[closed]

College student here, recently started learning about private equity firms and began wondering about their structure but was unable to find a satisfactory answer through Googling. Hoping someone here can help me out. I understand that when a private equity firm launches a fund, that fund's structure is a limited partnership with a GP, LP, etc. However, I am curious to know the structure of the private equity firm itself. Is it a private corporation with distinct shareholders/owners? If so, who are the majority shareholders/owners (is it the founders)? Googling "Blackstone majority shareholders" gives a list of mutual funds and institutional investors, and I assumed that the presence of these shareholders indicated that there was a disparate ownership structure entailing the firm itself rather than a limited partnership of a single fund. Another example:"MBK Partners, Asia's largest private equity fund operator, has decided to sell about a 13 percent stake to Dyal Capital Partners of the United States.The stake sale is valued at about US$1 billion. The money will be used to expand MBK's business in Asia and strengthen its global investor base." The sellout of 13% seems to be 13% of the firm itself, not a limited partnership fund. So who owns the other 87%, and what is the source of these shareholders' claim on earnings? Any help would be appreciated!