Blackstone shares on Friday jumped 13 per cent on the US private equity group’s first day of trading in a strong performance that could encourage arch-rival Kohlberg Kravis Roberts to follow suit within weeks.

After pricing the offering at $31 for a unit in the partnership on Thursday night, Blackstone saw its price close at $35.06 – a 13.4 per cent rise. The listing raised $4.1bn and valued the company at about $38bn.