Blackstone Group L.P. is an American multinational private equity,
alternative asset management and financial services firm based in New
York City. As the largest alternative investment firm in the world,
Blackstone specializes in private equity, credit and hedge fund
investment strategies. As of December 31, 2017, Blackstone had $434
billion under management.
Blackstone's private equity business has been one of the largest
investors in leveraged buyouts in the last decade, while its real
estate business has actively acquired commercial real estate. Since
its inception, Blackstone has invested in such notable companies as
Merlin Entertainments Group, Performance Food Group,
Equity Office Properties, Republic Services, AlliedBarton, United
Biscuits, Freescale Semiconductor, Vivint, and Travelport.
Blackstone was founded in 1985 as a mergers and acquisitions boutique
by Peter G. Peterson and Stephen A. Schwarzman, who had previously
worked together at Lehman Brothers, Kuhn, Loeb Inc.. Blackstone has
become one of the world's largest private equity investment firms.
In 2007, Blackstone became a public company via a $4 billion initial
public offering to become one of the first major private equity firms
to list shares in its management company on the public stock
market. Blackstone is headquartered at
345 Park Avenue
345 Park Avenue in
Manhattan, New York City, with eight additional offices in the United
States, as well as offices in London, Paris, Düsseldorf, Sydney,
Tokyo, Hong Kong, Singapore, Beijing, Shanghai, Madrid, Mumbai, and
1 Business segments
1.1 Corporate private equity
1.2 Real estate
1.3 Marketable alternative asset management
1.4 Financial advisory services
2.1 Founding and early history
2.3 Early 2000s
2.4 Buyout boom (2005–2007)
Initial public offering
Initial public offering in 2007
2.6 2008 to 2010
2.7 Investments since 2011
4.2 Board of Directors
5 See also
7 External links
Blackstone has four business segments:
Private Equity: seven general private equity funds and three sector
focused funds with $105.56 billion of assets under management.
Real Estate: world's largest real estate private equity firm with
$115.34 billion of assets under management.
Hedge Fund Solutions: comprised principally of Blackstone Alternative
Asset Management (BAAM®), the world’s largest discretionary
investor in hedge funds.
Credit: consists principally of GSO Capital Partners, one of the
world's largest (credit-oriented) leveraged finance-focused
alternative asset managers.
Corporate private equity
As of 2011[update], Blackstone was the world's 5th-largest private
equity firm by capital commitments, focusing primarily on leveraged
buyouts of more mature companies. The firm also invests through
minority investments, corporate partnerships, and industry
consolidations, and occasionally, start-up investments in new entrants
in existing industries. The firm focuses on friendly investments in
large capitalization companies.
Blackstone employs approximately 120 private equity investment
employees in New York City; London; Menlo Park, California; Mumbai;
Hong Kong; and Beijing.
Blackstone has primarily relied on private equity funds, pools of
committed capital from pension funds, insurance companies, endowments,
fund of funds, high-net-worth individuals, sovereign wealth funds, and
other institutional investors. As of the end of 2008 Blackstone
had completed fundraising for six funds with total investor
commitments of over $36 billion, including five traditional private
equity fund and a separate fund focusing on telecommunications
Blackstone's private equity funds through the beginning of
Blackstone Capital Partners I
Blackstone Capital Partners II
Blackstone Capital Partners III
Blackstone Communications Partners I
Blackstone Capital Partners IV
Blackstone Capital Partners V
Blackstone Capital Partners VI
From 1987 to its IPO in 2007, Blackstone invested approximately $20
billion in 109 private equity transactions.
Blackstone's most notable investments include Allied Waste,
AlliedBarton Security Services, Graham Packaging, Celanese, Nalco,
HealthMarkets, Houghton Mifflin, American Axle, TRW Automotive,
Catalent Pharma Solutions, Prime Hospitality, Legoland, Madame
Luxury Resorts (LXR), Pinnacle Foods, Hilton Hotels
Corporation, Apria Healthcare, Travelport,
The Weather Channel
The Weather Channel (United
States) and The
PortAventura Resort. In 2009 Blackstone purchased
Busch Entertainment (comprising the Sea World Parks, Busch Garden
Parks and the two water parks).
In 2012, Blackstone acquired a controlling interest in Utah-based
Vivint, Inc., a home automation, security, and energy company.
Former notable investments include Universal Studios Parks, which was
sold to Comcast.
