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Big payday for Blackstone founders

By Muckety

June 24, 2007 at 4:57pm

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The biggest beneficiaries of Blackstone Group’s public company debut last week were co-founders Stephen Schwarzman and Pete Peterson.

Schwarzman’s 24-percent stake in the investment firm is worth $7.7 billion and he could earn $677 million from the IPO, according to The New York Times. Peterson, who retains 4 percent ownership of the firm, earned $1.88 billion from the offering.

Shares closed at $35.06 Friday, the first day of trading, up from the offering price of $31.

The Times noted that Blackstone, which began with a $400,000 investment in 1985, had a market value of $38 billion at the close of trading Friday. That’s nearly a 100,000X increase in value.

On the web
A Glamorous Public Debut for Blackstone - New York Times
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