The most expensive thing is if the surgery is unsuccessful, " Dr. Blackstone said.

This summer, CIC committed a total of around $1 billion to hedge fund-of-funds run by Blackstone Group LP and Morgan Stanley.

The fund bought into US private equity firm Blackstone and in December took a 10 per cent stake in Morgan Stanley.

These firms are usually organised as partnerships, though some, such as the Blackstone Group, are also listed.

Not only at the mammoth revenue number, but also at how KKR made the cut while rival The Blackstone Group (BX) did not.

Non-banks with seeding funds, such as Blackstone, a private-equity firm, and Citadel, a hedge fund, may fill some of the fund-raising gap.

As part of the deal, Blackstone will be selling four Dynegy natural-gas plants to NRG, another energy company, for $1. 4 billion.

Beijing's plans to take a 9. 9 per cent stake in Blackstone, the US-based private equity group, is a political masterstroke.

Blackstone is also well advanced towards its goal of being a one-stop, alternative asset shop for investors.

Peter Rose, a spokesman for Blackstone in New York, declined to comment.

Blackstone and Bright Food were not immediately available for comment.

Kiggen also will continue to work on technology investments for Blackstone's general fund.

Blackstone's 2003 buy-out fund had a net internal rate of return (IRR) of nearly 40%.

Fortress is public and Blackstone has filed to go public, and we think there will be others to follow.

Last week it emerged that China was placing $3bn of its $1, 200bn foreign reserves with Blackstone, the US private equity group.

Since Mr Ricke's departure the share price has climbed back close to Blackstone's purchase price of Euro 14.

Blackstone will start earning a management fee on those assets later this year.

The IPOs of Fortress and Blackstone three years ago were signs the equity bubble was nearing its peak.

Blackstone, the private equity group, is planning a listing.

Alternatively, the government could try to push Blackstone into specific deals it wants done.

Blackstone and Morgan Stanley declined to comment.

He expects Blackstone to build a strong bond with the Chinese bank.

So, as admired as Blackstone is, a public offering would bring new risks.

Blackstone, the largest private equity firm in the world, has more than $100bn of assets under management.

In the short term, getting rubber-stamped by the government should give Blackstone some competitive edge.

Great. I'll pick up two tickets for the play at the Blackstone.

By setting up a local fund, Blackstone will be subject to less regulatory issues because it will represent local investors.

Did you know, for example, that China has invested billions in the Blackstone Group and other private equity firms and hedge funds?

It wasn't immediately clear if Blackstone booked a profit from the sale.

On recent earnings calls, Blackstone and KKR executives said they had returned $6bn and $5bn respectively.

Allegro MicroSystems, Inc. Has sponsored the Blackstone Valley Robotics team for the past 10 years.

Blackstone may also expand into yet more areas.

Blackstone's strategy is to invest opportunistically: it looks for empty and run-down buildings that it can improve and sell.

KKR, Bain and Blackstone all declined to comment.

The results sent Blackstone shares down 7 per cent to $22. 57 by noon in New York, delivering a blow to the buy-out group's management.

The Blackstone Group (BX) this morning reported its best quarterly earnings since going public four years ago.

When Blackstone went public in 2007, he and his co-founder, Peter Peterson, sold shares worth a combined $2. 6 billion.

Blackstone is expected to announce the new venture as soon as today in Shanghai.

But that means coming face-to-face with established competitors, many of them much bigger than Blackstone.

The same fund also paid $3 billion in 2007 for a 10% stake in Blackstone Group LP.

Yet Blackstone has said that its private-equity portfolio fell by just 13%.

Blackstone also has a host of advisory assignments in China and has recently expanded its real estate transactions in the region.

The 60-strong staff of the fund will join Blackstone.

Jacoby says retail investors should invest in offerings like Blackstone only with money they can afford to lose.

When Blackstone Group agreed to buy power generator Dynegy for $550 million last week, Dynegy's stock hovered at its all-time nadir.

Blackstone was insulated during the downturn not just by its money but also by its diverse array of businesses.

By tying up with Chinese partners, Blackstone and Goldman hope to gain an advantage in securing deals in China.

At the close in New York, Blackstone shares were trading at $9. 54.

The China venture could make Blackstone the first major global buyout firm to establish an onshore presence in China.

Blackstone's shares are down 64% from the IPO price.

The Chinese government had also made some high-profile purchases earlier in the year such as the $3bn investment in Blackstone.

On many levels this is a brilliant move for China and Blackstone.

Blackstone says its IPO will raise money to expand and make acquisitions, build its brand name, and give better incentives to employees.

Blackstone, for example, runs huge real-estate, debt-trading and hedge-fund businesses that together are much larger than its buyout area.

In May 2007, four months before the fund was formally launched, itagreed to invest $3 billion in the initial public offering ofBlackstone.

for example, recently announced it will invest three billion dollars in the Blackstone Group, the private equity company in New York.

They typically invest in the funds managed by firms such as Blackstone.

The perception of Blackstone in China has gone through ups and downs.

The drop-off is odd since Blackstone had a decent year last year and its shares are up.

Blackstone Group, on the other hand, does not consolidate its private equity funds.

But Blackstone investors should not expect the strategic stake to open the floodgates.

A majority stake in Lego's four Legoland theme parks was sold to the Blackstone Group, a private-equity firm, last year.

Will it also help Blackstone do deals in China?

That is compared with 35% of the companies in Standard &Poor's 500-stock index, according to Blackstone.

In 2002, for example, 25 per cent of the money that Blackstone raised came from outside the US.

For example, in June 2010 Blackstone sold a 28% stake in Merlin, a theme-park operator it owns, to CVC, another private-equity firm.

Blackstone agreed to buy the 588 strip malls in America that are owned by Australia's Centro Properties.

Blackstone paid about US$190 million for its minority stake in Dili last year, he added.

The first big move has been to buy a small stake, with no voting right, in the Blackstone Group.

When he returned to Boston, Henry Adams settled down briefly to read Blackstone

I have known CIC since it bought a 9. 4 per cent non-voting interest in Blackstone when we went public last year.

The Wall Street Journal earlier reported that CIC may invest $500 million in a Blackstone hedge-fund unit

The writer is former French ambassador to the UK and is special adviser to the Blackstone Group

To subscribe for newly-issued Blackstone Holdings partnership units

Mr Zhou is in charge of the fund's large positions in public companies such as Blackstone, Morgan Stanley and Noble Energy

Blackstone's Guide to the Serious Organised Crime and Police Act 2005

CIC Said to Invest $500 Million in Hedge Funds, Blackstone