Stephen Schwarzman Biography
Stephen Schwarzman (Stephen Allen Schwarzman) 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 Pete Peterson.
His personal fortune is estimated at $17.2 billion as of October 2019. As of 2019, Forbes ranked Schwarzman at 100th on its World’s Billionaires List. Schwarzman briefly served as Chairman of President Donald Trump’s Strategic and Policy Forum for 6 months before its dissolution.
Stephen Schwarzman Education
Stephen Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965. He attended Yale University, where he was part of the Skull and Bones secret society. After graduating in 1969, he briefly served in the U.S. Army Reserve before attending Harvard Business School, where he graduated in 1972.
Stephen Schwarzman Investment career
Schwarzman’s first job in financial services was with Donaldson, Lufkin & Jenrette, an investment bank that merged with Credit Suisse in 2000. 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.
In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions. When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006. He ultimately received $684 million for the part of his Blackstone stake he sold in the IPO, keeping a stake then worth $9.1 billion.
In June 2007, Schwarzman described his view on financial markets with the statement: “I want war, not a series of skirmishes… I always think about what will kill off the other bidder.” In September 2011, Schwarzman was listed as a member of the International Advisory Board of the Russian Direct Investment Fund.
Stephen Schwarzman Age
Stephen Schwarzman Family
After doing our research, details about Stephen Schwarzman’s parents are not available and it is also not known if he has any siblings.
Stephen Schwarzman Wife
Stephen Schwarzman is married to wife Ellen Philips in 1971, Ellen is a trustee of Northwestern University and Mount Sinai Medical Center. The couples got divorced in 1990 and the couples were blessed with two children one of whom is a film producer named Teddy Schwarzman and Elizabeth Schwarzman.
Stephen Schwarzman was later engaged to a second Christine Hearst Schwarzman in 1995. She is an intellectual-property lawyer who grew up on Long Island, New York USA. Christine has one child from her previous marriage. Stephen lives in a duplex apartment at 740 Park Avenue previously owned by John D. Rockefeller Jr. Schwarzman purchased the apartment from Saul Steinberg.
Stephen Schwarzman Daughter
Stephen has one daughter named Elizabeth and was born in the year 1976. She is the oldest child of Stephen. Elizabeth is married to Andrew Curtis Right since 2005.
Stephen Schwarzman Body Measurements
Height: 5 feet 8 inches
Weight: 79 Kg
Shoe Size: Not available
Body Shape: Not available
Hair Colour: Grey
Eye Colour: Light Blue
Stephen Schwarzman Salary
Stephen Schwarzman Net Worth
Stephen Schwarzman has a net worth of $17.2 billion USD.
Stephen Schwarzman Book
King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. Authors include David Carey and John E. Morris.
- What It Takes: Lessons in the Pursuit of Excellence
Stephen Schwarzman Political and economic views
Schwarzman is a Republican. He is a long-time friend of President Donald Trump and provides outside counsel, and served as chair of Trump’s Strategic and Policy Forum.
In response to criticism for his involvement with the Trump administration, Schwarzman penned a letter to current Schwarzman Scholars, arguing that “having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice.”
He raised $100,000 for George W. Bush’s political endeavors. In August 2010, Schwarzman compared the Obama administration’s plan to raise the tax rate on carried interest to Hitler’s invasion of Poland in 1939. Schwarzman later apologized for the analogy.
In early 2016, he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz, saying that the nation needed a “cohesive, healing presidency, not one that’s lurching either to the right or to the left.” He had previously made a donation to Marco Rubio in 2014. He also endorsed and fundraised for Mitt Romney in 2012.
In late 2016, Schwarzman “helped put together” a team of corporate executives to advise Trump on jobs and the economy. The group, which includes JPMorgan Chase CEO Jamie Dimon, Walt Disney boss Bob Iger, and former General Electric leader Jack Welch, became Trump’s Strategic and Policy Forum.
In February, Schwarzman was named as chair of the 16-member President’s Strategic and Policy Forum, which brings together “CEOs of America’s biggest corporations, banks, and investment firms” to consult with the President on “how to create jobs and improve growth for the U.S. economy.”
Stephen Schwarzman Wealth and philanthropy
According to Forbes, he had a net worth of $12.4 billion as of August 2018. In 2014, Schwarzman was named as one of Bloomberg’s 50 Most Influential people of the year. In 2016, Schwarzman was again named as one of Bloomberg’s 50 Most Influential people of the year.
In 2004, Schwarzman donated a new football stadium to Abington Senior High School the Stephen A. Schwarzman Stadium. In 2007, Schwarzman was listed among Time’s 100 Most Influential People in The World. In early 2008, Schwarzman announced that he contributed $100 million toward the expansion of the New York Public Library, for which he serves as a trustee.
