Investment firm Blackstone Group filed last night to bring part of itself public in an offering worth up to $4 billion.
Raising funds through a public offering allows Blackstone, known for taking huge companies into private ownership, quick and steady access to money they would otherwise have to take the time to raise privately.
The move also comes at a time when some private equity investors believe the favourable deal environment is nearing its peak, with several firms mulling ways to diversify their strategies.
The IPO filing gives public access to what had previously been undisclosed numbers, including the $2.27 billion of net income Blackstone earned last year, the doubling of revenue to $1.12 billion and net gains from investment activities of $7.6 billion.
A $4 billion public float, which sources say is about 10 per cent to 15 per cent of the company, would rank Blackstone's offering among the top 10 largest IPOs ever raised by a US company, according to Dealogic.
News of the offering from Blackstone, whose recent deals include the $23 billion purchase of Equity Office Properties Trust and the $17.6 billion buyout of Freescale Semiconductor, emerged last week.