Hamilton James, who is Blackstone's (NYSE: BX) chief operating officer, is a seasoned veteran of the private equity world. He joined DLJ in 1975 and created the firm's merchant banking division in 1985. When DLJ sold out to Credit Suisse (NYSE: CS), he spent a couple year's as a high level executive there.

So, no doubt, his musings hold a lot of weight. In fact, he recently spoke at the Dow Jones' Private Equity Analyst conference.

His view on things? Well, things aren't so bad in the private equity world. Interestingly enough, he thinks Wall Street will be able to clear the $300+ billion in buyout loans fairly quickly.

True, the buyout volume will not be to the extent that we've seen over the past couple years. But, we should still see a good amount of activity. What's more, well-capitalized firms like Blackstone should have an advantage – and snag companies at good valuations.

And, of course, there's still lots of opportunity in emerging markets, such as China. After all, the Chinese government is a big-time investor Blackstone and is probably motivated to get some deal flow for its partner.

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.

Main market news here: Before the bell: Cisco (CSCO) earnings boost futures.

The Blackstone Group (NYSE: BX) announced Wednesday morning that it has closed its latest fund, Blackstone Capital Partners V. The $21.7 billion fund is the largest buyout fund ever.

Broadcom Corp. (NASDAQ: BRCM) has added insult to injury in its rivalry with Qualcomm Inc. (NASDAQ: QCOM), following up a legal victory with news of a deal to supply chips to cell phone maker Nokia Corp. (NYSE: NOK), which is currently squabbling with Qualcomm.

In addition to the Broadcom deal and its continuing contract with Texas Instruments (NYSE: TXN), Nokia has also announced two new chip suppliers: Infineon Technologies (NYSE: IFX) and STMicroelectronics (NYSE: STM).

Apple (NASDAQ: AAPL) unveiled its new iMac on Tuesday, which features a slimmer, aluminum casing and a suite of software targeted at winning over users of Microsoft (NASDAQ: MSFT)'s Windows.

Mattel Inc. (NYSE: MAT) has named the Chinese manufacturer of almost 1 million Fisher-Price toys that it had to recall last week for possible lead paint.

In this week's Barron's [a paid service], there's an in-depth look at the mega IPO of the Blackstone Group (NYSE: BX). It's the most important IPO since the offering of Google (NASDAQ: GOOG), although investors shouldn't expect the same kind of returns.

While Google signaled a burst of growth in online advertising (which appears to be long-term), it looks like Blackstone is really signaling a top in the private equity space. Why?

Here are some bullet points:

Competition: KKR, Goldman Sachs (NYSE: GS), TPG, Apollo Management and others all have big war chests and are competing for deals. This drives up valuations -- making it more difficult to get strong returns. This is essentially what happened with venture capital during the internet boom.

Institutional Pushback: Institutions and hedge funds are pushing for higher prices on buyouts. An example is the Clear Channel (NYSE: CCU) deal.

Higher Interest Rates: Private equity has been blessed with dirt-cheap interest rates and this makes it easier to generate returns. But with interest rates climbing, things are getting more difficult.

Politics: Capitol Hill needs more tax revenues. So why not raise rates on private equity?

Yes, Blackstone has posted a stunning 22.6% average annual rate of return (adjusted for fees) since 1987. But, with all these ominous trends, will Blackstone continue the pace? And, is it worth paying 2 times the multiples of companies like Goldman Sachs and Morgan Stanley (NYSE: MS)?

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

In the history of IPOs, Blackstone (NYSE: BX) is in the top 10. Or, to be more specific, the ranking is #6.

The biggest IPO? It was AT&T Wireless, which had its offering in the bubble year of 2000. The company raised about $10.6 billion.

In fact, the top five IPOs occurred between 1998 and 2002.

According to a piece in the Wall Street Journal [a paid service], it also looks like KKR is prepping for an IPO. If so, I suspect it will be on the top 10 list as well. And, if other private equity firms go public – like Carlyle, TPG, and Apollo Management – we may see a list full of such firms.

Interestingly enough, Goldman Sachs Group Inc. (NYSE: GS) raised only about $3.7 billion in 1999.

