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FORM424B4BLACKSTONEGROUPL.P.(ProspectusfiledpursuanttoRule424(b)(4))Filed6/25/2007Address345PARKAVENUENEWYORK,NewYork10154Telephone2125835000CIK0001393818IndustryNotAssignedFiscalYear12/31QuickLinks--ClickheretorapidlynavigatethroughthisdocumentFiledPursuanttoRule424(b)(4)RegistrationNo.333-141504PROSPECTUS133,333,334CommonUnitsRepresentingLimitedPartnerInterestsTheBlackstoneGroupL.P.isofferingallofthe133,333,334commonunitsrepresentinglimitedpartnerinterestsinthisoffering.Thisisourinitialpublicofferingofcommonunitsandnopublicmarketcurrentlyexistsforourcommonunits.Ourcommonunitshavebeenapprovedforlisting,subjecttoofficialnoticeofissuance,ontheNewYorkStockExchangeunderthesymbolBX.WehaveenteredintoanagreementwithaninvestmentvehicleestablishedbythePeople'sRepublicofChinawithrespecttoitsforeignexchangereservethatwerefertoastheStateInvestmentCompanypursuanttowhichwewillselltoit101,334,234non-votingcommonunitsfor$3.0billionatapurchasepricepercommonunitof$29.605,or95.5%oftheinitialpublicofferingpricepercommonunitinthisoffering.Thesaleofnon-votingcommonunitstotheStateInvestmentCompanyissubjectto,andwillcloseconcurrentlywith,thecompletionofthisoffering.Weintendtouseaportionoftheproceedsfromthisofferingandthesaleofnon-votingcommonunitstotheStateInvestmentCompanytopurchaseinterestsinourbusinessfromourexistingowners,includingmembersofourseniormanagement.Ourfounderswanttomaketheseimportantobservations:•Ourcorporateprivateequityandrealestatebusinesseshavebenefitedfromhighlevelsofactivityinthelastfewyears.Theseactivitylevelsmaycontinue,butcoulddeclineatanytimebecauseoffactorswecannotcontrol.•Whilewebelievethelong-termgrowthtrendsinourbusinessesarefavorable,theremaybesignificantfluctuationsinourfinancialresultsfromquartertoquarter.Ourcommonunitsshouldonlybepurchasedbyinvestorswhoexpecttoremainunitholdersforanumberofyears.•Weintendtocontinuetofollowthemanagementapproachthathasserveduswellasaprivatefirmoffocusingonmakingtherightdecisionsaboutpurchasingandsellingtherightassetsattherighttimeandattherightprices,withoutregardtohowthosedecisionsaffectourfinancialresultsinanygivenquarter.Investinginourcommonunitsinvolvesrisks.SeeRiskFactorsbeginningonpage32.Theserisksincludethefollowing:•TheBlackstoneGroupL.P.ismanagedbyourgeneralpartner,whichisownedbyourseniormanagingdirectors.Ourcommonunitholderswillhaveonlylimitedvotingrightsandwillhavenorighttoelectourgeneralpartneroritsdirectors.•Immediatelyfollowingthisoffering,ourexistingownerswillgenerallyhavesufficientvotingpowertodeterminetheoutcomeofthosefewmattersthatmaybesubmittedforavoteofourlimitedpartners,includinganyattempttoremoveourgeneralpartner.•ThepartnershipagreementofTheBlackstoneGroupL.P.limitstheliabilityof,andreducesoreliminatestheduties(includingfiduciaryduties)owedby,ourgeneralpartnertoourcommonunitholdersandrestrictstheremediesavailabletocommonunitholdersforactionsthatmightotherwiseconstitutebreachesofourgeneralpartner'sduties.•Wedependonourfoundersandotherkeyseniormanagingdirectors,andourfuturesuccessandgrowthdependstoasubstantialdegreeonourabilitytoretainandmotivateourseniormanagingdirectorsandotherkeypersonnelandtostrategicallyrecruit,retainandmotivatenewtalentedpersonnel.•AsdiscussedinMaterialU.S.FederalTaxConsiderations,TheBlackstoneGroupL.P.willbetreatedasapartnershipforU.S.federalincometaxpurposesandyouthereforewillberequiredtotakeintoaccountyourallocableshareofitemsofincome,gain,lossanddeductionofTheBlackstoneGroupL.P.incomputingyourU.S.federalincometaxliability.Youmaynotreceivecashdistributionsequaltoyourallocableshareofournettaxableincomeoreventhetaxliabilitythatresultsfromthatincome.•MembersoftheUnitedStatesCongresshaveintroducedlegislationthatwould,ifenacted,precludeusfromqualifyingfortreatmentasapartnershipforU.S.federalincometaxpurposesunderthepubliclytradedpartnershiprules.Ifthisoranysimilarlegislationorregulationweretobeenactedandtoapplytous,wewouldincuramaterialincreaseinourtaxliability,whichcouldwellresultinareductioninthevalueofourcommonunits.PRICE$31.00ACOMMONUNITWehavegrantedtheunderwriterstherighttopurchaseuptoanadditional20,000,000commonunitstocoverover-allotments.NeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.TheunderwritersexpecttodeliverthecommonunitstopurchasersonoraboutJune27,2007.June21,2007PricetoPublicUnderwritingDiscountsProceedstoTheBlackstoneGroupL.P.PerCommonUnit$31.00$1.318$29.682Total$4,133,333,354.00$175,733,334.21$3,957,600,019.79MorganStanleyCitiMerrillLynch&Co.CreditSuisseLehmanBrothersDeutscheBankSecuritiesABNAMRORothschildLLCGoldman,Sachs&Co.UBSInvestmentBankBancofAmericaSecuritiesLLCJPMorganWachoviaSecuritiesBear,Stearns&Co.Inc.LazardCapitalMarketsNikkoCitigroupSEBEnskildaWellsFargoSecuritiesTableofContentsPageSummary1Blackstone1InvestmentRisks13OrganizationalStructure14TheOffering20SummaryHistoricalFinancialandOtherData27RiskFactors32RisksRelatedtoOurBusiness32RisksRelat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