Blackstone Group Eyes Investments in Russia

Blackstone Group

, the world's biggest private-equity firm, has yet to invest in Russia. But on Friday CEO Stephen Schwarzman said at the St. Petersburg International Economic Forum that the firm may invest in a new fund being set up by Russian President Dmitry Medvedev to spur foreign investment in the nation. While private-equity competitor TPG Capital has invested in a Russian supermarket chain, Schwarzman declined to say whether Blackstone was in talks with any Russian companies. He said though that there are opportunities outside of resources and materials. "Growth is coming from almost everywhere," he told CNBC. "They actually have quite a robust consumer economy.... They've got a fast-growing pharmaceutical industry, for example." Should Blackstone decide to invest in Russia, Schwarzman said, the allocation would come from an existing fund rather than a new country fund.