Stephen A. Schwarzman and Peter G. Peterson, who started Blackstone Group LP two decades ago with $400,000, stand to collect a combined $2.33 billion from the largest initial public offering by a leveraged buyout firm.
The 60-year-old Schwarzman will receive $449.2 million for selling some of his holdings, leaving him with a 24 percent stake, Blackstone said yesterday in a filing with the Securities and Exchange Commission.
Peterson, 80, who is retiring next year, will get $1.88 billion and retain 4 percent of the company. He served as secretary of commerce in the Nixon administration.
Blackstone, manager of the world's second-largest buyout fund, is going public after...