Blackstone Files IPO

The offering will allow Blackstone to "access new sources of permanent capital," provide it "with a publicly-traded equity currency" and to enhance its "flexibility" in pursuing strategic acquisitions, the filing says. It will also be able to expand its range of financial and retention incentives for workers.

The New York firm said it intends to maintain a "long term focus" on its revenue, net income and cash flow, "even though this approach, together with the fact that our financial results will be significantly affected by the timing of new investments and realizations of gains, may result in significant and unpredictable variances in these items from quarter to quarter."

The news comes just a month after the first U.S. hedge fund to test the public markets, Fortress (FIG Quote), surged in its first day of New York Stock Exchange trading. Some other so-called alternative investment vehicles including private equity firms have also been sniffing around the public debt markets.

Blackstone said it would give hundreds of junior-level managing directors equity grants after an IPO and establish a $150 million charitable foundation. The company said its management structure will continue to reflect "strong central leadership and active involvement by our senior management."

Blackstone said it won't have golden parachutes and CEO Steve Schwarzman "will receive no compensation other than a $350,000 salary" following the deal.

As of March 1, Blackstone had invested in 42 corporate partnerships including AT&T(T Quote), General Electric(GE Quote), Sony, Time Warner(TWX Quote) and Vivendi.