Blackstone’s Hill Emerges as Billionaire as Art Surges

James Tomilson Hill, the Blackstone Group LP vice chairman who runs the company’s $58 billion hedge-fund business, has emerged as a billionaire as the world’s largest private-equity firm and his art collection have surged in value.

Hill, who joined Blackstone after engaging in some of the biggest takeover battles of the 1980s, owns 17.4 million shares of the alternative-asset manager, according to filings with the U.S. Securities and Exchange Commission. The stake is valued at $585 million as of yesterday.