Blackstone Group Prez Sells 8.5% of Family’s Holdings

PHILADELPHIA (Reuters) – Blackstone Group LP (BX.N) said on Friday its president and chief operating officer sold $67.5 million of his stake in the private equity firm to invest in various Blackstone funds.

Blackstone’s Tony James sold 4.5 million units at $15 per unit, according to a filing with the U.S. Securities and Exchange Commission.

“The units, which represent 8.5 percent of his family’s holdings, were sold to fund a portion of Mr.James’ substantial obligations to invest in various Blackstone funds,” Blackstone said in a statement.

Last week, Blackstone posted a forecast-beating quarterly profit and said it is gearing up for more deals and IPOs as the lending and equity markets recover. The firm said it had $27 billion of capital available for investments.

Blackstone’s shares closed at $15.22, down 1 cent, on the New York Stock Exchange. (Reporting by Jessica Hall; editing by Andre Grenon)