Blackstone began its real estate investment business in 1992 with the
acquisition of a series of hotel businesses and built it into a global
operation with 122 investment professionals in the United States,
Europe and Asia. The real estate business has raised approximately $28
billion for a variety of fund vehicles, including six US-focused funds
and three International opportunity funds. Blackstone also raised a
real estate special situations fund focusing on non-controlling debt
and equity investment opportunities. The special situations fund
invests directly in real estate as well as private and publicly traded
real estate-related securities.
The following is a summary of Blackstone's real estate funds raised
Blackstone Real Estate Partners I
Blackstone Real Estate Partners II
Blackstone Real Estate Partners III
Blackstone Real Estate Partners International (Europe)
Blackstone Real Estate Partners IV
2003 (alt value 2004)
$2.5 (alt value €6.7bn)
Blackstone Real Estate Partners International (Europe) II
Blackstone Real Estate Partners V
Blackstone Real Estate Partners VI
Blackstone Real Estate
Special Situations PE Fund
Blackstone Real Estate Partners Europe III
Blackstone Mortgage Trust, Inc.
Blackstone Real Estate Income Trust, Inc.
From 1987 through the time of its IPO filing in 2007, Blackstone
invested more than $13 billion in 212 real estate transactions and is
a major owner of real estate throughout the US and Europe.
Blackstone's most notable real estate investments have included Equity
Office Properties, Hilton Hotels Corporation, Trizec Properties,
Center Parcs UK, La Quinta Inns & Suites, Motel 6, Wyndham
Worldwide, Southern Cross Healthcare and Vicinity Centres.
The purchase and subsequent profitable IPO of Southern Cross led to
controversy in the UK. Part of the purchase involved splitting the
business into a property company, NHP, and nursing home business,
which Blackstone claimed would become "the leading company in the
elderly care market". In May 2011, Southern Cross, now independent,
was almost bankrupt, jeopardising 31,000 elderly residents in 750 care
homes. It denied blame, although Blackstone was widely accused in the
media for selling on the company with an unsustainable business model
and crippled with an impossible sale and leaseback strategy.
After the subprime mortgage crisis,
Blackstone Group LP bought more
than $5.5 billion single-family homes for rent, to be sold when the
In 2014, Blackstone sold Northern California office buildings for $3.5
Marketable alternative asset management
In 1990, Blackstone created a fund of hedge funds business to manage
internal assets for Blackstone and its senior managers. This business
evolved into Blackstone's marketable alternative asset management
segment, which was opened to institutional investors. Among the
investments included in this segment are funds of hedge funds,
mezzanine funds, senior debt vehicles, proprietary hedge funds and
closed-end mutual funds. Consolidated as Blackstone's Hedge Fund
Solutions group, Blackstone Alternative
Asset Management L.P. (BAAM®)
has approximately $75 billion in assets under management as of
December 31, 2017.
Main article: GSO Capital Partners
In March 2008, Blackstone acquired GSO Capital Partners, a
credit-oriented alternative asset manager, for $620 million in cash
and stock and up to $310 million through an earnout over the next five
years based on certain earnings targets. The combined entity created
one of the largest credit platforms in the alternative asset
management business, with over $21 billion under management. GSO
was founded in 2005 by Bennett Goodman, Tripp Smith, and Doug
Ostrover. The GSO team had previously managed the leveraged finance
businesses at Donaldson, Lufkin & Jenrette and later Credit Suisse
First Boston, after they acquired DLJ. Blackstone had been an original
investor in GSO's funds. Following the acquisition, Blackstone merged
GSO's operations with its existing debt investment operations.
Financial advisory services
Blackstone's financial advisory business is composed of three
Mergers and acquisitions
Private placement agent
Among Blackstone's most notable corporate and mergers and
acquisitions, advisory clients include Microsoft, Procter &
Gamble, Verizon, Comcast,
Sony and AIG.
In 1991, with the collapse of the 1980s buyout boom, Blackstone began
to offer advisory services in corporate restructurings as well.
Blackstone's most notable restructuring clients have included General
Motors Xerox, Enron,
Bally Total Fitness
Bally Total Fitness and Global Crossing.
