Blackstone Files Prospectus for IPO

The Blackstone Group, the largest private equity firm, filed its preliminary prospectus yesterday for its IPO offering investors 10% of the equity in the management company, which had $2.3 billion in profits last year.  Shareholders would have limited voting rights, would not elect management, and decisions would be made to favor the limited partners.  The private equity business has $31.1 billion in assets under management, and returns of 30.8%.  The prospectus reportedly did not offer much detail about the compensation of the principals   See NYTimes, Blackstone Says It Plans to Go Public ;  WSJ, Blackstone Aims To Keep Control As Public Entity.