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Stephen A. Schwarzman
Summary
Stephen Allen Schwarzman (born February 14, 1947) is an American billionaire businessman. He is the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985 with Peter G. Peterson. Schwarzman was briefly chairman of President Donald Trump's Strategic and Policy Forum.
Schwarzman 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'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 attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965. He attended Yale University, where he was a member of senior society Skull and Bones and founded the Davenport Ballet Society. After graduating in 1969, he briefly served in the U.S. Army Reserve before attending Harvard Business School, where he graduated in 1972.
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. Blackstone would branch into business acquisition, real estate, direct lending, alternative assets, and now has some 398.3 million in fiscal 2006. He ultimately received 9.1 billion. In the following years, his compensations increased even more: he received 702.
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