The Blackstone public offering interests me. Peterson and Schwarzman weren’t phased a bit by Senate threats to raise the taxes on their take from 15% to 35%. Looks like they thought it was time to get out, doesn’t it?
Schwarzman is legendary for knowing how to spot a top.
So the cynic in me says “Why take Blackstone public right now?” and then answers “Because Schwarzman knows this is a top, and he’s not going to get as good a valuation on the fund as he’s going to get now, so he’ll go public now, and when the fund’s share prices go down, he’ll buy them back at bargain basement prices.”
Yes, I think they’re timing this to maximize their return on a cash-out.