Stephen A. Schwarzman was born on February 14, 1947 (77 years old) in Philadelphia, the largest city in the state of Pennsylvania, United States. He is currently the Chairman and Chief Executive Officer of The Blackstone Group, an American company specializing in private equity, alternative investment management, and a variety of asset classes. The firm is globally recognized for its acquisitions and investment operations in other companies.
Schwarzman co-founded The Blackstone Group with his then-boss, Peter Peterson. To date, the company has reached one trillion dollars in assets, making it the largest acquisition group in the world. Schwarzman’s net worth is estimated at 43.3 billion dollars.
Early Life and Education
Schwarzman completed his early education at Abington School, located in his hometown. He later pursued undergraduate studies at Yale University, one of the world’s most prestigious institutions.
At Yale, he was a member of the society known as Skull and Bones, considered one of the three most influential societies at the university.
Additionally, during his time at Yale, Schwarzman founded the Davenport Ballet Society, through which he brought together men and women from Yale and other universities to attend the costume rehearsal of one of the most famous ballets to this day, The Nutcracker.
After graduating in 1969, Schwarzman served briefly in the U.S. Army Reserve.
Following his military service, he furthered his academic training at Harvard Business School, part of Harvard University—one of the most influential business schools in the world.
Professional Beginnings
Schwarzman began his professional career at Donaldson, Lufkin & Jenrette, an investment bank where he worked in the financial sector.
He later moved to a second investment bank, Lehman Brothers, where he started as a manager and eventually became head of global acquisitions.
It was at Lehman Brothers that the foundation for the creation of The Blackstone Group was laid, as Schwarzman met his boss and future co-founder of the company, Peter Peterson.
The Blackstone Group
The Blackstone Group was founded in 1985 and initially focused on mergers and acquisitions. In its early years, the founders were briefly joined by Roger C. Altman, a renowned investment banker who had also worked at Lehman Brothers.
In the beginning, the firm primarily offered advisory services. Over time, as clients and market demands evolved, the company expanded into direct investment activities.
Parallel to this, the firm entered various lines of business, including investment management and fixed-income investments, especially after collaborating with the founders of BlackRock, a multinational investment firm.
Throughout the 1990s, the company continued its geographic and operational expansion. Blackstone established a strong presence in Europe and diversified into real estate, hospitality, and even funeral homes and cemeteries.
By the late 1990s and early 2000s, Blackstone’s investment portfolio also extended into telecommunications, and the firm had become one of the most recognized names in private equity.
Recognition and Present Day
Today, Blackstone remains known for its participation in various sectors, including insurance and hedge funds.
Schwarzman continues to lead the company as Chairman, CEO, co-founder, and head of both the Board of Directors and the Executive Committee.
Beyond his long-standing leadership at Blackstone, Schwarzman is also known for his involvement in U.S. politics. He served as Chairman of Donald Trump’s Strategic and Policy Forum.
His career and achievements in finance and investment have earned him numerous honors.
In both 2014 and 2016, Schwarzman was named one of the 50 most influential people of the year by Bloomberg, a private U.S. company specializing in financial software and data.
To this day, Schwarzman remains a prominent figure in the world of economics and investment business.