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Blackstone Gains From Banks’ Financial-Crisis Pain

As banks retreat from businesses regulators deem risky, private-equity firms have entered the breach

By

NEW YORK—In August, a Blackstone Group LP deal-making team gathered one day at 2:30 p.m. in a conference room overlooking Park Avenue to clink beers and celebrate the anniversary of the moment Blackstone signed papers to purchase its business.

The team, which buys stakes in private-equity funds, was acquired from Credit Suisse Group AG in 2013 following European banking rules that were implemented after the global market meltdown....

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