The Info List - The Blackstone Group

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The Blackstone Group
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,[2] Blackstone specializes in private equity, credit and hedge fund investment strategies.[3] As of December 31, 2017, Blackstone had $434 billion under management.[4] 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 Hilton Worldwide, Merlin Entertainments
Merlin Entertainments
Group, Performance Food Group, Equity Office Properties, Republic Services, AlliedBarton, United Biscuits, Freescale Semiconductor, Vivint,[5] and Travelport.[6] 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.[2] 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.[7] 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 Dubai.[8]


1 Business segments

1.1 Corporate private equity 1.2 Real estate 1.3 Marketable alternative asset management 1.4 Financial advisory services

2 History

2.1 Founding and early history 2.2 1990s 2.3 Early 2000s 2.4 Buyout boom (2005–2007) 2.5 Initial public offering
Initial public offering
in 2007 2.6 2008 to 2010 2.7 Investments since 2011

3 Self-dealing 4 Leadership

4.1 Executives 4.2 Board of Directors

5 See also 6 References 7 External links

Business segments[edit] Blackstone has four business segments:[9][1]

Private Equity: seven general private equity funds and three sector focused funds with $105.56 billion of assets under management.[1] Real Estate: world's largest real estate private equity firm with $115.34 billion of assets under management.[1] Hedge Fund Solutions: comprised principally of Blackstone Alternative Asset
Management (BAAM®), the world’s largest discretionary investor in hedge funds.[1] Credit: consists principally of GSO Capital Partners, one of the world's largest (credit-oriented) leveraged finance-focused alternative asset managers.[1]

Corporate private equity[edit] 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.[9] Blackstone employs approximately 120 private equity investment employees in New York City; London; Menlo Park, California; Mumbai; Hong Kong; and Beijing.[1] 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.[10] 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 investments. Blackstone's private equity funds through the beginning of 2009:[11][citation needed]

Fund Vintage Year Committed Capital ($b)

Blackstone Capital Partners I 1987 $0.8

Blackstone Capital Partners II 1994 $1.27

Blackstone Capital Partners III 1997 $3.78

Blackstone Communications Partners I 2000 $2.02

Blackstone Capital Partners IV 2003 $6.45

Blackstone Capital Partners V 2006 $21.7

Blackstone Capital Partners VI 2010 $13.5

From 1987 to its IPO in 2007, Blackstone invested approximately $20 billion in 109 private equity transactions.[9] Blackstone's most notable investments include Allied Waste,[12] AlliedBarton Security Services, Graham Packaging, Celanese, Nalco, HealthMarkets, Houghton Mifflin, American Axle, TRW Automotive, Catalent Pharma Solutions, Prime Hospitality, Legoland, Madame Tussauds,[13] Luxury Resorts
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).[14] In 2012, Blackstone acquired a controlling interest in Utah-based Vivint, Inc., a home automation, security, and energy company.[15] Former notable investments include Universal Studios Parks, which was sold to Comcast. Real estate[edit] 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.[9][1] The following is a summary of Blackstone's real estate funds raised from inception:[11]

Fund Vintage Year Committed Capital ($b)

Blackstone Real Estate Partners I 1994 $0.48

Blackstone Real Estate Partners II 1996 $1.3

Blackstone Real Estate Partners III 1999 $1.5

Blackstone Real Estate Partners International (Europe) 2001 €0.8

Blackstone Real Estate Partners IV 2003 (alt value 2004)[16] $2.5 (alt value €6.7bn)[16]

Blackstone Real Estate Partners International (Europe) II 2006 €1.55

Blackstone Real Estate Partners V 2006 $5.25

Blackstone Real Estate Partners VI 2007 $10.9

Blackstone Real Estate Special
Situations PE Fund 2008 $1.0

Blackstone Real Estate Partners Europe III 2009 €3.1

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.[9] Blackstone's most notable real estate investments have included Equity Office Properties, Hilton Hotels Corporation, Trizec Properties, Center Parcs
Center Parcs
UK, La Quinta Inns & Suites, Motel 6, Wyndham Worldwide, Southern Cross Healthcare and Vicinity Centres.[17] 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.[18][19] After the subprime mortgage crisis, Blackstone Group
Blackstone Group
LP bought more than $5.5 billion single-family homes for rent, to be sold when the prices rise.[20] In 2014, Blackstone sold Northern California office buildings for $3.5 billion.[21] Marketable alternative asset management[edit] 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.[9] 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.[22] 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.[23][24] Financial advisory services[edit] Blackstone's financial advisory business is composed of three businesses:[9]

