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(Revised from original 2008 version)
The Blackstone Group's IPO
Steven Schwarzman, Chairman of the Blackstone Group, has just learned that an investment group associated with the government of China wants to buy the majority of Blackstone's leveraged IPO. As he considers how to respond to this offer, Schwarzman reviews the firm's proposed structure as a public entity and assesses how he might retain the delicate balance among stakeholders while still maintaining liquidity in the market.
Keywords: Private Equity;
Initial Public Offering;
Business and Stakeholder Relations;
Hardymon, Felda, Josh Lerner, and Ann Leamon. "The Blackstone Group's IPO." Harvard Business School Case 808-100, May 2008. (Revised from original March 2008 version.)