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As I posted in June, Blackstone Group's CEO Stephen Schwarzman gave an interview to the Wall Street Journal with a compelling theme -- Schwarzman is the Napoleon of private equity. Napoleon-watch tracks his moves on the business battleground.
The New York Times [registration required] reports that China is not happy with Blackstone's (NYSE:BX) busted IPO. Since its June 22nd IPO, China's $3 billion stake has lost $425 million worth of its value, or 14%.
We may look back on China's investment in The Blackstone Group as a watershed event. Back in the 1980s many Americans were up in arms about a Japanese company -- Mitsubishi Estates Co.'s -- 1989 purchase of Rockefeller Center. That money losing investment marked the turning point in a decades long decline in Japan's global ascendancy. While China's Blackstone investment did not cause much uproar here, it may have marked the private equity peak just as the Mitsubishi investment marked a peak in both Japan and New York real estate.
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