Mergers and acquisitions Corporate restructuring Private placement agent

Among Blackstone's most notable corporate and mergers and acquisitions, advisory clients include Microsoft, Procter & Gamble, Verizon, Comcast, Sony
and AIG.[25][26] 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[27] Xerox, Enron,[28] 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.[29] Park Hill Group also provides secondary advisory services to investors seeking portfolio liquidity and unfunded commitment relief.[30] In 2006 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.[31][32] He was recruited to oversee and develop Blackstone’s mergers-and-acquisitions advisory business, Blackstone Advisory Partners, in the United States
United States
and Europe, and to open an office in London.[32][33] 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.[34][35] 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.[36][37][38] After assisting with the transition,[39] Studzinski became Vice Chairman
of Investor Relations and Business Development at The Blackstone Group.[40][41] 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 U.S.[40] History[edit]

History of private equity and venture capital

Early history

(origins of modern private equity)

The 1980s

(leveraged buyout boom)

The 1990s

(leveraged buyout and the venture capital bubble)

The 2000s

(dot-com bubble to the credit crunch)

v t e

Founding and early history[edit] The Blackstone Group
Blackstone Group
was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman
Stephen A. Schwarzman
with $400,000 in seed capital.[42][43] 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".[44] The two founders had previously worked together at Lehman Brothers, Kuhn, Loeb Inc.
Lehman Brothers, Kuhn, Loeb Inc.
At Lehman, Schwarzman served as head of Lehman Brothers' global mergers and acquisitions business.[45] 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
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.[46][47]

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.[48] 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 Company, Nikko Securities and the General Motors
General Motors
pension fund.[49] 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
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.[9][50] 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.[51] The growth firm also recruited politician and investment banker David Stockman from Salomon Brothers
Salomon Brothers
in 1988. Stockman led many key deals in his time at the firm, but had a mixed record with his investments.[52] He left Blackstone in 1999 to start his own private equity firm, Heartland Industrial Partners, based in Greenwich, Connecticut.[53][54] The firm advised CBS Corporation
CBS Corporation
on its 1988 sale of CBS Records to Sony
to form what would become Sony
Music Entertainment.[55] In June 1989, Blackstone acquired freight railroad operator, CNW Corporation.[56] 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.[57] 1990s[edit]

The Blackstone Group
Blackstone Group
logo in use prior to the firm's rebranding as simply Blackstone

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.[58][59] 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.[60] In October 1991, Blackstone and Silverman added Days Inns of America for $250 million.[61] Then, in 1993, Hospitality Franchise Systems acquired Super 8 Motels for $125 million.[62] Silverman would ultimately leave Blackstone to serve as CEO of HFS, which would later become Cendant Corporation. Blackstone made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock Company
Great Lakes Dredge and Dock Company
(1991), Six Flags (1991), US Radio (1994), Centerplate (1995), MEGA Brands
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 GTCR.[63][64][65] 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[66] and a $1.1 billion real estate investment fund.[67] In the following year, in 1998, Blackstone sold a 7% interest in its management company to AIG, replacing Nikko Securities as its largest investor and valuing Blackstone at $2.1 billion.[68] 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.[69] Blackstone's investments in the late 1990s included AMF Group (1996), Haynes International
Haynes International
(1997), American Axle (1997), Premcor (1997), CommNet Cellular (1998), Graham Packaging (1998), Centennial Communications (1999), 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.[70] 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.[12] 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 funds.[71] Blackstone Real Estate Advisers, its real estate affiliate, bought the Watergate Complex in Washington D.C. in July 1998 for $39 million[72] and sold it to Monument Reality in August 2004.[73] Early 2000s[edit] Blackstone acquired the mortgage for 7 World Trade Center in October 2000 from the Teachers Insurance and Annuity Association.[74]

Schwarzman's Blackstone Group
Blackstone Group
completed the first major IPO of a private equity firm in June 2007.[75]

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 conditions.[76] 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
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.[77] In 2002, 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.[78] In late 2002, Blackstone remained active acquiring TRW Automotive
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.[79][80] Blackstone also purchased a majority interest in Columbia House, a music buying club, in mid-2002.[81] 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.[82] 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
Goldman Sachs
Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and TPG Capital. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco
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.[83] The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.[84][85] 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.[24] While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone acquired Prime Hospitality[86] and 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.[87] La Quinta Inns & Suites went public in 2014 and is now controlled by La Quinta Holdings as the parent organization.[88] Buyout boom (2005–2007)[edit] 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:

Investment Year Company Description Ref.

