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Stephen Schwarzman, chairman of the world’s largest private-equity firm, will host a fundraiser for Mitt Romney at his Park Avenue apartment next month … [Schwarzman] will follow up with efforts to persuade colleagues in the financial industry … Schwarzman [is] co-founder of Blackstone Group LP and a lo...
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The ability of these funds to charge large fees all depends on whether they continue to perform
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A lot of pension funds believe fees charged by the major private-equity firms are too high, but it's difficult to negotiate them down on an individual basis
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The founders of these firms are not selling their shares tomorrow and if their funds do not perform in the long term, the value of their holdings will suffer.
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I don't think there is a problem with the alignment of interest
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You'll see more [merger-and-acquisition] volume coming in a more traditional fashion in the private-equity area
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If your goal is to maximize your returns as opposed to assets under management, I think you can be most effective with a big company infrastructure and a little bit smaller fund size.
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I do think there's an issue here in funds that are too large and funds that have acquired too many assets under management
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We manage the business as we did before we went public, to maximize net returns to our limited partners, and, as such, we rank as one of the top-performing managers in the world.
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Blackstone has a significant percentage of its businesses which generate fee income only, similar to all long-only money managers and financial advisory firms
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