Blackstone's fund placement advisory group, The Park Hill Group, was
formed in 2005 with a team of professionals from Atlantic-Pacific
Capital and Credit Suisse. The group focuses on raising capital from
institutional investors for private investment vehicles that invest in
private equity, mezzanine, real estate, venture capital, and hedge
funds. Park Hill Group also provides secondary advisory services
to investors seeking portfolio liquidity and unfunded commitment
John Studzinski joined Blackstone as a senior managing
director in its investment and advisory group and as a member of the
firm's executive committee. He was recruited to oversee and
develop Blackstone’s mergers-and-acquisitions advisory business,
Blackstone Advisory Partners, in the
United States and Europe, and to
open an office in London. His primary role as global head of
Blackstone Advisory Partners was to oversee Blackstone's corporate
M&A advisory services business in the U.S., and further develop
the corporate M&A advisory business in Europe and Asia. In
early 2015, Blackstone began spinning off three of its divisions,
including its M&A advisory group, to avoid any potential conflicts
of interest with its primary private-equity business.
After assisting with the transition, Studzinski became Vice
Chairman of Investor Relations and Business Development at The
Blackstone Group. In this capacity, he holds responsibility
for a number of sovereign and international institutional
relationships, as well as ultra high-net-worth families outside the
History of private equity
and venture capital
(origins of modern private equity)
(leveraged buyout boom)
(leveraged buyout and the venture capital bubble)
(dot-com bubble to the credit crunch)
Founding and early history
Blackstone Group was founded in 1985 by Peter G. Peterson and
Stephen A. Schwarzman
Stephen A. Schwarzman with $400,000 in seed capital. The
founders named their firm "Blackstone", which was a cryptogram derived
from the names of the two founders (Schwarzman and Peterson):
"Schwarz" is German for "black"; "Peter", or "Petra" in Greek, means
"stone" or "rock". The two founders had previously worked together
Lehman Brothers, Kuhn, Loeb Inc.
Lehman Brothers, Kuhn, Loeb Inc. At Lehman, Schwarzman served as
head of Lehman Brothers' global mergers and acquisitions business.
Prominent investment banker Roger C. Altman, another Lehman veteran,
left his position as a managing director of Shearson Lehman Brothers
to join Peterson and Schwarzman at Blackstone in 1987, but left in
1992 to join the
Clinton Administration as Deputy Treasury Secretary.
Blackstone was originally formed as a mergers and acquisitions
advisory boutique. Blackstone advised on the 1987 merger of investment
banks E. F. Hutton & Co. and Shearson Lehman Brothers, collecting
a $3.5 million fee.
Blackstone co-founder Peter Peterson was former chairman of Lehman
Brothers, Kuhn, Loeb Inc.
From the outset in 1985, Schwarzman and Peterson planned to enter the
private equity business, but had difficulty in raising their first
fund because neither had ever led a leveraged buyout. Blackstone
finalized fundraising for its first private equity fund in the
aftermath of the October 1987 stock market crash. After two years of
providing strictly advisory services, Blackstone decided to pursue a
merchant banking model after its founders determined that many
situations required an investment partner rather than just an advisor.
The largest investors in the first fund included Prudential Insurance
Nikko Securities and the
General Motors pension fund.
Blackstone also ventured into other businesses, most notably
investment management. In 1987 Blackstone entered into a 50–50
partnership with the founders of BlackRock, Larry Fink and Ralph
Schlosstein. The two founders, who had previously run the
mortgage-backed securities divisions at
First Boston and Lehman
Brothers Kuhn Loeb, respectively, initially joined Blackstone to
manage an investment fund and provide advice to financial
institutions. They also planned to use a Blackstone fund to invest in
financial institutions and help build an asset management business
specializing in fixed income investments.
As the business grew, Japanese bank
Nikko Securities acquired a 20%
interest in Blackstone for a $100 million investment in 1988 (valuing
the firm at $500 million). Nikko's investment allowed for a major
expansion of the firm and its investment activities. The growth
firm also recruited politician and investment banker David Stockman
Salomon Brothers in 1988. Stockman led many key deals in his time
at the firm, but had a mixed record with his investments. He left
Blackstone in 1999 to start his own private equity firm, Heartland
Industrial Partners, based in Greenwich, Connecticut.
The firm advised
CBS Corporation on its 1988 sale of CBS Records to
Sony to form what would become
Sony Music Entertainment. In June
1989, Blackstone acquired freight railroad operator, CNW
Corporation. That same year, Blackstone partnered with Salomon
Brothers to raise $600 million to acquire distressed thrifts in the
midst of the savings and loan crisis.
Blackstone Group logo in use prior to the firm's rebranding as
As the 1990s began, Blackstone continued its growth and expansion into
new businesses. In 1990, Blackstone launched its fund of hedge funds
business, initially intended to manage investments for Blackstone
senior management. Also in 1990, Blackstone extended its ambitions to
Europe, forming a partnership with J. O. Hambro Magan in the UK and
Indosuez in France. In 1991, Blackstone created its Europe unit to
enhance the firm's presence internationally.
