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James Simons

Blackstone founders to get huge IPO payout

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...