1. D-1 Senior Managing Partners Blackstone Holdings Blackstone Group L.P.
Blackstone Group Mgmt LLC
“Passive Income”
(Public Partnership)
“Active Income”
(Operating Service Business)
Passive Income (capital gains, dividends)
Mgmt. Services for investors capital
Blocker
Blackstone Holdings
Blackstone Group L.P.
equity
Deal Advisory Fees
Inter-company debt
Active Income
Investment Act of 1940
Taxed Once
Mgmt. Fees
Carried Interest Distributions
equity
debt
Portfolio Companies
that Blackstone buys, restructures, operates & sells