38 Facts About Blackstone Inc

Blackstone Inc is an American alternative investment management company based in New York City.

In 2019, Blackstone Inc converted from a publicly traded partnership into a C-type corporation.

The founders named their firm "Blackstone Inc, " using a cryptogram derived from the names of the two founders .

Blackstone Inc was originally formed as a mergers and acquisitions advisory boutique.

Blackstone Inc finalized fundraising for its first private equity fund in the aftermath of the October 1987 stock market crash.

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In June 1989, Blackstone Inc acquired freight railroad operator, CNW Corporation.

That same year, Blackstone Inc partnered with Salomon Brothers to raise $600 million to acquire distressed thrifts in the midst of the savings and loan crisis.

In 1990, Blackstone Inc launched its hedge funds business, initially intended to manage investments for Blackstone Inc senior management.

That same year, Blackstone formed a partnership with J O Hambro Magan in the UK and Indosuez in France.

In 1991, Blackstone Inc created its Europe unit and launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of Henry Silverman.

Silverman would ultimately leave Blackstone Inc to serve as CEO of HFS, which would later become Cendant Corporation.

Also, in 1996, Blackstone Inc partnered with the Loewen Group, the second largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses.

In 1995, Blackstone Inc sold its stake in BlackRock to PNC Financial Services for $250 million.

In 1997, Blackstone Inc completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments and a $1.

In 1999, Blackstone Inc partnered, together with Apollo Management to provide capital for Allied Waste's acquisition of Browning-Ferris Industries.

Blackstone Inc brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group to manage the business.

In October 2000, Blackstone Inc acquired the mortgage for 7 World Trade Center from the Teachers Insurance and Annuity Association.

Blackstone Inc serves on the firm's executive and management committees, and its board of directors.

TRW's parent was acquired by Northrop Grumman, while Blackstone Inc purchased its automotive parts business, a major supplier of automotive systems.

Blackstone Inc purchased a majority interest in Columbia House, a music-buying club, in mid-2002.

Blackstone Inc made a significant investment in Financial Guaranty Insurance Company, a monoline bond insurer alongside PMI Group, The Cypress Group and CIVC Partners.

Two years later, in 2005, Blackstone Inc was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.

In December 2008, Blackstone Inc announced that Kailix would be spun off to its management team to form a new fund as an independent entity backed by Blackstone Inc.

Blackstone Inc acquired Prime Hospitality and Extended Stay America in 2004.

In 2004, Blackstone Inc had explored the possibility of creating a business development company, Blackridge Investments, similar to vehicles pursued by Apollo Management.

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However, Blackstone Inc failed to raise capital through an initial public offering that summer and the project were shelved.

In 2007, Blackstone Inc acquired Alliant Insurance Services, an insurance brokerage firm.

In January 2008, Blackstone Inc made a small co-investment alongside TPG Capital and Apollo Management in their buyout of Harrah's Entertainment, although that transaction had been announced during the buyout boom period.

In December 2009, Blackstone Inc acquired Busch Entertainment Corporation from Anheuser-Busch InBev for $2.

In November 2013, Merlin Entertainments, owned in part by Blackstone Inc Group, became a public company via an initial public offering on the London Stock Exchange.

Blackstone Inc operates through four primary departments: private equity; real estate; hedge funds; and credit.

Blackstone Inc has primarily relied on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and other institutional investors.

From 1987 to its IPO in 2007, Blackstone Inc invested approximately $20 billion in 109 private equity transactions.

In 2012, Blackstone acquired a controlling interest in Utah-based Vivint, Inc, a home automation, security, and energy company.

Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone Inc claimed would become "the leading company in the elderly care market".

In 1990, Blackstone Inc created a fund of hedge funds business to manage internal assets for Blackstone Inc and its senior managers.

In March 2008, Blackstone Inc acquired GSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through an earnout over the next five years based on earnings targets.

Blackstone Inc is a member of the Real Estate Roundtable, a special interest group which spends millions on lobbying and political donations every year.