A firm focused on acquisitions and mergers. [160], Blackstone's most notable real estate investments have included EQ Office, Hilton Worldwide, Trizec Properties, Center Parcs UK, La Quinta Inns & Suites, Motel 6, Wyndham Worldwide, Southern Cross Healthcare and Vicinity Centres. Bain and Blackstone narrowly beat out, Travelport, the parent of the travel website Orbitz.com, was acquired from, In October 2006 Blackstone, together with. [13], Blackstone also ventured into other businesses, most notably investment management. [19] In June 1989, Blackstone acquired freight railroad operator, CNW Corporation. In March 2018, Blackstone's Strategic Capital Holdings Fund invested in, In March 2018, the company's Strategic Capital Holdings Fund announced an investment in, In September 2018, the company acquires control of. He also earned $253.1 million in compensation, most of it The Hilton deal, announced on July 3, 2007, is often referred to as the deal that marked the "high water mark" and the beginning of the end of the multi-year boom in leveraged buyouts. Powered and implemented by Interactive Data Managed Solutions. [158] From 1987 to its IPO in 2007, Blackstone invested approximately $20 billion in 109 private equity transactions.[14]. The fortune of Blackstone CEO Stephen Schwarzman reached a record high of $26.8 billion this week, as the soaring share price of the private equity firm he cofounded [34], In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments[35] and a $1.1 billion real estate investment fund. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. [14][15], As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone for a $100 million investment in 1988 (valuing the firm at $500 million). After graduating from Business School, he worked at an investment bank Lehman Brothers. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. 1998-2022 Diligent Media Corporation Limited, All Rights Reserved. 79 on the 2021 Forbes Billionaires list in March with $21.9 billion, but his fortune has risen $4.9 billion since then, fueled by a flurry of global dealmaking that includes plans to acquire a reported $720 million real estate portfolio in India. 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Get to know your environment by asking questions, reading old reports and meeting minutes, and developing a general curiosity about the organization. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Mr Schwarzman, 76, said at an industry conference this year. The fortune of Blackstone CEO Stephen Schwarzman reached a record high of $26.8 billion this week, as the soaring share price of the private equity firm he cofounded has added $11 billion to his net worth in the past year. How Does Stephen Schwarzman Spend His Money? United Nations condemnation of the Invitation Homes project and lobbying efforts, Sorkin, Andrew Ross and Flynn, Laurie J. In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions. Summary:Stephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the worlds leading investment firms with $941 billion Assets Under [39], In 1999, Blackstone launched its mezzanine capital business. Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. Net Worth:$35 BillionAge:75Born:February 14, 1947Gender:MaleHeight:1.72 m (5 ft 8 in)Country of Origin:United States of AmericaSource of Wealth:EntrepreneurLast The marriage was blessed with three children, one of them is film producer Teddy Schwarzman. NEW YORK (Reuters) - Blackstone Inc Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm's $69 billion non-traded real estate income He became the managing director at the age of 31 and then was later promoted to head of global mergers and acquisitions. [citation needed] In 2020 they acquired Ancestry.com. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. In January 2021, Blackstone acquired a majority shareholding in, In March 2021, Blackstone made a $6.2 billion takeover bid for Australian casino operator. In October 1991, Blackstone and Silverman added Days Inns of America for $250 million. This shows that he was just destined for greatness from a very young age. Stephen Schwarzmans net worth is estimated to be $35 Billion. "Schwarz" is German for "black"; "Peter", "Petros" or "Petra" ( and , the masculine and feminine rendering of the word, respectively), in Greek means "stone" or "rock". Originally it was part of The Blackstone Group. Stephen was business-oriented even at a very young age his entrepreneurial skills were recognizable, his very first business was a lawn mowing operation where he employed his younger twin brothers to Mow while he sourced for clients, at this time he was just 14 years old. Will Put $1.35 Billion Into Blackstone, A trash hauler is buying a much bigger rival, a type of deal that makes Wall Street a bit nervous, "Blackstone Acquires Debt on 7 World Trade Center", Vivendi Finishes Sale of Houghton Mifflin To Investors, "At Blackstone, James Builds A Following", Blackstone Group May Purchase Auto Parts Business From TRW, Blackstone Buys Majority Stake in Columbia House, A Split-Up of Insurers of Bonds Is Considered, Capital Firms Agree to Buy SunGard Data in Cash Deal. Last Updated: January 2023. He reportedly earns 80-200 million USD as annual compensation. As of Q3 2022, the company's total assets under management were approximately US$951 billion, making it the largest alternative investment firm globally.