Blackstone IPO Payouts Will Eclipse Google

Schwarzman's stake in the private equity firm will top $7.5B
By Peter Fearon,  Newser Staff
Posted Jun 12, 2007 5:32 AM CDT
In this photo released by The Blackstone Group, Stephen Schwarzman, the chief executive of The Blackstone Group is shown. Schwarzman, will pocket $449.2 million and hold about 24 percent of the company...   (Associated Press)
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(Newser) – 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. (Read more Blackstone Group stories.)