In 1991, Blackstone launched its real estate investment business with
the acquisition of a series of hotel businesses under the leadership
of Henry Silverman. In 1990, Blackstone and Silverman acquired a 65%
interest in Prime Motor Inn's
Ramada and Howard Johnson franchises for
$140 million, creating Hospitality Franchise Systems as a holding
company. In October 1991, Blackstone and Silverman added Days Inns
of America for $250 million. Then, in 1993, Hospitality Franchise
Systems acquired Super 8 Motels for $125 million. Silverman would
ultimately leave Blackstone to serve as CEO of HFS, which would later
Blackstone made a number of notable investments in the early and
Great Lakes Dredge and Dock Company
Great Lakes Dredge and Dock Company (1991), Six
Flags (1991), US Radio (1994),
MEGA Brands (1996).
Also, in 1996, Blackstone partnered with the Loewen Group, the second
largest funeral home and cemetery operator in North America, to
acquire funeral home and cemetery businesses. The partnership's first
acquisition was a $295 million buyout of Prime Succession from
Through the mid and late 1990s, Blackstone continued to grow. In 1997,
Blackstone completed fundraising for its third private equity fund,
with approximately $4 billion of investor commitments and a $1.1
billion real estate investment fund. In the following year, in
1998, Blackstone sold a 7% interest in its management company to AIG,
Nikko Securities as its largest investor and valuing
Blackstone at $2.1 billion. Then, in 1999, Blackstone launched its
mezzanine capital business. Blackstone brought in five professionals,
led by Howard Gellis from Nomura Holding America's Leveraged Capital
Group to manage the business.
Blackstone's investments in the late 1990s included AMF Group (1996),
Haynes International (1997),
American Axle (1997),
CommNet Cellular (1998), Graham Packaging (1998), Centennial
Bresnan Communications (1999), PAETEC Holding
Corp. (1999). Haynes and Republic Technologies International, a
specialty steel maker in which Blackstone invested in 1996, both had
problems and ultimately filed bankruptcy.
Also, in 1997, Blackstone made its first investment in Allied Waste.
Two years later, in 1999, Blackstone, together with Apollo Management
provided capital for Allied Waste's acquisition of Browning-Ferris
Industries in 1999 to create the second largest waste management
company in the US. Blackstone's investment in Allied was one of its
largest to that point in the firm's history.
Its investments in telecommunications businesses—four cable TV
systems in rural areas (TW Fanch 1 and 2,
Bresnan Communications and
Intermedia Partners IV) and a cell phone operator in the Rocky
Mountain states (CommNet Cellular) were among the most successful of
the era, generating $1.5 billion of profits for Blackstone's
Blackstone Real Estate Advisers, its real estate affiliate, bought the
Watergate Complex in Washington D.C. in July 1998 for $39 million
and sold it to Monument Reality in August 2004.
Blackstone acquired the mortgage for 7 World Trade Center in October
2000 from the Teachers Insurance and Annuity Association.
Blackstone Group completed the first major IPO of a
private equity firm in June 2007.
In July 2002, Blackstone completed fundraising for a $6.45 billion
private equity fund, Blackstone Capital Partners IV, the largest
private equity fund ever raised to that point. More than $4 billion of
the capital was raised by the end of 2001 and Blackstone was able to
secure the remaining commitments despite adverse market
With a significant amount of capital in its new fund, Blackstone was
one of a handful of private equity investors capable of completing
large transactions in the adverse conditions of the early 2000s
recession. At the end of 2002, Blackstone, together with Thomas H. Lee
Partners and Bain Capital, acquired
Houghton Mifflin Company for $1.28
billion. The transaction represented one of the first large club
deals, completed since the collapse of the Dot-com bubble.
Hamilton E. James joined global alternative asset manager
Blackstone, where he currently serves as president and chief operating
officer. He also serves on the firm's executive and management
committees, and its board of directors. In late 2002, Blackstone
remained active acquiring
TRW Automotive in a $4.7 billion buyout, the
largest private equity deal announced that year (the deal was
completed in early 2003). TRW's parent was acquired by Northrop
Grumman, while Blackstone purchased its automotive parts business, a
major supplier of automotive systems. Blackstone also
purchased a majority interest in Columbia House, a music buying club,
Blackstone made a significant investment in Financial Guaranty
Insurance Company (FGIC), a monoline bond insurer alongside PMI Group,
The Cypress Group
The Cypress Group and CIVC Partners. FGIC incurred heavy losses, along
with other bond insurers in the 2008 credit crisis.
