Blackstone Group LP raised more than $4 billion in 2009 to buy European property assets anticipating that cash-strapped banks would be forced to sell as the region’s debt crisis worsened. Almost all of it sat idle for two years.
Blackstone Group LP President Tony James said the “good times” are just starting for private- equity firms because the U.S. economic recovery is still in its early stages, Europe has stabilized and China is rebounding.
U.S. business leaders have a message for President Barack Obama and the political leaders in Congress over the stalemate on the budget and debt ceiling: It’s not our job to save Washington from itself.
Blackstone Group LP, the world’s biggest manager of alternative assets such as private equity and property, raised $2 billion in the first phase of fundraising for its fourth European real estate fund, according to a person with direct knowledge of the process.
Stephen Schwarzman, chief executive officer of Blackstone Group LP, said the unprecedented asset purchases by the U.S. Federal Reserve are losing their potency with each round and it’s time to scale them back.
Tony James, president of Blackstone Group LP, said campaigns criticizing the private equity industry in the wake of Mitt Romney’s run for the Republican presidential nomination will hurt fundraising and buyouts.