MUMBAI: The global investment market is not seeing any conventional bubbles apart from private technology companies in the US, but a potential correction in that market will not cause a wider impact on the economy, according to Blackstone Group CEO Stephen Schwarzman. Blackstone is the world’s largest investor in private equity (PE) and real estate with $545 billion in assets under management. Schwarzman said that private technology companies, often referred to as unicorns, have started seeing the disconnect in value ascribed to them by private and public market investors. “In the US, we only have one major bubble going on in privately valued, venture-backed large companies,” he told TOI in an interview. The comments come at a time when SoftBank-backed office space company WeWork, valued at $47 billion earlier this year, delayed its IPO even after reportedly less than halving its valuation. Schwarzman did not directly comment on WeWork. Schwarzman knows about spotting bubbles, with India giving him indicators of an upcoming global real estate correction in 2006, which he reveals in the book on his life and career lessons, called ‘What It Takes’. The overcapacity of housing in Spain and prices of raw land going up 10 times in… Read full this story
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