Romney Helped Blackstone Make 16x Their Money in First PE Deal

Steve Schwarzman, the Blackstone Group’s chairman and CEO, gave us some idea why he is backing Mitt Romney in his presidential bid. Schwarzman told Bloomberg Television that Blackstone's first PE investment in 1985 was a joint deal with Romney, who was head of Bain Capital at the time. The purchase of an aluminum wheel maker, which expanded rapidly, "turned out to be a marvelously successful deal," Schwarzman said. "We made about 16 times profit."

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