Schwarzman's theory of evolution

3 November 2009 By Lauren Silva

Steve Schwarzman’s alternative asset manager may not raise another record LBO fund like its $21.7bn 2007 leviathan. But relative growth does look achievable in a shrinking industry.

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Blackstone, the listed private equity firm, will announces thirdquarter earnings November 6.

The firm has raised $9bn for its sixth private equity fund since fundraising began in early 2008, according to the New York Post. As of July last year, the fund had only $7bn.

Graham Packaging, a plastic container maker controlled by Blackstone, has filed for a $350m initial public offering. In June last year, Graham agreed to be bought by Hicks Acquisition, a special purpose acquisition vehicle run by private equity manager Tom Hicks. That deal never closed.

Sun Capital Partners recently offered to reduce the size of its $6bn fund by $1bn, according to the Wall Street Journal.

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