Two years later, in 2005, Blackstone was one of seven private equity
firms involved in the buyout of
SunGard in a transaction valued at
$11.3 billion. Blackstone's partners in the acquisition were Silver
Lake Partners, Bain Capital,
Goldman Sachs Capital Partners, Kohlberg
Kravis Roberts, Providence Equity Partners, and TPG Capital. This
represented the largest leveraged buyout completed since the takeover
RJR Nabisco at the end of the 1980s leveraged buyout boom. Also, at
the time of its announcement,
SunGard would be the largest buyout of a
technology company in history, a distinction it would cede to the
buyout of Freescale Semiconductor. The
SunGard transaction is also
notable in the number of firms involved in the transaction, the
largest club deal completed to that point. The involvement of
seven firms in the consortium was criticized by investors in private
equity who considered cross-holdings among firms to be generally
In 2006, Blackstone launched its long / short equity hedge fund
business, Kailix Advisors. According to Blackstone, as of September
30, 2008, Kailix Advisors had $1.9 billion of assets under management.
In December 2008, Blackstone announced that Kailix would be spun off
to its management team to form a new fund as an independent entity
backed by Blackstone.
While Blackstone was active on the corporate investment side, it was
also busy pursuing real estate investments. Blackstone acquired Prime
Extended Stay America
Extended Stay America in 2004. Blackstone followed
these investments with the acquisition of La Quinta Inns & Suites
in 2005. Blackstone's largest transaction, the buyout of Hilton Hotels
Corporation occurred in 2007. Extended Stay Hotels was sold to The
Lightstone Group in July 2007 and Prime Hospitality's Wellesley Inns
were folded into La Quinta. La Quinta Inns & Suites went
public in 2014 and is now controlled by La Quinta Holdings as the
Buyout boom (2005–2007)
During the buyout boom of 2006 and 2007, Blackstone completed some of
the largest leveraged buyouts. Blackstone's most notable transactions
during this period included the following:
In December 2005, Blackstone together with a group of firms, including
Kohlberg Kravis Roberts, Permira,
Apax Partners and Providence Equity
Partners, acquired Tele-Denmark Communications. The firms acquired the
former telecom monopoly in Denmark, under the banner Nordic Telephone
Company (NTC) for approximately $11 billion.
Blackstone completes the $37.7 billion acquisition of one of the
largest owners of commercial office properties in the US. At the time
of its announcement, the
Equity Office buyout became the largest in
history, surpassing the buyout of HCA. It would later be surpassed by
KKR's buyout of TXU. Vornado Realty Trust bid against Blackstone,
pushing up the final price.
A consortium led by Blackstone and including the Carlyle Group,
Permira and the
TPG Capital completed the $17.6 billion takeover of
the semiconductor company. At the time of its announcement, Freescale
would be the largest leveraged buyout of a technology company ever,
surpassing the 2005 buyout of SunGard. The buyers were forced to pay
an extra $800 million because KKR made a last minute bid as the
original deal was about to be signed. Shortly after the deal closed in
late 2006, cell phone sales at Motorola Corp., Freescale's former
corporate parent and a major customer, began dropping sharply. In
addition, in the recession of 2008–2009, Freescale's chip sales to
automakers fell off, and the company came under great financial
Blackstone, together with Bain Capital, acquired Michaels, the largest
arts and crafts retailer in North America in a $6.0 billion leveraged
buyout in October 2006. Bain and Blackstone narrowly beat out Kohlberg
Kravis Roberts and
TPG Capital in an auction for the company.
Blackstone together with AlpInvest Partners, Carlyle Group, Hellman
Kohlberg Kravis Roberts
Kohlberg Kravis Roberts and Thomas H. Lee Partners
acquired the global information and media company formerly known as
Blackstone, together with Lion Capital acquired Orangina, the bottler,
distributor and franchisor of a number of carbonated and other soft
drinks in Europe from
Cadbury Schweppes for €1.85 billion
Travelport, the parent of the travel web site Orbitz.com, was acquired
Cendant by Blackstone and Technology Crossover Ventures in a deal
valued at $4.3 billion. The sale of
Travelport followed the spin-offs
of Cendant's real estate and hospitality businesses, Realogy
Wyndham Worldwide Corporation, respectively, in July
2006. (Later in the year, TPG and Silver Lake would acquire
Travelport's chief competitor Sabre Holdings.) Soon after the
Travelport spun off part of its subsidiary Orbitz
Worldwide in an IPO and bought a
Travelport competitor, Worldspan.
