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.

Author: Zulkimuro Taugal
Country: Ecuador
Language: English (Spanish)
Genre: Science
Published (Last): 23 January 2014
Pages: 493
PDF File Size: 8.41 Mb
ePub File Size: 18.99 Mb
ISBN: 631-4-14824-616-5
Downloads: 46772
Price: Free* [*Free Regsitration Required]
Uploader: Netaxe

We have invested in complementary new areas because they offered opportunities to deploy our financial and intellectual capital and generate superior investment returns, attractive net income margins and substantial cash flow.

We have decided to become blackstonne public company: In addition, issuance of equity interests in our business to future senior managing directors would dilute public common unitholders.

Summary Historical Financial and Other Data. We believe that this management structure has meaningfully contributed to our significant growth and the successful performance of all our businesses.

Blackstone did not reveal how many units it plans to sell, or jpo estimated price, as those details are expected in future filings. The lack of guidance may affect the expectations of public market analysts and could cause increased volatility in our common unit price.

Carried interest and incentive fees could be significantly reduced as a result of our inability to maximize the value of investments by an investment fund during the liquidation process. In many cases, our investment funds may be prohibited by contract or by applicable securities laws from selling such securities for a period of time.

In addition, blacksotne the management fees we receive from our investment funds are payable on a regular basis in contractually prescribed amounts over the life of each fund, transaction fees earned by our corporate private equity, real estate and mezzanine operations and fees earned by our advisory business are subject to greater variability from quarter to quarter.

Moreover, we will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report income, gain, deduction, loss and credit to common unitholders in a manner that reflects such common unitholders’ beneficial ownership of partnership items, taking into account variation in ownership interests during each taxable year because of trading activity.

As a public entity, we will be subject to the reporting requirements of the U.

Accordingly, our success will depend on the continued service of these individuals, who are not obligated to remain employed with us. We intend to deconsolidate all of our funds that have historically been consolidated in our financial statements with the exception of our proprietary hedge funds and four of our funds of hedge funds.

Congress to treat carried interest as ordinary income rather than as capital pros;ectus for U. Both in entering and building our various businesses over the years and in determining the types of investments to be made by our investment funds, our management has consistently sought blwckstone focus on the best outcomes for our businesses and investments over a period of years rather than on the short-term impact on our revenue, net income or cash flow.

Members of the United States Congress have introduced legislation that would, if enacted, preclude us from qualifying for treatment as a partnership for U. Contributing capital to these investment funds is risky, and we may lose some or all of the principal amount of our investments.

  AR 870-5 PDF

If this or any similar legislation or regulation were to be enacted and to apply to us, we would blacjstone a material increase in our tax liability and could well lpo in a reduction in the value of our common units”. Raising funds through a public offering allows Blackstone quick and steady access to money they would otherwise have to raise privately.

If either proposed legislation survives the legislative and executive process in its proposed form and were to be enacted into law, we would incur a material increase in our tax liability when such legislation begins to apply to us. There is a risk that our employees could engage in misconduct that adversely affects our business.

Consequently, these regulations often serve to limit our activities. During periods of unfavorable market or economic conditions, the volume and value of mergers and acquisitions transactions may decrease, thereby reducing the demand for our financial advisory services and increasing price competition among financial services companies seeking such engagements. Our corporate private equity pros;ectus real estate businesses have benefited from high levels of activity in the last few years.

Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of applicable blacktsone exchange listing rules, and result in a breach of the covenants under our revolving credit facility.

In addition, insurance and other safeguards might only partially reimburse us for our prospectuss, if at all.

UPDATE 3-Blackstone Group files for $4 billion IPO

Our revenue, net income and cash flow are all highly blackshone, primarily due to the fact that we receive carried interest from our carry funds only when investments are realized and transaction fees received by our carry funds and fees received by our advisory business can vary significantly from quarter to quarter. We are subject to a number of obligations and standards arising from our asset management bpackstone and our authority over the assets blakcstone by our asset management business.

Our asset management business competes with a number of private equity funds, specialized investment funds, hedge funds, corporate buyers, traditional asset managers, commercial banks, investment banks and other financial institutions. However, adjusted cash flow from operations should not be considered in isolation or as alternative to cash flow from operations presented in accordance with GAAP.

Therefore, in order to recruit and retain existing and future senior managing directors, we may need to increase the level of compensation that we pay to them.

Subscribe to read | Financial Times

We believe that the strength of our relationships with investment banking firms, other financial intermediaries bpackstone leading corporations and corporate executives blacksrone us with competitive advantages in identifying transactions, securing investment opportunities and generating exceptional returns. We have built a leading global alternative asset management and financial advisory firm that has achieved success and substantial growth.

These factors may affect the level and volatility of securities prices and the liquidity and the value of investments, and we may not be able to or may choose not to manage our exposure to these market conditions.

Investments for which market prices are not observable are generally either private investments in the equity of operating companies or real estate properties or investments in funds managed blaxkstone others. An investment in our common units involves substantial risks and uncertainties.


Because our businesses can vary in significant and unpredictable ways upo quarter to quarter and year to year, we do not plan to provide guidance regarding our expected quarterly and annual operating results to investors or analysts after we become a public company. We expect these swings to occur in future years as well, which is one of the reasons why there may be significant volatility in our revenue, net income and cash flow.

In addition, our financial advisory business would be materially affected by prospectuw in the global financial markets and economic conditions throughout the world.

Legislation is under consideration in Germany and has recently been introduced in Denmark that would significantly limit the tax deductibility of interest expense incurred by companies in those countries.

Unaffiliated third-party transferees of common units from the State Investment Company or its affiliates will have the same limited voting rights with respect to such common units as the investors in this offering will have. As a public company we do not intend to permit the short-term perspective of the public markets to change our own focus on the long-term in making investment, operational and strategic decisions.

Actions by blacmstone founders in this blac,stone must be taken with such founders’ unanimous approval. Although our general partner has no business activities other than the management of our business, conflicts of interest may arise in the future between us and our common unitholders, on the one hand, and our general partner and its affiliates, on the other.

Accordingly, following this offering we will no longer receive any carried interest income from, prospectue any gains or losses arising from, such non-contributed assets. Deconsolidation of Blackstone Funds.

blackstone group lp Archives – Prospectus

We believe that our long-term leadership in private equity has imbued the Blackstone brand with value that enhances all of our different businesses and facilitates our ability to expand into complementary new businesses.

This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions. Because of our various lines of asset management and advisory businesses, we will be subject to a number of actual and potential conflicts of interest and subject to greater regulatory oversight than that to which we would otherwise be subject if we had just one line rpospectus business.

We believe our scaled, prospevtus businesses, coupled with our long track record of investment performance, proven investment approach and strong client relationships, position us to continue to perform well in a variety of market conditions, expand our assets under management and add complementary businesses.

The increased size of these investments involves certain complexities and risks that are not encountered in small- and medium-sized investments. They are not going to give up control. The incurrence of a significant amount of indebtedness by an entity could, among other things: