Blackstone IPO: History repeats itself

Blackstone envy is spreading like wildfire. The private equity firm’s IPO looks set to make its founder Steve Schwarzman a billionaire eight times over. But before rivals follow suit, they should brush up on a little history. The tribulations of Narragansett Capital, a formerly listed LBO firm run by financier Arthur Little, provide an instructive tale about the challenges private equity firms face in the fishbowl of the public marketplace. Narragansett Capital first listed shares in the 1960s. ...