Speaking during a media call for the firm’s second quarter earnings, James responded to a question from Fortune about the SEC’s recent decision to end the decades-old ban on “general solicitation” for Rule 506 offerings — an umbrella that usually covers hedge, private equity and real estate funds.

“I don’t think it makes much of a difference for Blackstone (BX), at least in the short term,” James said. “We’re really focused on bigger investors and have a limited amount of bandwidth and marketing people… Our systems aren’t set up to serve thousands of masters. Our approach to the smaller investors has been to work through other systems — like Merrill Lynch (BAC) and J.P. Morgan (JPM) — although over time I guess that could evolve.”

RELATED: Why general solicitation isn’t evil

James reiterated the point for Park Hill Group, a Blackstone business unit that serves as a placement agent for third-party fund managers. In both cases, however, he did add that the  aforementioned banks and various sub-advisors could be impacted by the new rules.

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