In October 2006 Blackstone, together with
PAI Partners announced the
acquisition of the British biscuit producer. The deal was completed in
RGIS Inventory Specialists
In March 2007, RGIS announced that
Blackstone Group purchased a
controlling interest in the company, the terms of the transaction were
Blackstone, Kohlberg Kravis Roberts,
TPG Capital and Goldman Sachs
Capital Partners acquired Biomet, a medical device manufacturer for
Blackstone acquired the premium hotel operator for approximately $26
billion, representing a 25% premium to Hilton's all-time high stock
price. The Hilton deal, announced on July 3, 2007 is often referred to
as the deal that marked the "high water mark" and the beginning of the
end of the multi-year boom in leveraged buyouts. The company
restructured its debt in 2010.
Initial public offering
Initial public offering in 2007
In 2004, Blackstone had explored the possibility of creating a
business development company (BDC), Blackridge Investments, similar to
vehicles pursued by Apollo Management. However, Blackstone failed
to raise capital through an initial public offering that summer, and
the project was shelved. It also planned to raise a fund on the
Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis
Roberts & Co., launched a $5 billion fund there that soaked up all
demand for such funds, and Blackstone abandoned its project.
In 2007, Blackstone acquired Alliant Insurance Services, an insurance
brokerage firm. The company was sold to
Kohlberg Kravis Roberts
Kohlberg Kravis Roberts in
On June 21, 2007, Blackstone became a public company via an initial
public offering, selling a 12.3% stake in the company for $4.13
billion, in the largest U.S. IPO since 2002.
2008 to 2010
During the financial crisis of 2007–2008, Blackstone managed to
close only a few transactions. In January 2008, Blackstone made a
small co-investment alongside
TPG Capital and
Apollo Management in
their buyout of Harrah's Entertainment, although that transaction had
been announced during the buyout boom period. Other notable
investments that Blackstone completed in 2008 and 2009 included
AlliedBarton, Performance Food Group, Apria Healthcare and
In July 2008, Blackstone, together with
NBC Universal and Bain Capital
The Weather Channel
The Weather Channel from
Landmark Communications for $3.5
billion. In 2015, the digital assets were sold to
IBM for $2 billion.
In 2018, the remainder of the company was sold to
Byron Allen for $300
In December 2009, Blackstone acquired Busch Entertainment Corporation
Anheuser-Busch InBev for $2.9 billion.
In November 2013, Merlin Entertainments, owned in part by Blackstone
Group, became a public company via an initial public offering on the
London Stock Exchange.
In August 2010, Blackstone announced it would buy Dynegy, an energy
firm, for nearly $5 billion; however, the acquisition was terminated
in November 2010.
In 2010, Blackstone Alternative
Asset Management, received
Institutional Investor magazine's 8th Annual Hedge Fund Industry award
for Large Fund of Hedge Funds of the Year.
Investments since 2011
In February 2011, the company acquired 588 malls from Vicinity Centres
for $9.4 billion. The malls became
Brixmor Property Group and
Blackstone sold its remaining interest in the company in August
In November 2011, a fund managed by the company acquired medical
Emdeon for $3 billion.
In late 2011,
Blackstone Group LP acquired Jack Wolfskin, a German
camping equipment company. In 2017, the company was handed over to its
In August 2012, Blackstone was part of a consortium that financed
Knight Capital after a software glitch threatened Knight's ability to
In October 2012, the company acquired G6 Hospitality, operator of
Motel 6 & Studio 6 motels from AccorHotels, for $1.9 billion.
In November 2012, the company acquired a controlling interest in
Vivint Solar, and 2GIG Technologies.
In April 2013, the company discussed buying Dell, but it did not
pursue the acquisition.
In June 2013, Blackstone Real Estate Partners VII acquired an
industrial portfolio from
First Potomac Realty Trust
First Potomac Realty Trust for $241.5
In September 2013, Blackstone announced a strategic investment in
ThoughtFocus Technologies LLC, an information technology service
In August 2013, Blackstone acquired Strategic Partners, manager of
secondaryfunds, from Credit Suisse.
In February 2014, Blackstone purchased a 20% stake in the Italian
Versace for €150 million.
In April 2014, Blackstone's charitable arm, the Blackstone Charitable
Foundation, donated $4 million to create the Blackstone Entrepreneurs
Network in Colorado. The program encourages increased collaboration
among local business leaders with the goal of retaining high-growth
companies in the state.
