Blackstone Focuses 1st Pass of Ipo to Wall Street's Elite

Summary

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NEW YORK (AP) -- Small investors looking to buy a stake in private-equity powerhouse Blackstone Group might want to look elsewhere for the time being -- the first pass in its much-hyped initial public offering is likely to go exclusively to Wall Street's elite.

Top executives at the nation's second-largest buyout shop are set to traverse the globe in the coming days to sell the IPO to investment firms, pension funds and other institutional investors. The pitch -- coming directly from founder Stephen Schwarzman -- is to persuade money managers to peddle the offering to top clients looking to cash in on the booming private equity industry.

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Extract

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Blackstone Focuses 1st Pass of Ipo to Wall Street's Elite

Retail investors are all but certain to be boxed out of the much-...

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