Update: Video here. I’ll be on CNBC’s Power Lunch program at around 1:30 ET this afternoon, to discuss a report that Blackstone Group is prepping an IPO. Goldman Sachs would be the lead underwriter, and a filing could come within the next several weeks.
Assuming this would be an actual IPO of the management company instead of just a special purpose vehicle — like KKR did last year in Amsterdam — I’ve got one big question: To whom would Blackstone be ultimately accountable? To the limited partners in its private funds, or to its public shareholders?