Private equity stars rue 'lousy' reputation, say they are misunderstood

Beverly Hills, California

ULTRA-wealthy private equity managers lamented their reputation as "lousy" corporate profiteers at a plush Beverly Hills hotel on Tuesday, arguing that their value to society was greater than the public realised.

Stephen Schwarzman, chief executive and co-founder of the Blackstone Group, touted the fact that companies owned by his private equity business employed about 600,000 people and had grown 50 per cent faster, on average, than the S&P 500 Index.