Back when Blackstone floated in June, Steven Schwarzman netted $684m. Peanuts.
For a while Daniel Och looked like he’d come in just under that for the flotation of his hedge fund Och-Ziff Capital. The New York Times estimated he’d make $598m.
But as DealBook points out, the sale of a 9.9 per cent Och-Ziff stake this week to Dubai International Capital, means his windfall has increased massively.
The stake sold to Dubai just about doubles the equity that Och-Ziff is selling – 9.9 per cent to DIA and a similar amount to be publicly floated. Dubai are paying $1.26bn, which revalues the whole offering-plus-stake-sale Och-Ziff equity at $2.2bn.
Of which, according to the latest SEC filing, just over $1.1bn will go to Daniel Och. Add to which:
The deferred income from the fund that Mr. Och has already earned but not been paid – about $1.1bn.
A $350m sum from a term loan that Och-Ziff took out before the public offering.
A management fee of $94m.
And, of course, the 48 percent interest in Och-Ziff that Mr Och will still hold in the business after the float – estimated to be worth around $6bn.