If you want to see the top 10 list, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

In its much-watched New York Stock Exchange debut Friday, private equity firm The Blackstone Group LP (NYSE: BX) closed at $35.06 on volume of 113.1 million shares, up 13.10% from its initial-public-offering price of $31. Blackstone's shares did however finish $1.39 lower than Friday's opening price of $36.45 after spending most of Friday's session stalled between $35 and $36.

Blackstone raised $4.13 billion Thursday in its 133.4-million-share IPO, the largest in the U.S. since CIT Group Inc. (NYSE: CIT)'s $4.6 billion IPO in 2002. The shares outstanding represent a 12.3 percent stake in the buyout firm; Friday's $4.06-per-share gains bring Blackstone's capitalized value from $33.5 billion to just under $38 billion -- not too shabby.

More Blackstone coverage on BloggingStocks

• Tom Taulli: Blackstone sixth among IPOs
• Tom Taulli: Expert on Blackstone IPO
• Peter Cohan: Napoleon-watch: Blackstone's disappointing debut
• Joseph Lazzaro: Is the Blackstone IPO right for you?
• Sarah Gilbert: Blackstone Group IPO: Do you want in?
• Peter Cohan: Blackstone IPO not a great deal for bankers or public
• Georges Yared: Blackstone Group: Going public because it can
• Tom Taulli: Blackstone IPO: Looking for the greater fool

In its much-watched New York Stock Exchange debut, private equity firm The Blackstone Group LP (NYSE: BX) spent Friday narrowly trading within $1 of its $36.45 opening price. Amid selling elsewhere on Wall Street, Blackstone shares had settled at $35.43 by 3:30 p.m. on volume of 105.1 million, up 14.3% from its $31 initial-public-offering price.

Blackstone raised $4.13 billion Thursday in its 133.4-million-share IPO, the largest in the U.S. since CIT Group Inc. (NYSE: CIT)'s $4.6 billion IPO in 2002. The offering represents a 12.3 percent stake in the buyout firm, giving Blackstone a capitalized value of $38.4 billion at the shares' late Friday price.

The Blackstone Group is a top global alternative asset manager and provider of financial advisory services. The firm manages about $88.4 billion in assets, concentrating recently on the commercial real-estate and hospitality industries.

Yesterday I predicted that The Blackstone Group (NYSE: BX) would close its first day of trading at $90 a unit. Instead, it's currently trading up a mere 14.9% from its offering price of $31.

It's a bit silly I realize to say that an IPO is disappointing which leaves its CEO worth about $8 billion. But there are a couple of reasons why this modest first day rise bodes poorly for the stock and sector:

In its much-watched NYSE debut, The Blackstone Group LP (NYSE: BX) spent late Friday morning trading narrowly between $35.50 and $37, mostly stagnant since opening at $36.45, 18% higher than its IPO price of $31. At 12:30 p.m., shares of the private equity giant were trading $4.65 higher at $35.65, on volume of 88.5 million shares. The Dow, Nasdaq and S&P 500 were all lower.

Blackstone raised $4.13 billion after trading Thursday in its 133.4-million-share IPO, the largest in the U.S. since CIT Group Inc. (NYSE: CIT)'s $4.6 billion IPO in 2002. The offering represents a 12.3 percent stake in the buyout firm.

The Blackstone Group is a top global alternative asset manager and provider of financial advisory services. The firm has about $88.4 billion in assets under management.

In the world of individual investors, "Blackstone IPO" is a phrase that ranks right up there with "Amanda Beard photos" in overall sexiness and mystery. Will it be everything that we hope? we wonder, and the fact is, it probably won't. The IPO is due to price today after the market closes, and will start trading tomorrow under the symbol "BX" on the NYSE.

The thing that is problematic, as Peter Cohan has pointed out, is that the term "monetization" weighs heavier (and, for us, far, far less sexy) on the company's prospects than anything. The fact is: the firm isn't forecasted to make a profit for years so it can pay off its partners, for instance, chief despot and CEO Steve Schwarzman. Not just that, but individual investors will be subject to a variety of strange tax impacts, including the rather less-than-detailed reporting the company plans to issue and the possibility that legislation might create adverse tax consequences for the little guy.

It's funny, too, that Schwarzman called the public markets overrated, and mentioned that rival Kohlberg Kravis Roberts had "destroyed the market" for anyone else. I guess, in a few moments, we'll see. The IPO priced at $31 per share, the top end of the range expected and setting Blackstone's valuation at $33.6 billion.

