Private Equity Titans Get Even Richer With Corporate Conversions

Shares of several U.S. private equity firms have jumped since they announced plans to convert themselves into corporations, making some of the world’s wealthiest people even richer.

Steve Schwarzman’s net worth surged 20% to $16.2 billion since April, when Blackstone Group LP said it would abandon the partnership structure to attract a wider array of investors. Blackstone shares rose to a record of $47.48 Wednesday, two days after the conversion was finalized.