TDC 2005 In December 2005, Blackstone together with a group of firms, including Kohlberg Kravis Roberts, Permira, Apax Partners
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. [89]

Equity Office 2006 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. [90][91]

Freescale Semiconductor 2006 A consortium led by Blackstone and including the Carlyle Group, Permira
and the TPG Capital
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 strain. [92][93]

Michaels 2006 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
TPG Capital
in an auction for the company. [94]

Nielsen Holdings 2006 Blackstone together with AlpInvest Partners, Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts
Kohlberg Kravis Roberts
and Thomas H. Lee Partners acquired the global information and media company formerly known as VNU. [95][96][97]

Orangina[98] 2006 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
Cadbury Schweppes
for €1.85 billion [99]

Travelport 2006 Travelport, the parent of the travel web site Orbitz.com, was acquired from 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 Corporation and Wyndham Worldwide
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
buyout, Travelport
spun off part of its subsidiary Orbitz Worldwide in an IPO and bought a Travelport
competitor, Worldspan. [6]

United Biscuits 2006 In October 2006 Blackstone, together with PAI Partners
PAI Partners
announced the acquisition of the British biscuit producer. The deal was completed in December 2006. [100][101]

RGIS Inventory Specialists 2007 In March 2007, RGIS announced that Blackstone Group
Blackstone Group
purchased a controlling interest in the company, the terms of the transaction were not disclosed. [102]

Biomet 2007 Blackstone, Kohlberg Kravis Roberts, TPG Capital
TPG Capital
and Goldman Sachs Capital Partners acquired Biomet, a medical device manufacturer for $10.9 billion. [103]

Hilton Worldwide 2007 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. [104][105][106]

Initial public offering
Initial public offering
in 2007[edit] In 2004, Blackstone had explored the possibility of creating a business development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management.[107] However, Blackstone failed to raise capital through an initial public offering that summer, and the project was shelved.[108] 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.[109] In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. The company was sold to Kohlberg Kravis Roberts
Kohlberg Kravis Roberts
in 2012.[110] 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.[7][111] 2008 to 2010[edit] 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
TPG Capital
and Apollo Management
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,[112][113] Apria Healthcare and CMS Computers. In July 2008, Blackstone, together with NBC Universal
NBC Universal
and Bain Capital acquired The Weather Channel
The Weather Channel
from Landmark Communications
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 million.[114] In December 2009, Blackstone acquired Busch Entertainment Corporation from Anheuser-Busch InBev
Anheuser-Busch InBev
for $2.9 billion.[115] 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.[116][117] In August 2010, Blackstone announced it would buy Dynegy, an energy firm, for nearly $5 billion; however, the acquisition was terminated in November 2010.[118] 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.[119] Investments since 2011[edit]