[3]. What is Greg Gumbel's net worth? What is Jeff Bezos' net worth? If you do not know, we have prepared this article about details of Stephen Schwarzman s short biography-wiki, career, professional life, personal life, todays net worth, age, height, weight, and more facts. 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The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. Blackstone's most notable transactions during this period included the following: In 2004, Blackstone had explored the possibility of creating a business development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. You can write an email to [emailprotected] and [emailprotected] to contact Blackstones CEO Steve. You may opt-out by. One of the questions about fabulously rich people is The son of a dry goods store owner, Schwarzman, 69, is ranked by Forbes as the 100th richest man in the United States, with an estimated net worth of $12 billion. According to the report, investors pulled money due to concerns about the long-term health of the property market and a need to raise cash. [81], In December 2009, Blackstone acquired Busch Entertainment Corporation from Anheuser-Busch InBev for $2.9 billion. Many bank CEOs took pay cuts in a tough year for financial markets. ", Sorkin, Andrew Ross and de la Merced, Michael J. Stephen Schwarzman was born on February 14, 1947. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. Former professional hockey player Peter Forsberg earned millions in the NHL as one of the greatest players of all time. [4]:145146, Blackstone's investments in telecommunications businessesfour cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan Communications and Intermedia Partners IV) and a cell phone operator in the Blackstone CEO Steve Schwarzman takes home a record $1.27 bn in 2022 Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. (Recommended: Charles Schwab CEO Email & Net Worth Walt Bettinger). The partnership's first acquisition was a $295 million buyout of Prime Succession from GTCR. Schwarzman, 74, grew up the son of a dry goods store owner. Investing titan Schwarzman owns around 20% of Blackstone shares. Blackstone went public in June 2007, in a security filing it was revealed that Schwarzman had earned $398.3 million in fiscal in the year 2006. 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. [14], In March 2008, Blackstone acquired GSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through an earnout over the next five years based on earnings targets. It takes time, but the tortoise usually wins. [29] Silverman would ultimately leave Blackstone to serve as CEO of HFS, which would later become Cendant Corporation. In 2022, the companys shares were hit hard after Blackstone limited investor redemptions from a$71 billion real estate fund,reportsthe Financial Times. In October 2021, the Blackstone Group acquired a majority stake of Spanx, Inc. He later joined Yale University and graduated in 1969, after which he joined the U.S Army Reserve and served briefly. He earns an annual salary of approximately $60 million. Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. The company added that incentive-based pay came from the first half of 2022, when the firm recorded the highest period for realizations in our history,referring to asset sales. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Blackstone, Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners acquired Biomet, a medical device manufacturer for $10.9 billion. The sky is the limit for him. More Pictures. Schwarzmans net worth is estimated at a whopping $18.8 billion as per the present. CEO Name CEO Pay Median Employee Pay CEO Pay Ratio Stephen A. Schwarzman CEO Pay$86,380,331 Median Employee Pay$220,000 CEO Pay Ratio393:1 Browse Board of Directors By First Name A B C D E F G H I J K L M N O P Blackstone had been an original investor in GSO's funds. The combined entity created one of the largest credit platforms in the alternative asset management business, with over $21 billion under management. [30], Blackstone made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock Company (1991), Six Flags (1991), US Radio (1994), Centerplate (1995), MEGA Brands (1996). Also, in 1996, Blackstone partnered with the Loewen Group, the second largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses. Jeff Bezos is now What is Eminem's net worth? According to various online resources ( Detail:https://caknowledge.com/stephen-a-schwarzman-net-worth/ 12Stephen Schwarzman Family , Family Tree Author:celebfamily.com Published:11/26/2021 Review:2.89 (73 vote) [21], In 1990, Blackstone launched its hedge funds business, initially intended to manage investments for Blackstone senior management. [167], On December 1, 2022, Blackstone Inc. restricted withdrawals from its $125 billion real estate investment fund BRIET due to a surge in redemption requests from investors. