Breaking news: Blackstone makes its investors lots of money!

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Blackstone has turned its S-1 (its IPO filing) into the SEC, and thanks to the magic of the Internets it’s already up and available for perusal by all.

Here’s the first interesting thing I’ve learned: Its corporate private equity funds have earned investors 22.8% a year, after fees, since 1987. For “real estate opportunity,” around since 1991, the after-fee annual return is 29.2%. Not too shabby. Blackstone’s funds of hedge funds haven’t done nearly as well: 11.9% after fees since 1990.