US - Blackstone files for IPO

The Blackstone Group has filed for a partial flotation, in a move which could value it at up to $40bn. The firm filed to raise $4bn in a 221-page public offering prospectus, revealing interesting insights into its accounts in the process. Blackstone generated $404m in management fees from its private equity business, a big jump from the $175m of the previous year. Carry grew exponentially, from $323m in 2005 to $1.5bn in 2006. The documents also disclosed that Blackstone's private equity business - just one of nine in which the firm is engaged - has generated annualised IRR of 22.8% since its establishment.