Group LP, the largest private equity firm to go public, said on Thursday it raised $4.13 billion in an initial public offering priced at the top of a forecast range in the biggest U.S. IPO in five years.

The offering, which has drawn criticism in Washington, broke new ground in an industry that has rocked global finance in recent years by pursuing a series of ever-larger takeovers.

It also set the stage for its leading partners to cash in their stakes in the firm, reaping hundreds of millions of dollars.

The offering of 133 million common units sold for $31 per unit, compared with a range of $29 to $31, according to an underwriter.

Led by Morgan Stanley and Citigroup, underwriters have the option to purchase an additional 20 million units to cover overallotments.

The firm will list its units on the New York Stock Exchange under the symbol BX.

Investment Morgan Stanley Citigroup