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Steve Schwarzman: KKR Destroyed The Public Market

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So you thought that when KKR launched a publicly traded fund last year it's main goal was to raise money. That's clearly because you aren't paranoid enough. According to Blackstone Group chief executive Steve Schwarzman, KKR really wanted to drain the appetitive for private equity investment from the IPO market before any other private equity firms could raise money.

"KKR destroyed the market for anyone else" mulling a publicly traded fund, he said, "which I think was their objective."

Schwarzman went on to point out that an Apollo Management IPO came up short. Apparently when KKR sets out to destroy something, that thing gets destroyed.

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