In February 2011, the company acquired 588 malls from Vicinity Centres for $9.4 billion.[120] The malls became Brixmor Property Group and Blackstone sold its remaining interest in the company in August 2016.[121] In November 2011, a fund managed by the company acquired medical biller Emdeon for $3 billion.[122] In late 2011, Blackstone Group
Blackstone Group
LP acquired Jack Wolfskin, a German camping equipment company. In 2017, the company was handed over to its lenders.[123] In August 2012, Blackstone was part of a consortium that financed Knight Capital
Knight Capital
after a software glitch threatened Knight's ability to continue operations.[124] In October 2012, the company acquired G6 Hospitality, operator of Motel 6
Motel 6
& Studio 6 motels from AccorHotels, for $1.9 billion.[125] In November 2012, the company acquired a controlling interest in Vivint, Vivint
Solar, and 2GIG Technologies.[126] In April 2013, the company discussed buying Dell, but it did not pursue the acquisition.[127] In June 2013, Blackstone Real Estate Partners VII acquired an industrial portfolio from First Potomac Realty Trust
First Potomac Realty Trust
for $241.5 million.[128] In September 2013, Blackstone announced a strategic investment in ThoughtFocus Technologies LLC, an information technology service provider.[129] In August 2013, Blackstone acquired Strategic Partners, manager of secondaryfunds, from Credit Suisse.[130] In February 2014, Blackstone purchased a 20% stake in the Italian luxury brand Versace
for €150 million.[131][132] 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.[133] In May 2014, Blackstone Group
Blackstone Group
acquired the Cosmopolitan of Las Vegas resort from Deutsche Bank
Deutsche Bank
for $1.73 billion.[134] In August 2014, Blackstone Energy Partners acquired Shell Oil's 50% stake in a shale-gas field in the Haynesville Shale
Haynesville Shale
for $1.2 billion.[135] In January 2015, Blackstone Real Estate Partners VI announced it would sell a Gold Fields House
Gold Fields House
in Sydney
to Dalian Wanda Group
Dalian Wanda Group
for A$415 million.[136] In July 2015, Blackstone acquired Excel Trust, a real estate investment trust, for around $2 billion.[137] In November 2015, the company agreed to sell facility management firm GCA Services Group to Goldman Sachs
Goldman Sachs
and Thomas H. Lee Partners.[138] In January 2016, Blackstone Real Estate Partners VIII L.P. acquired BioMed Realty Trust for $8 billion.[139] In February 2016, Blackstone sold 4 office buildings to Douglas Emmett for $1.34 billion.[140] On January 4, 2017, Blackstone acquired SESAC, a music-rights organization.[141] On February 10, 2017, Aon PLC
agreed to sell its human resources outsourcing platform for $4.3 billion to Blackstone Group
Blackstone Group
L.P., creating a new company.[142] On June 19, 2017, Blackstone acquired a majority interest in The Office Group, valuing the company at $640 million.[143] In July 2017, the company announced an investment in Leonard Green & Partners. In January 2018, the company acquired Pure Industrial, a Canadian real estate investment trust for C$2.5 billion.[144] 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.[145][146] In March 2018, Blackstone’s Strategic Capital Holdings Fund invested in Rockpoint Group.[147] 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>

Self-dealing[edit] In 2013, Bloomberg News
Bloomberg News
uncovered how the Blackstone Group
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.[148]

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.[149]

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.[149]

Leadership[edit] Executives[edit]

Stephen A. Schwarzman: Chairman, CEO & Co-Founder Jonathan D. Gray: President & COO Hamilton E. James: Executive Vice Chairman J. Tomilson Hill: Vice Chairman
& 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 Relations

Board of Directors[edit]

Stephen A. Schwarzman: Chairman
of the Board of Directors and the Executive Committee 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

See also[edit]

