March 12 (Bloomberg) -- Stephen Schwarzman, co-founder and chairman of private-equity firm Blackstone Group LP, earned $350.2 million from the company's investment funds last year.

The payouts included a previously disclosed $309.6 million that Schwarzman received prior to the company's initial public offering in June. The remainder was from funds that weren't part of the IPO, Blackstone said today in a filing.

The company reorganized most of its funds and executives' holdings into a publicly traded partnership that sold shares for $31 apiece. Schwarzman received $449.2 million for Blackstone stock in the IPO, and still owns 22 percent of the firm, a stake valued at $3.85 billion that vests over four years.

The IPO and Schwarzman's high profile -- he threw himself a 60th birthday party in New York in February 2007 that featured Rod Stewart among the entertainers -- were followed by scrutiny from the U.S. Congress over taxes paid by private-equity firms.

Schwarzman was paid a salary of $175,000 and no bonus last year, according to the filing. He received other compensation, including personal use of an airplane and car, worth $179,482.

Blackstone has fallen 47 percent since the IPO on concern that a doubling of financing costs will curtail leveraged buyouts. The Standard & Poor's 500 Index has lost 14 percent in the same period.

Schwarzman, 61, pledged $100 million to the New York Public Library yesterday, the largest donation ever to a New York City cultural institution. The library will rename its main Manhattan building after him.

Cash distributions from investments to co-founder Peter G. Peterson were $171.5 million last year, according to filing with the U.S. Securities and Exchange Commission. President Tony James received $105 million.

To contact the reporter on this story: Jason Kelly in New York at jkelly14@bloomberg.net

Last Updated: March 12, 2008 17:51 EDT