|
NEW YORK (AP) - Small investors looking to buy a stake in private-equity powerhouse Blackstone Group might want to look elsewhere for the time being — the first pass in its much-hyped initial public offering is likely to go exclusively to Wall Street's elite.
Top executives at the nation's second-largest buyout shop are set to traverse the globe in the coming days to sell the IPO to investment firms, pension funds, and other institutional investors. The pitch — coming directly from founder Stephen Schwarzman — is to persuade money managers to peddle the offering to top clients looking to cash in on the booming private equity industry.
Retail investors are all but certain to be boxed out of the much-hyped IPO, which is set for the week of June 25 — but given the circumstances, some think it might be to their advantage.
|