In May 2014,
Blackstone Group acquired the Cosmopolitan of Las Vegas
Deutsche Bank for $1.73 billion.
In August 2014, Blackstone Energy Partners acquired Shell Oil's 50%
stake in a shale-gas field in the
Haynesville Shale for $1.2
In January 2015, Blackstone Real Estate Partners VI announced it would
Gold Fields House
Gold Fields House in
Dalian Wanda Group
Dalian Wanda Group for A$415
In July 2015, Blackstone acquired Excel Trust, a real estate
investment trust, for around $2 billion.
In November 2015, the company agreed to sell facility management firm
GCA Services Group to
Goldman Sachs and Thomas H. Lee Partners.
In January 2016, Blackstone Real Estate Partners VIII L.P. acquired
BioMed Realty Trust for $8 billion.
In February 2016, Blackstone sold 4 office buildings to Douglas Emmett
for $1.34 billion.
On January 4, 2017, Blackstone acquired SESAC, a music-rights
On February 10, 2017,
Aon PLC agreed to sell its human resources
outsourcing platform for $4.3 billion to
Blackstone Group L.P.,
creating a new company.
On June 19, 2017, Blackstone acquired a majority interest in The
Office Group, valuing the company at $640 million.
In July 2017, the company announced an investment in Leonard Green
In January 2018, the company acquired Pure Industrial, a Canadian real
estate investment trust for C$2.5 billion.
In March 2018, Blackstone Real Estate Income Trust, Inc. acquired a 22
million square foot portfolio of industrial properties from Cabot
Properties for $1.8 billion.
In March 2018, Blackstone’s Strategic Capital Holdings Fund invested
in Rockpoint Group.
In March 2018, the company's Strategic Capital Holdings Fund announced
an investment in Kohlberg & Company, a private equity
firm."Kohlberg Announces Strategic Investment by Blackstone" (Press
release). Business Wire. March 23, 2018. </ref>
Bloomberg News uncovered how the
Blackstone Group was
self-dealing after its affiliate
GSO Capital Partners
GSO Capital Partners purchased debt
and credit default swaps in Codere SA, a Spanish betting, online
gambling and gaming company.
In the first half of 2013, Blackstone GSO and another firm later
purchased a €100 million bank loan (via secondary markets) that
Codere already had on the books, and then convinced Codere to delay
repayment on the debt related to the aforementioned credit default
swaps. That delay triggered the CDS, resulting in upwards of $18.7
million in profit for GSO.
The GSO director defended the move with "Codere (working with us...)
had to trigger the credit default swaps, as it was the only way to
compel certain bondholders to negotiate." and blamed credit default
swap investors for their loss:
Unlike Blackstone, who invested directly into Codere, these financial
investors [of hedge funds using credit default swaps] were not aligned
with the interests of Codere, but instead through their use of credit
default swaps, were betting on when the Company would
default[...]having no interest in the outcome of the game.
Stephen A. Schwarzman: Chairman, CEO & Co-Founder
Jonathan D. Gray: President & COO
Hamilton E. James: Executive Vice Chairman
J. Tomilson Hill: Vice
Chairman of the Hedge Fund
Solutions group, Blackstone Alternative
Asset Management (BAAM®)
Joseph Baratta: Global Head of Private Equity
David S. Blitzer: Head of Tactical Opportunities
David L. Calhoun: Head of Private Equity Portfolio Operations
Kenneth Caplan: Global Co-Head of Real Estate
Michael S. Chae: CFO
Bennett J. Goodman: Co-Founder of GSO Capital Partners
John G. Finley: CLO
Kathleen McCarthy: Global Co-Head of Real Estate
Joan Solotar: Head of Private Wealth Solutions & External
Board of Directors
Stephen A. Schwarzman:
Chairman of the Board of Directors and the
Hamilton E. James: Member of the Executive Committee
Jonathan D. Gray: Member of the Executive Committee
J. Tomilson Hill: Member of the Executive Committee
Bennett J. Goodman: Member of the Executive Committee
James W. Breyer: Independent Director & Member of the Audit
Committee and the Conflicts Committee
Rochelle B. Lazarus: Independent Director & Member of the Audit
Committee and the Conflicts Committee
Jay O. Light: Independent Director & Member of the Audit Committee
and the Conflicts Committee
The Right Honorable Brian Mulroney: Independent Director
William G. Parrett: Independent Director &
Chairman of the Audit
Committee and the Conflicts Committee
List of outdoor industry parent companies
List of venture capital firms
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^ "Stockman Is Charged With Fraud". New York Times, March 27, 2007
Sony and CBS Records: What a Romance!". New York Times, September
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^ "2 Wall Street Firms Join To Buy Savings Units". New York Times, May
^ U.S. Mergers Firm Is Forming British Link. New York Times, April 23,
Chairman Is Named For Blackstone Unit. New York Times, April 5, 1991
^ Prime to Sell Interest in Inns to Blackstone. New York Times, May
^ Blackstone Unit to Buy Days Inns. New York Times, October 1, 1991
^ Hospitality to Acquire Super 8 Motels. New York Times, February 17,
Loewen Group and Blackstone Capital Partners form corporate
venture to acquire Prime Succession. Business Wire, June 17, 1996.