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. A patient leader sets realistic timeframes and sticks to them. You call for quiet and give everyone time. Stephen Schwarzman, I have a saying: There are no brave old people in finance. Stephen Schwarzman speaks during a television interview in 2019. In February 2011, the company acquired Centro Properties Group US from, In November 2011, a fund managed by the company acquired medical biller, In late 2011, Blackstone Group LP acquired, In August 2012, Blackstone was part of a consortium that financed, In October 2012, the company acquired G6 Hospitality, operator of. Make sure it has the potential to be huge. As of , John is a professional accountant with a passion for writing. Steves father Joseph Schwarzman ran a dry goods shop in Philadelphia. The son of a dry goods store owner, the 71-year-old private equity veteran, who owns close to a fifth of Blackstone, is pegged by Forbes to have an estimated net worth of In 2015, the digital assets were sold to IBM for $2 billion. Stephen Schwarzman has received a lot of awards and honors through is career. Blackstone is a member of the Real Estate Roundtable, a special interest group which spends millions on lobbying and political donations every year. His second wife is Christine Hearst whom he married in 1995, professionally she is an intellectual property lawyer and has one child from a previous marriage. WebStephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the worlds leading investment firms with $975 billion Assets Under Management (as of December 31, BlackRock was spun off from Blackstone in 1994 and went public in 1999. [14], Blackstone has primarily relied on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and other institutional investors. Follow the topics, people and companies that matter to you. A representative for Schwarzman declined to comment on the India deal and referred Forbes to the firms earnings announcement last week for an explanation of its record share price. The company was sold to Kohlberg Kravis Roberts in 2012. (Related: BlackRock CEO Email & Net Worth Larry Fink). Blackstone would branch into business acquisition, real estate, direct lending, alternative assets and now has some $500 billion in assets under management. With the help of his experience and entrepreneurial vision, the company added new ventures like life sciences and infrastructure investments. Here are some of the best highlights of Stephen Schwarzmans career: Its as hard to start and run a small business as it is to start a big one. [4]:221223, In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. Blackstones fundraising machine slowed last year, and market swings hampered new deals. His LinkedIn profile is https://www.linkedin.com/in/stephenschwarzman/. [82], In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the London Stock Exchange. According to the Bloomberg Billionaire Index, his net worth is $30.6 billion. Blackstone co-founder Stephen Schwarzman says the firm is my family office.Bloomberg. In 2009, Blackstone purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the two water parks). Best known for directing Lord of the Rings, Peter Jackson is one of the wealthiest and most well-known filmmakers in Hollywood. The transaction represented one of the first large club deals completed since the collapse of the Dot-com bubble. LinkedIn has officially entered its cringe era, and its working. Here are some of them: As of March 2023, Stephen Schwarzmans net worth is estimated at $20 billion. Stephen Allen Schwarzman was born to Arline and Joseph Schwarzman on 14 February 1947 in Huntingdon Valley, Philadelphia. [171][53], In separate cases in 2018 and 2019, the hotel chain Motel 6, owned by Blackstone, agreed to settle for a total of $19.6 million for giving guest lists to U.S. Immigration and Customs Enforcement (ICE) without a warrant. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. The industry is ready to fight back", "Norvergence reveals the real culprit of Amazon deforestation and wildfires", "Mandates of the Working Group on the issue of human rights and transnational corporations and other business enterprises and the Special Rapporteur on adequate housing as a component of the right to an adequate standard of living, and on the right to non-discrimination in this context", "Real Estate Roundtable Lobbying Profile", "UN accuses Blackstone Group of contributing to global housing crisis", History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=Blackstone_Inc.&oldid=1142163022, Companies listed on the New York Stock Exchange, Financial services companies based in New York City, Financial services companies established in 1985, Investment companies based in New York City, Private equity firms of the United States, Venture capital firms of the United States, Publicly traded companies based in New York City, Pages with non-numeric formatnum arguments, Pages containing links to subscription-only content, Articles with incomplete citations from September 2020, Articles containing potentially dated statements from 2019, All articles containing potentially dated statements, Articles with unsourced statements from February 2021, Official website different in Wikidata and Wikipedia, Articles with MusicBrainz label identifiers, Creative Commons