Companies portal

List of outdoor industry parent companies List of venture capital firms


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Blackstone Group
L.P. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.  ^ a b Wiliam Alden (April 18, 2013). "Public Offering Values SeaWorld at $2.5 Billion". The New York Times. Retrieved April 19, 2013.  ^ "The Blackstone Group". The New York Times. Retrieved 12 January 2016.  ^ "Blackstone - Overview". Blackstone. Retrieved 2018-03-07.  ^ Kim, Soyoung (September 19, 2012). "Blackstone buys security firm Vivint
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Is Named For Blackstone Unit. New York Times, April 5, 1991 ^ Prime to Sell Interest in Inns to Blackstone. New York Times, May 24, 1990 ^ Blackstone Unit to Buy Days Inns. New York Times, October 1, 1991 ^ Hospitality to Acquire Super 8 Motels. New York Times, February 17, 1993 ^ The Loewen Group and Blackstone Capital Partners form corporate venture to acquire Prime Succession. Business Wire, June 17, 1996. Accessed 2009-02-20. ^ Loewen And Blackstone To Make Joint Purchase. New York Times, June 18, 1996 ^ 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, 1997 ^ 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 31, 1998 ^ Blackstone to Form a New Financing Unit. New York Times, April 8, 1999 ^ King of Capital, pp. 145-146 ^ King of Capital, pp. 148–155 ^ Cube, Christine (Nov 25, 2002). "Watergate Hotel For Sale". Washington Business Journal.  ^ Staff Report (Aug 19, 2004). "Monument Realty Buys Watergate Hotel". Commercial Real Estate Direct.  ^ "Blackstone Acquires Debt on 7 World Trade Center". Business Wire. October 17, 2000.  ^ Photographed at the World Economic Forum
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in Davos, Switzerland
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Houghton Mifflin
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Blackstone Group
May Purchase Auto Parts Business From TRW. New York Times, November 13, 2002 ^ Blackstone Buys Majority Stake in Columbia House. New York Times, 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
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to Acquire Prime Hospitality Corp. Press Release, August 18, 2004. Accessed 2009-02-20 Archived March 8, 2005, at the Wayback Machine. ^ Private-Equity Firm Sees Room for Value in Hotels. Wall Street Journal, August 17, 2005 ^ http://ir.lq.com/Cache/1500058950.PDF?Y=&O=PDF&D=&FID=1500058950&T=&IID=4424891[permanent dead link] ^ Equity Firms Buy Danish Phone Company. New York Times, December 1, 2005 ^ King of Capital, pp. 239–254 ^ Blackstone's Bid for Equity Office Prevails New York Times, February 8, 2007 ^ King of Capital, 231-235 ^ 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, 2006 ^ 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, March 8, 2006 ^ "Company News Headlines". NASDAQ.com. June 2, 2011. Retrieved 2013-01-29.  ^ Cadbury Sells Beverage Unit to Two Firms. New York Times, November 22, 2005 ^ Parkinson, Gary (October 26, 2006). "Private-equity companies snap up United Biscuits in a £1.6bn deal". The Independent. Retrieved 2007-04-12.  ^ "Blackstone and PAI complete purchase of UB" (Press release). United Biscuits. December 15, 2006. Archived from the original on September 27, 2007. Retrieved 2007-04-12.  ^ "The Blackstone Group
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Postpones Fund Offering. New York Times, July 16, 2004 ^ King of Capital, pp. 221–223 ^ Sender, Henny (November 23, 2012). "KKR buys Alliant in 'pass the parcel' deal". Financial Times.  ^ Sorkin, Andrew Ross and de la Merced, Michael J. "News Analysis Behind the Veil at Blackstone? Probably Another Veil." New York Times, March 19, 2007. ^ Equity Firms Acquiring Food Supplier. Bloomberg, January 19, 2008 ^ Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal. AltAssets, January 18, 2008 Archived June 11, 2008, at the Wayback Machine. ^ Flint, Joe (November 8, 2013). "Byron Allen's Company Buys Weather Channel for $300 Million". The Wall Street Journal.  ^ "ANHEUSER-BUSCH INBEV AND BLACKSTONE ANNOUNCE COMPLETION OF SALE OF BUSCH ENTERTAINMENT CORPORATION" (Press release). Anheuser-Busch InBev. December 1, 2009.  ^ David, Ruth; Doff, Natasha (November 8, 2013). "Merlin Entertainments Gains on Debut After $1.5 Billion IPO". Bloomberg L.P.  ^ Saigol, Lina; Cadman, Emily (November 8, 2013). "Merlin Entertainments shares rise on London
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Sells Minority Stake to Blackstone". Women's Wear Daily. Retrieved 27 February 2014.  ^ Vuong, Andy (April 20, 2014). "Blackstone grants $4 million to create Colorado entrepreneurs network". The Denver Post.  ^ Schuetze, Arno; Taylor, Edward (May 15, 2014). " Deutsche Bank
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Buys 22M SF Industrial Portfolio For $1.8B". Bisnow Media.  ^ "Blackstone to Make Strategic Minority Investment in Rockpoint" (Press release). Business Wire. March 13, 2018.  ^ Stephanie Ruhle; Mary Childs; Julie Miecamp (22 October 2013). "Blackstone Unit Wins in No-Lose Codere Trade: Corporate Finance". Bloomberg News.  ^ a b Dan Primack (5 December 2013). "Blackstone responds to Jon Stewart". finance.fortune.cnn.com. 

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

External links[edit]

Official website

v t e

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Business Services

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