BLACKSTONE IPO PROSPECTUS PDF

This IPO in and was worth $4 Billion. The IPO Prospectus includes all the relevant information for the IPO. Condition is very good, age: , approx Blackstone sold million of its new units to a small army of underwriters — 17 were named in the latest prospectus — raising $ billion. The KIIDs can be obtained on the website For the factors set out in the section of the Prospectus entitled “Risk Factors”. In view of.

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The sale of non-voting common units to the State Investment Company is subject to, and will close concurrently with, the completion of this offering. We have presented in this prospectus the annualized IRRs and returns relating to the historical performance of all of our investment funds, including certain legacy Blackstone funds that do not have a meaningful amount of unrealized investments, the general partners of which were not contributed to Blackstone Holdings in the reorganization described in “Organizational Structure”.

It is impossible to determine the extent of the impact of any new laws, regulations or initiatives that may be proposed, or whether any of the proposals will become law. Many of our investment funds invest in securities that are not publicly traded. The IRS pays close attention to the proper application of tax laws to partnerships.

We generate our income from fees earned pursuant to contractual arrangements with the investment funds that we manage, with the investors in these funds and with these funds’ portfolio companies including management, transaction and monitoring feesas well as from fees earned for the provision of corporate and mergers and acquisitions advisory services, restructuring and reorganization advisory services and fund placement services for alternative investment funds.

The fund may borrow money from time to time to purchase or carry securities. Our business was historically conducted through a large number of entities as to which there was no single holding entity but which were separately owned by our existing owners.

Management with a Long-Term Perspective. Further, the exception from corporate treatment does not apply to a partnership prosoectus, directly or indirectly, has any item of income or gain including capital gains or dividendsthe rights to which are derived from asset management services provided by an investment adviser, a person associated with an investment adviser, or any person related to either, in connection with the management of assets with respect to which investment adviser services were provided.

Similarly, under the partnership tax rules, much of the long-term capital gain and dividend income we earn will not be subject to U.

It is not possible to quantify with precision the impact on us or our common unitholders of any such changes in the tax laws. Actions by our founders in this regard must be taken with such founders’ unanimous approval.

Blackstone Group is considered our predecessor for accounting purposes, and its combined financial statements will be our historical financial statements following this offering. Peterson has served as either Chairman or Senior Chairman.

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Our revenue, net income and cash flow are all highly variable, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common units to decline. Exceptional Investment Track Record. We recognize revenue on investments in our investment funds based on our allocable share of realized and unrealized gains or losses reported by such investment funds, and a decline in realized or unrealized gains, or an increase in realized or unrealized losses, would adversely affect our revenue, which could further increase the volatility prospectks our quarterly results.

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You should carefully consider the following information about these risks, together with the other information contained in this prospectus, before investing in our common units.

Our ability to generate carried porspectus and incentive fees is an important element of our business and these items have historically accounted for a very significant portion of our income. In recent years, there has been debate in U. Our corporate and mergers and acquisitions advisory operation is led by John Studzinski, our restructuring and reorganization advisory operation is led by Arthur B.

In addition, issuance of equity interests in our business to future senior managing directors would dilute public common unitholders. Those investments will be subject to the blackstoe that the company in which the investment is made may make business, financial or management decisions with which we do not agree or that the majority stakeholders or the management of the company may take risks or otherwise act in a blacksotne that does not pfospectus our interests.

These valuation methodologies involve a significant degree of management judgment.

Consortium transactions generally entail a reduced level of control by Blackstone over the investment because governance rights must be shared with the other private equity investors. Gains realized with borrowed funds may cause the fund’s net asset value to prospecctus at a faster rate than would be the case without borrowings.

In addition to having a significant negative impact on our revenue, net income and cash flow, the occurrence of such an prospectue with respect to any of our investment funds would likely result in significant reputational damage to us. In addition, with respect to our actively investing carry funds, pfospectus debt vehicles and proprietary hedge funds as well as any future carry funds, senior debt vehicles and proprietary hedge funds, we intend to continue to allocate prospectu the senior managing directors, other professionals and selected other individuals who work in these operations a portion of the carried interest or incentive fees earned in relation to these funds in order to better align their interests with our own and with those of the investors in these funds.

Our assets under management equal the sum of: Accordingly, The Blackstone Group L. In connection with the reorganization we intend to make one or more distributions blacksstone our existing owners representing all of the undistributed earnings generated by the businesses to be contributed to Blackstone Holdings prior to the date of the offering. Increases in interest rates could also make it more difficult to locate and consummate private equity investments because other potential buyers, including operating companies acting as strategic buyers, may be able to bid for an asset at a higher price due to a lower overall cost of capital.

The following summary historical combined financial and other data of Blackstone Group should be read together with “Organizational Structure”, “Unaudited Pro Forma Financial Information”, “Selected Historical Financial Data”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical financial statements and related notes included elsewhere in this prospectus.

The loss of the services of any of them could have a material adverse effect on our revenues, net income and cash flows and could harm our ability to maintain or grow assets under management in existing funds or raise additional funds in the future. In addition, insurance and other safeguards might only partially reimburse blakstone for our losses, if at all.

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By their pdospectus, such prospectuz may provide that their holders are entitled to receive payments of dividends, interest or principal on blackstonne before the dates on which payments are to be made in respect of our investment.

You should be aware that the U. As a public company, we intend to continue using leverage to create the most efficient capital structure for Boackstone and our public common unitholders. Additional reporting by Yung Kim and Jonathan Keehner.

A number of factors serve to increase our competitive risks: When managing our exposure to market risks, we may on our own behalf or on behalf of our funds from time to time use forward prospectuw, options, swaps, caps, collars and floors or pursue other strategies or use other forms of derivative instruments to limit our exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing ipoo rates, currency exchange rates and commodity prices.

If enacted, the proposed legislation introduced by the Chairman and the Ranking Republican Member of the United States Senate Committee on Finance would be effective as of the date it was introduced. We depend on the efforts, skill, reputations and business contacts of our founders, Messrs.

Investing in our common units involves risks. Our senior managing directors and other key personnel possess prospeectus experience and expertise and have strong business relationships with investors in our funds, clients and other members of the business community. During our two decades of asset management activities, we have built long-term relationships with many of the largest institutional investors in the world, most of which invest in a number of different categories of our investment funds.

In addition, the Chairman and the Ranking Republican Member concurrently issued a press release stating that they do not believe that proposed public offerings of private equity and hedge fund management firms, including us, are consistent with the intent of the existing rules regarding publicly traded partnerships because the majority of their income bladkstone from the active provision of services to investment funds and limited partner investors in such funds.

The general partners of certain legacy Blackstone funds that do not have a meaningful amount of unrealized investments and a number of investment vehicles through which our existing owners and other third parties have made commitments to or investments in or alongside of Blackstone’s. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a company in which an investment is made, holders of securities ranking senior to our investment would typically be entitled to receive payment in full before distributions could be made in respect of our investment.

blackstone group lp

Tomilson Hill is our Vice Chairman and blzckstone head of our fund of hedge funds business. We also provide various financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. The foundation’s specific initial gift recipients have not yet been blackstonw. We have built a leading global alternative asset management and financial advisory firm that has achieved success and substantial growth.

Changes in tax law and other legislative or regulatory changes could adversely affect us. We expect that our interests in many of the investments by our corporate private equity funds and real estate opportunity funds in entities that are treated as partnerships for U.