Blackstone pop: A Netscape moment

Blackstone’s debut may not look like another Netscape moment for the private equity industry. After all, shares of Steve Schwarzman’s buyout shop popped just 13% on their debut. The internet browser that kicked off the dotcom boom in 1995 doubled. Even Fortress, a smaller rival to Blackstone, saw a 68% surge on its premiere. But like the Netscape IPO, Blackstone’s $7.1bn share sale - including a chunk sold to China - is the clearest sign yet that investors have suspended their disbelief when ...