^ Loewen And Blackstone To Make Joint Purchase. New York Times, June
^ Loewen Buys Big Cemetery, And Its Suitor Criticizes Deal. New York
Times, September 21, 1996
^ Blackstone Raises $4 Billion for Fund. New York Times, October 10,
^ Red-Hot Revival in Real Estate; Overheating Is Feared With Surge in
Vulture Investing. New York Times, November 6, 1997
^ A.I.G. Will Put $1.35 Billion Into Blackstone. New York Times, July
^ Blackstone to Form a New Financing Unit. New York Times, April 8,
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^ King of Capital, pp. 148–155
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Commercial Real Estate Direct.
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^ Photographed at the
World Economic Forum
World Economic Forum in
Davos, Switzerland in
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^ Vivendi Finishes Sale of
Houghton Mifflin To Investors. New York
Times, January 1, 2003
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Street Journal. Retrieved 23 March 2007.
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Blackstone Group May Purchase Auto Parts Business From TRW. New York
Times, November 13, 2002
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May 15, 2002
^ A Split-Up of Insurers of Bonds Is Considered. New York Times,
February 16, 2008
^ King of Capital, p. 225
^ "Capital Firms Agree to Buy
SunGard Data in Cash Deal." Bloomberg
L.P., March 29, 2005
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^ Private-Equity Firm Sees Room for Value in Hotels. Wall Street
Journal, August 17, 2005
^ Equity Firms Buy Danish Phone Company. New York Times, December 1,
^ King of Capital, pp. 239–254
^ Blackstone's Bid for
Equity Office Prevails New York Times, February
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^ Sorkin, Andrew Ross and Flynn, Laurie J. "Blackstone Alliance to Buy
Chip Maker for $17.6 Billion." New York Times, September 16, 2006
^ Consortium Buys
Michaels for $6 Billion. New York Times, July 1,
^ VNU Shareholders Reject $8.9 Bln Offer From KKR Group. Bloomberg,
March 8, 2006
^ Buyout Bid For Parent Of Nielsen. New York Times, January 17, 2006
^ VNU Agrees To Public Offer From Private Equity Group. Press Release,
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United Biscuits in a £1.6bn deal". The Independent. Retrieved
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27, 2007. Retrieved 2007-04-12.
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Interest in RGIS" (Press release). Business Wire. May 1, 2007.
^ "Biomet, Inc. to Be Acquired by Private Equity Consortium for $10.9
Billion or $44 Per Share in Cash" (Press release). Business Wire.
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^ Blackstone to Buy Hilton Hotels for $26 Billion. New York Times,
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Times, April 17, 2004
Blackstone Group Postpones Fund Offering. New York Times, July 16,
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David Carey, John E. Morris (2010). King of Capital: The Remarkable
Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone.
The Making of a Wise Man. New York Times, November 28, 2004
The Blackstone Group
Peter George Peterson
Stephen A. Schwarzman
SunGard (minority shareholder)
Michaels (Joint Control)
Performance Food Group
BankUnited (minority stake)
HealthMarkets (minority stake)
FGIC (minority stake)
Emcure Pharmaceuticals (investment)
Vanguard Health Systems
Freescale (Joint Control)
TRW Automotive (Control)
Nielsen Holdings (minority stake)
Axtel (minority stake)
Deutsche Telekom (minority stake)
TDC (minority stake)
The Weather Channel
The Weather Channel (minority stake)
Travel & Leisure
Center Parcs Europe (freehold)
Caesars Entertainment Corporation
Caesars Entertainment Corporation (minority stake)
Merlin Entertainments (minority stake)
SeaWorld Parks & Entertainment
Extended Stay America
Extended Stay America (minority stake)
Luxury Resorts (LXR)
La Quinta Inns & Suites
Private equity and venture capital
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