Red Chinese in on the Blackstone IPO

They have their order in for $3 billion worth of this IPO.

For those just catching up on the news, Blackstone revealed this
morning that it is bumping up its IPO from a planned $4-billion to $7.8-billion
after receiving a $3-billion investment from China. This values the 22-year-old
asset manager at $33.6-billion, which would make it larger than all but a
handful of Canadian companies.

This could mean that the Chinese government is finally going to put that $1.2 trillion in foreign reserves to work getting a higher return then the risk free rate. Could be interesting when they start demanding some board seats after throwing that big cash around.