By now many of you have heard the news that Blackstone has postponed the first closing of its latest fund. Don't get worried, Blackstone VI will still be the biggest and the best of any private equity fund out there.

The reason we're late in having a first close is because some of the colleges we had been banking on have been slow to join our family of excellent and elite limited partners. Many of us here at Blackstone were hoping that The University of Tennessee would be able to make it to the next round of private equity investment, but sadly it was not to be, at least not for this fund. Others were betting on The University of Texas to bring us more money for our fund through its efforts, but that was not to be as well.

Still, I'm confident that with the help of the right people at Chapel Hill, N.C., the University of North Carolina will bring us what we need to have a first close on Blackstone VI. Hopefully we'll have that sometime soon after April 7.