Why Blackstone Controls the Biggest Deals in Finance
Blackstone Inc. is an American alternative investment management company based in New York City. In 2019, Blackstone converted from a publicly traded partnership into a C-type corporation. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone operates four business segments are: (a) Real Estate, (b) Private Equity, (c) Hedge Fund Solutions and (d) Credit & Insurance. As of 2021, the company's total assets under management were approximately $731 billion.
Stephen Allen Schwarzman (born February 14, 1947) is an American businessman, investor and philanthropist. He is the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985 with former chairman and CEO of Lehman Brothers and US Secretary of Commerce, Peter G. Peterson. Schwarzman briefly served as Chairman of President Donald Trump's Strategic and Policy Forum. Schwarzman was raised in a Jewish family. Schwarzman's first business was a lawn-mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients. Schwarzman's first job in financial services was with Donaldson, Lufkin & Jenrette. After business school, Schwarzman worked at the investment bank Lehman Brothers, became a managing director at age 31, and then head of global mergers and acquisitions. Blackstone was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital. Today Schwarzman is worth at least $33 Billion Dollars according to Forbes.
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