Stephen Schwarzman is an American billionaire businessman, best known as the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985 with Peter G. Peterson. Schwarzman has been involved in all phases of Blackstone’s development since its founding and has established leading investing businesses across asset classes, including private equity, real estate, hedge fund solutions, and credit. As of March 31, 2023, Blackstone has $991 billion assets under management, making it one of the world’s leading investment firms.

Schwarzman’s success story is nothing short of impressive. Born on February 14, 1947, in Philadelphia, Pennsylvania, Schwarzman grew up in a Jewish family. He attended Abington Senior High School, where he was the class president and graduated in 1965. Schwarzman then went on to study at Yale University, where he received his Bachelor of Arts in 1969 and his Master of Business Administration in 1972. He later worked at Lehman Brothers, where he became the head of global mergers and acquisitions before co-founding Blackstone in 1985. Schwarzman has also been a major philanthropist, donating millions of dollars to various causes, including education, medical research, and the arts.

Early Life and Education

Stephen A. Schwarzman was born on February 14, 1947, in Philadelphia, Pennsylvania. He was raised in a Jewish family in Huntingdon Valley, Pennsylvania, the son of Arline and Joseph Schwarzman. His father owned Schwarzman’s, a former dry-goods store in Philadelphia, and was a graduate of the Wharton School.

Schwarzman attended Abington Senior High School, where he was a member of the school’s football team. He later attended Yale University, where he earned a Bachelor of Arts degree in 1969. During his time at Yale, Schwarzman was a member of the secret society Skull and Bones.

After graduating from Yale, Schwarzman went on to attend Harvard Business School, where he earned a Master of Business Administration degree in 1972. While at Harvard, he was a Baker Scholar, which is an award given to the top 5% of the graduating class.

Schwarzman’s academic achievements did not end with his MBA. He was awarded an honorary doctorate from Yale University in 2004, an honorary doctorate from the Tuck School of Business at Dartmouth College in 2005, and an honorary doctorate from the University of Oxford in 2019.

In addition to his academic achievements, Schwarzman has also been recognized for his philanthropic efforts. In 2004, he donated funds to build a new football stadium for his alma mater, Abington Senior High School, which was named the Stephen A. Schwarzman Stadium.

Career

Stephen Schwarzman’s career began after he graduated from Yale University in 1969. He started working for an institutional asset management firm called Donaldson, Lufkin & Jenrette (DLJ) where he quickly rose through the ranks. He eventually became the head of the firm’s mergers and acquisitions division before leaving in 1985 to co-found Blackstone with Peter Peterson.

At Blackstone, Schwarzman has been involved in all phases of the firm’s development since its founding. He has helped establish leading investing businesses across asset classes, including private equity, real estate, hedge funds, credit, and infrastructure. As of March 31, 2023, Blackstone has $991 billion in assets under management, making it one of the world’s leading investment firms.

Schwarzman has been recognized for his contributions to the private equity industry. In 2007, he was named as one of Time Magazine’s 100 most influential people in the world. He has also been named as one of the 100 most powerful people in finance by Worth Magazine multiple times.

Throughout his career, Schwarzman has also been involved in various philanthropic endeavors. In 2018, he donated $350 million to establish the Schwarzman Scholars program at Tsinghua University in Beijing, China. The program aims to educate future leaders about China’s role in global affairs. Schwarzman has also donated to various other causes, including education, healthcare, and the arts.

Philanthropy

Stephen Schwarzman is well-known for his philanthropic endeavors, having donated millions of dollars to various charitable causes over the years. His philanthropy has brought a tremendous sense of joy and meaning to his life, and he anticipates finding more ways to give back during his lifetime.

Schwarzman has donated to a wide range of causes, including education, healthcare, and the arts. In 2018, he donated a total of $390 million, which landed him at number four on the Philanthropy 50, the Chronicle’s ranking of the top donors of the year.

One of Schwarzman’s most significant philanthropic efforts is his involvement in the Schwarzman Scholars program. This program provides full scholarships for students to study at Tsinghua University in Beijing, China, with the goal of fostering greater understanding and cooperation between China and the rest of the world.

Schwarzman has also signed The Giving Pledge, committing to giving away the majority of his wealth to philanthropic causes. This movement was started by Warren Buffet and Bill and Melinda Gates, with the goal of encouraging the world’s wealthiest individuals to give back to society.

Overall, Stephen Schwarzman’s philanthropy has had a significant impact on the world, and he continues to be a leading figure in the world of charitable giving.

Personal Life

Stephen Schwarzman was born on February 14, 1947, in Philadelphia, Pennsylvania. He is the son of a dry goods store owner and grew up in a Jewish family. Schwarzman has been married twice, first to Ellen Philips in 1971, with whom he had three children, and then to Christine Hearst in 1995, with whom he has two children.

Schwarzman has been a philanthropist throughout his life, making significant donations to various educational institutions, including Yale University, his alma mater, and the Massachusetts Institute of Technology. In 2018, he donated $350 million to MIT to create the Stephen A. Schwarzman College of Computing.

Schwarzman is also a collector of fine art and has an extensive collection that includes works by artists such as Pablo Picasso, Mark Rothko, and Willem de Kooning. He has also been a member of the Council on Foreign Relations and the Business Council.

In his free time, Schwarzman enjoys playing tennis and skiing. He is an avid reader and has stated that he reads at least one book per week. He also enjoys traveling and has visited many countries around the world.

Overall, Stephen Schwarzman has led a successful and fulfilling personal life, marked by his dedication to philanthropy, art, and intellectual pursuits.