The central reference building on 42nd Street and Fifth Avenue was renamed The Stephen A. Schwarzman Building. In 2018, Schwarzman donated 10 million to another library, the Israeli National Library. On April 21, 2013, Schwarzman announced a $100 million personal gift to establish and endow a scholarship program in China, Schwarzman Scholars, modeled after the Rhodes Scholarship program.
Schwarzman simultaneously announced a fundraising campaign with a goal of $200 million. The Schwarzman Scholars program is housed at Tsinghua University, one of China’s most prestigious universities. The first class of 100 students graduated in 2017, upon completion of Schwarzman College, designed by Robert A. M. Stern, Dean of the Yale School of Architecture.
In spring 2015, Peter Salovey, the President of Yale University, announced that Schwarzman contributed $150 million to fund a campus center in the university’s historic “Commons” dining facility. Additionally, Schwarzman is also a member of the Berggruen Institute’s 21st Century Council. He has sat on the Board of Trustees of New York-Presbyterian Hospital since 2016.
In early 2018, it was announced that Schwarzman gave $25 million to Abington High School, his alma mater. However, this donation was contingent on several conditions, including naming rights to the school. After the public learned about the deal, a new agreement was made and Schwarzman removed several of the conditions for his donation, including renaming the school.
In October 2018, Schwarzman donated $350 million to the Massachusetts Institute of Technology. In June 2019, the University of Oxford announced that Schwarzman had donated £150 million to establish the Schwarzman Centre for the Humanities.
Stephen Schwarzman Blackstone
The Blackstone Group L.P. is an American multinational private equity, alternative asset management including financial services firm. It’s based in New York City. Blackstone is the largest alternative investment firm in the world. It specializes in private equity, credit and also hedge fund investment strategies.
Blackstone’s private equity business has been one of the enormous investors in leveraged buyouts in the last decade, while it’s real estate business has actively received commercial real estate. Since its inception, Blackstone has invested in such notable companies such as Hilton Worldwide, Merlin Entertainments Group, Performance Food Group, EQ Office, Republic Services, AlliedBarton, United Biscuits, Freescale Semiconductor, Vivint, including Travelport.
Blackstone was founded back in 1985 as a mergers and acquisitions boutique by Peter G. Peterson and Stephen A. Schwarzman, who had formerly worked together at Lehman Brothers. Since then, Blackstone has become the world’s largest individual (private) equity investment firm.
Earlier in 2007, Blackstone became a public company through a $4 billion initial public offering becoming one of the first major private equity firms to list shares in its management company on the public stock market.
Blackstone is headquartered at 345 Park Avenue in Manhattan, New York City, having eight additional offices in the United States, and other offices in London, Paris, Dublin, Düsseldorf, Luxembourg, Sydney, Tokyo, Hong Kong, Singapore, Beijing, Shanghai, Mumbai, including in Dubai.
As of 2019, the company’s total assets under management were around US$ 470 billion dollars. In April 2019, Blackstone disclosed it would convert to a corporation from a publicly traded partnership.
Stephen Schwarzman Other
Schwarzman has been an adjunct professor at the Yale School of Management and was chairman of the board of trustees of the John F. Kennedy Center for the Performing Arts from 2004 to 2010. In December 2018, Schwarzman was awarded the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, by President Enrique Peña Nieto in recognition of Schwarzman’s work on behalf of the U.S. in support of the U.S.-Mexico-Canada Agreement.
Stephen Schwarzman Blackstone Group
Schwarzman is Chairman, CEO, and Co-Founder of Blackstone. It’s one of the world’s leading investment firms worth $512 billion dollars in Assets Under Management as of March 31, 2019. Stephen has been involved in all phases of Blackstone’s development since it was founded in 1985.
Stephen Schwarzman House|Palm Beach House|New York
Frequently Asked Questions About Stephen Schwarzman
Who is Stephen A. Schwarzman?
He is an American businessman, investor, and philanthropist.
How old is Stephen A. Schwarzman?
He is 72 years old as of 2019.
How tall is Stephen A. Schwarzman?
He stands at a height of 5 feet 8 inches
Is Stephen A. Schwarzman married?
Yes, he is married and he is married to Ellen Philips in 1971.
How much is Stephen A. Schwarzman’s worth?
He has an estimated net worth of $ $17.2 billion as of October 2019 and he was ranked 100th on the World’s Billionaires List.
How much does Stephen A. Schwarzman make?
His pay consisted of $67.4 million in carried interest and $1.7 million of salary, equity, and security. In 2017, he got $786.5 million.
Where does Stephen A. Schwarzman live?
He lives in a duplex apartment at 740 Park Avenue in New York City, New York.
Is Stephen A. Schwarzman dead or alive?
He is alive and in good health.
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