Time to load up on Blackstone stock?

About a year ago, when Blackstone (NYSE: BX) went public, investors were scrambling to get shares of the top-notch private equity firm.

Well, the IPO was certainly a mark of savvy timing (hey, isn't that what private equity firms are supposed to be good at?). But the stock price has steadily declined since, going from $38 to $15.25.

Yet, the fact remains that Blackstone continues to raise capital (a new $20 billion fund); has operations around the globe; has dealt with various market cycles since the mid 1980s; and has avoided problems such as subprime securities.

So, is this a time to buy the stock? According to a piece in the FinancialNews.com, it might be.

In fact, it looks like a variety of major pension funds, such as the Washington State Investment Board, are taking a look at the stock. They realize that there is still lots of money to be made from alternative investments. Keep in mind that sovereign wealth funds are also funneling their billions into the sector.

This is not to imply that there will be a quick turnaround in Blackstone's stock, but looking at the long term -- which is what pension funds do -- it seems that optimism is starting to bubble up.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.