Documents filed by US private equity group Blackstone show that its chief executive Stephen Schwarzman stands to receive $450m as part of its stock market listing.
In a regulatory filing with the US Securities and Exchange Commission, Blackstone - which hopes to float within weeks - said Schwarzman would be awarded at least $449.5m. Blackstone's other co-founder, Peter Peterson, will pocket a paper gain of $1.88 billion.
The filing marks one of the first times Blackstone has had to reveal public details over the money being paid to its two co-founders, although both men are already immensely wealthy.
The IPO marks the initial step into the world of publicly traded and regulated stocks for a firm that has closely guarded its secrecy, but has been a prime player in a flurry of big private equity deals.
The hundreds of millions of dollars both Schwarzman, 60, and Peterson, 80, stand to receive are not annual salaries, but reflect payments they will be awarded in return for some of their stakes in the firm.
Schwarzman will own about 23% of Blackstone after its public offering. The company has a target IPO price of between $29 and $31 a share, meaning Schwarzman's stake would be worth up to $7.7 billion.
Blackstone intends to offer 133.3 million shares on the New York Stock Exchange to prospective investors in an initial public offering that could raise up to $4.13 billion. The shares it plans to float would represent 12.3% of the firm's capital.
Private equity firms typically buy troubled businesses, restructure them and sell them for a handsome profit.
