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.
|Published (Last):||7 February 2013|
|PDF File Size:||19.60 Mb|
|ePub File Size:||16.23 Mb|
|Price:||Free* [*Free Regsitration Required]|
Although there are no ceilings on the expenses for which we will reimburse our general partner and its affiliates, the expenses to which they may be entitled to reimbursement from us, such as director fees, are expected to prospects immaterial.
blackstone group lp Archives – Prospectus
We also provide various financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.
The valuation based on the inputs determined to be the most probable is used as the fair value of the investment. Future market conditions may not continue to be as favorable.
With respect to our proprietary hedge funds and many of our funds of hedge funds, our incentive fees are paid annually, semi-annually or quarterly if the net asset value of a fund has increased.
Because there is significant uncertainty in the valuation of, or in the stability of the value of illiquid investments, the fair values of such investments as reflected in an investment fund’s net asset value do not necessarily reflect the prices that would actually be obtained by us on behalf of the investment fund when such investments are realized.
In addition, the U. Increases in interest rates could also decrease the value of fixed-rate debt investments that our investment funds make. Because our businesses can vary ip significant and unpredictable ways from 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. Since we were founded inwe have cultivated strong relationships with clients in our financial advisory business, where we endeavor glackstone provide objective and insightful solutions and advice that our clients can trust.
We cannot predict when, or if, any realization of investments will occur. Furthermore, if, as a result of poor performance of later investments in a carry fund’s life, the fund does not achieve certain investment returns for the fund over its life, we will be obligated to repay the amount by which carried interest that was previously distributed to us exceeds amounts to which we.
The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our common units. Consequently, these regulations often serve to limit our activities.
Any interruption or deterioration in the performance of these third parties or failures of their information systems and technology could impair the quality of the funds’ operations and could impact our reputation and hence adversely affect our businesses. If the underwriters exercise in prospectuus their option to purchase additional common units, immediately following this offering, investors in this offering will own Our partnership agreement limits the liability of, and prspectus or eliminates the duties including fiduciary duties owed by, our general partner to our common unitholders.
A sensitivity analysis is applied to the estimated future cash flows using various factors depending on the investment, including assumed growth rates in cash flowscapitalization rates for determining terminal values and appropriate discount rates to determine a range of reasonable values.
The following summary historical combined financial and other data of Prospevtus Group should be read together with “Organizational Structure”, “Unaudited Pro Forma Financial Information”, “Selected Historical Financial Blackstobe, “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.
In order to facilitate this offering, prior to this offering we effected the reorganization into a holding partnership structure as described in “Organizational Structure” whereby our existing owners contributed to Blackstone Holdings or sold to wholly-owned subsidiaries of The Blackstone Group L.
While the general partners and investment advisers to our investment funds, including their directors, officers, other employees and affiliates, are generally indemnified to the fullest extent permitted by law with respect to their conduct in connection with the management of the business and affairs of our investment funds, such indemnity does not extend to actions determined to have involved fraud, gross negligence, willful misconduct or other similar misconduct. We believe that the continued active involvement of our senior management in the deliberations of our investment committees will preserve a critical element of our management structure that has contributed to our achievement of superior returns for our funds.
Accordingly, unlike in the case of many public companies, the departure of an executive officer or other senior managing director would not trigger any contractual obligation on our part to make any special payments to the departing professional.
Following the reorganization and this offering, The Blackstone Group L. We are subject to substantial litigation risks and may face significant liabilities and damage to our professional reputation as a result of litigation allegations and negative publicity.
blackstone group lp
For example, the SEC had recently adopted a rule, which was later struck down by a federal court, that would have required registration under the Investment Advisers Act ofor “Advisers Act,” of hedge fund managers if they had 15 or more clients. Termination of these agreements would cause us to lose the fees we earn from such investment funds.
Because our revenue, net income and cash flow can be highly variable from quarter to quarter and year to year, we plan not to provide any guidance regarding our expected quarterly and annual operating results. Third-party investors in our investment funds will have the right to dissolve the investment funds and investors in our hedge funds may redeem their investments in our hedge funds. Our use of leverage to finance our business will expose us to substantial risks, which are exacerbated by our funds’ use of leverage to finance investments.
For example, members of the United States Congress may be considering legislative proposals to treat a portion of carried interest as ordinary income for U. 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.
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 of our quarterly results.
Our revenue, net income and cash flow are all highly variable, 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.
Peterson received, and a portion of the Blackstone Holdings partnership units that each of our other senior managing directors received, in the reorganization described in “Organizational Structure” are fully vested.
Our corporate private equity and real estate businesses have benefited from high levels of activity in the last few years. Treasury Department, frequently resulting in revised interpretations of established concepts, statutory changes, revisions to regulations and other modifications and interpretations. However, we may not be successful in our efforts to recruit, retain and motivate the required personnel as the market for qualified investment professionals is extremely competitive.
Summary Historical Financial and Other Data. 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. In particular, as described below, we intend to continue to manage our business with a long-term perspective, to focus at all times on seeking to optimize returns to the limited partner investors in our investment funds and to retain our partnership management structure and culture of employee ownership of our business.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus.
We have no severance arrangements with any of our professionals. We believe that the extensive experience and financial acumen of our management and professionals provide us with a significant competitive advantage.
Be a global citizen.
Although our business has been managed as a private partnership since its founding, we also have extensive experience with the management and ownership of public companies. We believe that our strong network of investor relationships, together prospecctus our long-term track record of providing investors in our funds with superior risk-adjusted investment returns, will enable us to continue to grow our assets under management across our investment platform.
In addition, issuance of equity prospecus in our business to future senior managing directors would dilute public common unitholders. Accordingly, we will no longer record the non-controlling interests’ share of these fund’s partners’ capital and net income.