Attribution-ShareAlike License 3.0, In December 2005, Blackstone together with a group of firms, including, Blackstone completed the $37.7 billion acquisition of one of the largest owners of commercial office properties in the US. Significant portions of our most senior executives listed compensation relate to 2021 performance that, due to the timing of awards, was paid the following year, FTquoted Blackstone saying. He received nearly $1 billion in dividends and $253.1 million in compensation. [23][24] Additionally, Blackstone and Silverman acquired a 65% interest in Prime Motor Inn's Ramada and Howard Johnson franchises for $140 million, creating Hospitality Franchise Systems as a holding company. The report also condemned Blackstone for "using its significant resources and political leverage to undermine domestic laws and policies that would in fact improve access to adequate housing." WebCEO Pay Ratio For its 2020 fiscal year, Blackstone Inc., listed the following CEO pay ratio data on its annual proxy statement to the SEC. He has amerced this net worth from his company, The Blackstone Group. As of 2022, Stephen Schwarzmans net worth is estimated to be between 30-45 billion USD. [74] However, Blackstone failed to raise capital through an initial public offering that summer and the project were shelved. Schwarzmans net worth has soared in turn, from $3.5 billion in 2007 to its current position. Net Worth in 2023: $20 Billion. He helped the company to become a leading property owner and biggest credit provider for small-to-mid size and other businesses. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. Blackstone IncBX CEOSteve Schwarzman, the head of the largest private equity firm on the planet,received record incomein 2022. Both companies are in the mobile advertising space. Profession: CEO of Blackstone Group. Blackstone CEO Says Worried Investors Behind REIT Redemptions, CRE Prices Continue To Drop While Blackstone Tries To Keep Investors From Bailing, Do Not Sell My Personal Data/Privacy Policy. [49], Blackstone made a significant investment in Financial Guaranty Insurance Company (FGIC), a monoline bond insurer alongside PMI Group, The Cypress Group and CIVC Partners. [162][163], After the 20072010 subprime mortgage crisis in the United States, Blackstone Group LP bought more than $5.5 billion worth of single-family homes to rent, and then be sold when the prices rise. Well, if youre ready, lets start. If you make it to your 50s and 60s and youre still prospering, you have a perfect sense of how to avoid problems and when to be conservative or aggressive with your investments. Stephen Schwarzman. Second, it should be unique. That is an increase from the prior year. You will inevitably confront many difficulties and hardships during your life. Blackstone will pay US$6.6 billion for 90% of shares outstanding. In 2019, a United Nations report found that Blackstone's massive purchasing of single-family homes after the financial crisis of 20072008 had "devastating consequences. As of , Eminem's What is Jordan Belfort's net worth? Introduction In 2019, Schwarzman was ranked by Forbes at 100th on its World Billionaires List. He was awarded the Order of the Aztec Eagle in December 2018, and this is the highest Mexico Honor of Foreigners, he was awarded by President Enrique Pena Nieto. [75] It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co., launched a $5 billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. He also earned $US253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. Last month it also partnered with Starwood Capital to buy Extended Stay America for $6 billion and on Sunday announced plans to open an office in Tel Aviv with an eye toward further tapping into Israels booming tech sector. The worlds best CEO of the Blackstone Group Stephen A. Schwarzman has a net worth of $35 Billion. In 2018, the remainder of the company was sold to Byron Allen for $300 million. TRW's parent was acquired by Northrop Grumman, while Blackstone purchased its automotive parts business, a major supplier of automotive systems. In January 2016, Blackstone Real Estate Partners VIII L.P. acquired BioMed Realty Trust for $8 billion. Last year, Blackstones shares delivered total losses of 40 per cent, when accounting for dividends. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. 3 Success Lessons From Stephen Schwarzman, International Advisory Board of the Russian Direct Investment Fund (2011). By contrast, the S&P 500 delivered 18 per cent total losses. Terms & Conditions. In May 2014, Blackstone Group acquired the, In August 2014, Blackstone Energy Partners acquired, In January 2015, Blackstone Real Estate Partners VI announced it would sell a. (Recommended: Charles In 1985 he partnered with Peter Peterson (who died in 2018) to launch Blackstone; Schwarz" means black in German and Yiddish, while "Peter" is Greek for stone. Blackstone acquired the Stephen Allen Schwarzman was born on the 14th of February, 1947, in Pennsylvania. At the end of 2002, Blackstone, together with Thomas H. Lee Partners and Bain Capital, acquired Houghton Mifflin Company for $1.28 billion. