Huge windfalls due the top executives of the Blackstone Group from their IPO late this month will eclipse even the payday enjoyed by the Google founders three years ago, the Wall Street Journal reports. CEO Stephen Schwarzman will make $677 million and retain a $7.5 billion stake in the company—more than double that of Sergey Brin and Larry Page.
Chairman Pete Peterson will make $1.9 billion in cash but keep a more modest $1.3 billion stake. Schwarzman retains a higher percentage of equity in Blackstone than the founder of any other private equity firm, the Journal reports. Ten percent of the company is being sold to the public and another 10% has been sold to the Chinese government.