Iceberg

A Look at Private Equity in Public Hands

This is as enlightening, and as short-sighted, as saying that an investment in TROW is just an investment in the management of T. Rowe Price, not in their mutual funds. Yes, your money isn't going to a sexy private equity fund when you buy BX. But BX is a useful proxy: it will tend to do as well as (or as badly as) Blackstone's earnings which are themselves a function of how well Blackstone's black-art investment vehicles do.