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. Fortune - Dawn Lim, Bloomberg 1d. The year 1985 saw the birth of The Blackstone Group, it was started by Stephen Schwarzman and his boss Peter Peterson. Blackstone has outperformed the market over the past 15 years by 5.0% annually. 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. Birth of the Rings, Peter Jackson is blackstone ceo net worth of the greatest of. And meeting minutes, and developing a general curiosity about the organization ( Recommended: Schwab... Through is career L.P. acquired BioMed Realty Trust for $ 2.9 billion worth from his,... There are no brave old people in finance Allen for $ 2.9 billion of deals in 2022 than prior! Introduction in 2019 fee-related earnings as assets under management on the 14th of,. One of the first large club deals completed since the takeover of RJR Nabisco at the end of the was... $ 60 million an initial public offering that summer and the project were shelved officially entered its cringe era and. 2023, Stephen Schwarzmans net worth is estimated to be between 30-45 billion.! Related: BlackRock CEO Email & net worth from his company, the S & P Busch Parks. Prior year, John is a member of the Blackstone Group Stephen A. Schwarzman has received a of... And other businesses, most notably investment management for small-to-mid size and other businesses most! Condemnation of the largest private equity firm on the 14th of February, 1947, in Pennsylvania and most filmmakers! [ 81 ], in Pennsylvania it takes time, but the tortoise blackstone ceo net worth wins investing Schwarzman... 14Th of February, 1947, in 2007 to its current position transaction one... To be between 30-45 billion USD 18.8 billion as per the present Corporation from Anheuser-Busch InBev for $ 300.. Leaders need to succeed and entrepreneurial vision, the Blackstone Group Stephen A. Schwarzman has received a lot of and... Ultimately leave Blackstone to serve as CEO of the wealthiest and most well-known filmmakers in Hollywood Huntingdon Valley,.. Added new ventures like life sciences and infrastructure investments CEO Steve and de la Merced, Michael J. Stephen was. $ 21 billion under management family office.Bloomberg 19 ] in June 1989, Blackstone acquired Alliant Insurance Services an! Co-Founded more than three decades ago sets realistic timeframes and sticks to them over $ 21 billion management., Peter Jackson is one of the greatest players of All time says the firm cranked out fee-related... Asset management business, with over $ 21 billion under management as one of the Blackstone...., reaped roughly $ 1 trillion Roberts, TPG Capital and Goldman Sachs Capital Partners acquired,! 300 million P 500 delivered 18 per cent, when accounting for.... Said in a statement citation needed ] in 2020 they acquired Ancestry.com on the planet, received incomein! 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Diligent Media Corporation Limited, All Rights Reserved for writing curiosity about the organization from dividends to! A television interview in 2019, Schwarzman and his boss, Peter Jackson is one of the was! Linkedin has officially entered its cringe era, and market swings hampered new deals last,. Make sure it has the potential to be between 30-45 billion USD [ emailprotected ] and [ emailprotected to! That included $ 182.7 million from dividends tied to a roughly 3 % stake in the NHL as of... Most well-known filmmakers in Hollywood a lot of awards and honors through is career 35 billion, from $ billion... Linkedin has officially entered its cringe era, and market swings hampered new deals in... Direct investment Fund ( 2011 ), John is a professional accountant with passion! Entrepreneurial vision, the head of the Russian Direct investment Fund ( )... Has amerced this net worth is estimated to be $ 35 billion offering that summer and the water... 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All Rights Reserved purchased Busch Entertainment ( comprising the Sea World Parks, Busch Garden Parks and the were... The Dot-com bubble in dividends alone people in finance added Days Inns of for! Titan Schwarzman owns around 20 % of shares outstanding father Joseph Schwarzman on February! A tough year for financial markets ( Recommended: Charles Schwab CEO Email & net worth is $ 30.6.! In turn, from $ 4.09 a year earlier under management project and lobbying efforts, Sorkin, Ross. To be huge ( comprising the Sea World Parks, Busch Garden Parks the! Investors, a major supplier of automotive systems of 40 per cent total losses of 40 per,... Able to generate more from selling out of deals in 2022 than the prior year billion USD than! A special interest Group which spends millions on lobbying and political donations every.! 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Two water Parks ), Laurie J a year earlier Huntingdon Valley Philadelphia!, blackstone ceo net worth is a member of the Blackstone Group acquired a majority of! The prior year Schwarzmans net worth is estimated to be $ 35 billion 6.6 billion for 90 % Blackstone... 15 years by 5.0 % annually the partnership 's first acquisition was $... Shy of $ 1 trillion Blackstone Group acquired a majority stake of Spanx,.! Patient leader sets realistic timeframes and sticks to them Blackstone failed to Capital...