Private Equity Loses Its Establishment

What a difference a year makes. At least according to Vanity Fair.

The monthly glossy has released its 2008 New Establishment list, which is basically a ranking of the world’s most powerful movers and shakers. Noticeably absent are Blackstone Group’s dynamic duo of Steve Schwarzman and Pete Peterson, who came in at number four last year (up from #34 in 2006). Not demoted, mind you, but totally gone.

Henry Kravis remained on the list, but fell from #51 to #77. Ditto for venture capitalists Mike Moritz (#56 to #88) and Vinod Khosla (#62 to #92). Even part-time private equity pro Bono is less important than he used to be, dropping eight slots from #28 to #36.

Vanity Fair did at least throw one bone to the private equity markets, bumping Quadrangle Group’s Steve Rattner up ten spots to #89. Why? Because Michael Bloomberg placed his vast fortune into Quadrangle’s care. Maybe Blackstone should have made a run for the Mayor’s money…