Private equity firm Blackstone Group LP reported in a filing that its co-founder and chief executive officer, Stephen Schwarzman, received $213.3 million in pay and cash dividends last year, almost leveling his $213.5 million in payout in 2011.
Schwarzman gained a salary of $350,000 and $8.1 million from his share of the private equity's profits. He also paid $204 million in cash dividends from his stock ownership in the company, according to the filing.
The economic net income of Blackstone reportedly increased 30% to $2 billion in 2012 from 2011, showing its best business performance since it went public, the company in January this year. The boost in profit was fueled by the 14% gain in the value of the company's private-equity funds, doubling its revenues from its credit investments.
Executives at private equity firms like Schwarzman, 66, benefited from the growing assets and fees for overseeing them as global stocks saw a 13% rally.
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