Since the mid-1980s, The Blackstone Group has had the luxury of not dealing with public shareholders. It was probably a good thing, as the firm went on to build its empire.

But, that will change soon and Blackstone is beefing up its infrastructure to make a smooth transition to the public markets.

To this end, the firm announced the hiring of Joan Solotar, who will be the Senior Managing Director -- Public Markets. Her former position was the Managing Director of Equity Research at Bank of America Corp. (NYSE: BAC). She also has an extensive background in the investment banking world.

No doubt, her pay package will be top-notch (being a Blackstone managing director is a ticket to riches). But her job will be challenging. After all, Blackstone is one of the first alternative asset managers to go public. So, she will certainly be doing lots of educating to the investor base.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Wall Street's equity market offers a solid slate this week - with five IPOs and ten Secondaries on the docket.

Those deals tentatively scheduled to price include:

IPOs:

• Day Undetermined:
  • The Blackstone Group (BX), a 133.3M-share IPO. Morgan Stanley and Citigroup are the lead managers. Filing range: $29.00-$31.00.
• Tuesday
  • Biofuel Energy (BIOF), a 9.5M-share IPO for this ethanol company. JP Morgan Chase, Citigroup, and AG Edwards are the lead managers. Filing range: $16.00-$18.00.
• Wednesday
  • Bway (BWY), an 11.765M-share IPO for this container company. Goldman Sachs and the Bank of America are the lead managers. Filing range: $16.00-$18.00.
  • GeoVera Insurance (GEOV), a 5.99M-share IPO for this residential insurance company. JP Morgan Chase and Merrill Lynch are the lead managers.
• Thursday
  • Aegerion Pharmaceuticals (AEGR), a 5M-share IPO for this cardiovascular medicines company. Lehman Brothers is the lead manager. Filing range: $12.00-$14.00.

Dow Jones & Company's (NYSE: DJ) Wall Street Journal (a.k.a., The Towel) occupies a unique spot in the media firmament. As I pointed out earlier in the year, it changed its footprint and now looks to me like a Holiday Inn bath towel. Towel Talk offers a perspective on its news and views.

News Corp.'s (NYSE: NWS) bid for The Towel has plunged a fiery torch into the viper's nest of conflict and ambition at the paper. And this conflict has opened up the possibility of numerous bidders and targets in the beleaguered newspaper business.

I come to this story with some conflicts of my own. I have done consulting work for News Corp.'s Chairman and CEO and have worked with several reporters from The Towel. But what I find most interesting about this takeover is that it plunges right to the heart of the conflict within The Towel between the Bancroft family, which I imagine backs the Towel's arch conservative editorial page, and the reporting side, whose union representatives have opposed the deal.

It's always a tragedy when a young person dies in a way that could have been avoided. A 21-year-old woman was killed when she was hit by a roller coaster at Legoland in Denmark over the weekend.

Apparently the woman, a Legoland employee, had jumped over a security fence to pick up a wallet dropped by a customer. She was hit by the roller coaster and killed instantly, according to news reports.

One would think the ride operators would first shut down the ride before venturing onto the tracks to retrieve anything. That would seem to be standard safety common sense. Of course, 21-year-olds are known for their immortality, real or imagined, as well as for their impatience. Maybe she couldn't wait for them to shut the ride down first.

At any rate, it does bring up questions of safety standards. In 2005, Lego sold its four Legoland parks (in Denmark, England, Germany and California) to the private equity group Blackstone Capital Partners. Has staffing or training procedures suffered at all in lieu of the bottom line? Just wondering.

Back in late November, Central Parking Corporation (NYSE: CPC) retained The Blackstone Group to explore "strategic alternatives to enhance stockholder value."

Basically, this is finance-speak for a company that wants to sell out.

Well, today, a deal got done. Central Parking has accepted a buyout for $733 million. The buyers include a variety of private equity firms: KKR, Lubert-Adler and Chrysalis Capital Partners.

Central Parking operates more than 3,100 parking facilities in 37 states, as well as a variety of countries (such as Spain, Greece and the UK). In the latest quarterly report, revenues increased 3% to $272.4 million. Net income was $9.2 million.

With private equity support, the company should now have access large amounts of capital to continue investing in more properties.

On the news of the deal, the stock price increased only 4.34%. But keep in mind that since the company announced its hiring of Blackstone, the stock has surged 31%.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.