Tony James, the COO of US buy-out firm Blackstone, has sold $67.5m of his family stake in the private equity firm to invest in various funds.
James sold 4.5 million units at $15 per unit, according to the Securities and Exchange Commission, representing 8.5 per cent of his family’s Blackstone holdings.
According to a statement from Blackstone, the units, “were sold to fund a portion of Mr James’ substantial obligations to invest in various Blackstone funds.”
Last week, the firm published its quarterly results, revealing a narrower loss than in previous post-recession quarters, shrinking to $176.2m compared to $340.3m during the second quarter. Revenues reached $597m compared to negative revenues of $160.3m in the same quarter 2008.
Chairman and CEO Stephen A Schwarzman said, “We believe the worst is behind us though a recovery could be gradual and uneven.”
The firm said that $1.3bn of limited partner capital had been committed to deals but not yet deployed as of the end of September.
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