He has three children including a stepchild from his second wife Christine, a lawyer of intellectual property. A firm focused on acquisitions and mergers. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. [38] In 1999, Blackstone partnered, together with Apollo Management to provide capital for Allied Waste's acquisition of Browning-Ferris Industries. [citation needed] In 2020 they acquired Ancestry.com. [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). The stock has since generated some 21.2% in total returns this year, outpacing the S&P. When you face setbacks, you have to dig down and move forward. Stephen Schwarzman, First, your idea has to be big enough to justify devoting your life to it. Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction it would cede to the buyout of Freescale Semiconductor. You will inevitably confront many difficulties and hardships during your life. [13], Blackstone also ventured into other businesses, most notably investment management. Between 1995 and 2014, PNC reported $12 billion in pretax revenues and capital gains from BlackRock, Schwarzman later described the selling of BlackRock as his worst business decision ever. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. 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. 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 His father, Joseph Schwarzman, was the owner of Schwarzmans, a former store that dealt with dry-goods. In 1999, he was awarded the American Academy of Achievement Golden Plate Award. This is a BETA experience. Meanwhile, Blackstone PresidentJon Grayreceived $479.2 million as income in 2022. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. The company was valued at US$1.2 billion. Schwarzman is the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! On February 14, 2022 Crown Resorts accepted Blackstone's takeover offer. Yes, the investment giant is profitable. 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. Fortune 9h ago. Continue with Recommended Cookies. HE'S ALSO THE CEO WHOSE STOCK HAS BLOWN AWAY INTEL AND MICROSOFT SO FAR IN THE 1990S. [4]:4556 Blackstone finalized fundraising for its first private equity fund in the aftermath of the October 1987 stock market crash. [53], While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone has outperformed the market over the past 15 years by 5.0% annually. "Blackstone To Rationalize Single Manager Hedge Funds Businesses In Efficiency Move", The Blackstone Group to Acquire Prime Hospitality Corp, "Steve Bollenbach, hospitality executive, 1942-2016", Private-Equity Firm Sees Room for Value in Hotels, "Here's Why Wyndham Worldwide Just Bought La Quinta", Blackstone's Bid for Equity Office Prevails, Blackstone Alliance to Buy Chip Maker for $17.6 Billion, VNU Shareholders Reject $8.9 Bln Offer From KKR Group, VNU Agrees To Public Offer From Private Equity Group, "Blackstone Plans to Acquire Cendant Travel Services Unit", "Private-equity companies snap up United Biscuits in a 1.6bn deal", "Blackstone and PAI complete purchase of UB", "The Blackstone Group Has Completed Its Acquisition of a Controlling Interest in RGIS", "Biomet, Inc. to Be Acquired by Private Equity Consortium for $10.9 Billion or $44 Per Share in Cash", Blackstone to Buy Hilton Hotels for $26 Billion, Private Firms Use Closed-End Funds to Tap the Market, "KKR buys Alliant in 'pass the parcel' deal", Blackstone Founders Prepare to Count Their Billions, News Analysis Behind the Veil at Blackstone? Introduction The company was sold to Kohlberg Kravis Roberts in 2012. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. ", "Blackstone snaps up Ancestry.com in $4.7bn deal", "Blackstone buys Takeda's over-the-counter business for $2.3bn", "Blackstone will invest close to $400 million in mobile app marketer Liftoff", "Butlin's owner Bourne Leisure slumps to loss as pandemic takes toll", "Blackstone Bids to Buy Australia's Crown Resorts", "Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts", "Hasbro to Sell EOne Music Unit to Blackstone for $385 Million - BNN Bloomberg", "MGM Resorts International Announces Agreements To Purchase Infinity World's 50% Interest In CityCenter And Monetize CityCenter Real Estate Assets", "AIG to sell life and retirement unit stake to Blackstone, another with IPO", "Liftoff and Vungle Merge: 2 Top-Ten Mobile Ad Networks Owned By Private Equity Fund Blackstone Combine Forces", "Blackstone buys majority stake in SPANX, Inc", "Blackstone to Acquire Nucleus Network, Australia's Largest Phase One Clinical Trials Specialist", "Australia's Crown Resorts backs US$6.3 billion Blackstone buyout offer", "Crown Resorts Finalizes $6.6B Blackstone Group Acquisition", "Blackstone to buy American Campus Communities for nearly $13 billion", "Blackstone Is Buying PS Business Parks for $7.6 Billion", "Blackstone, Emerson Electric Strike $14 Billion Buyout Deal", "Emerson selling climate technologies in $14B deal", "Blackstone buys security firm Vivint for over $2 billion", Blackstone Real Estate Investment Portfolio, "Blackstone to Buy Stakes in Apartment Complexes From GE Unit", "Blackstone to Sell California Office Buildings for $3.5 Billion", "Blackstone traekker sig fra omstridt ejendomhandel (Blackstone withdraws from disputed real estate trade)", "Blackstone's BREIT slump looks nasty but not fatal", "Blackstone Just Limited Withdrawals From REIT", "Blackstone to acquire GSO Capital, buy back shares", "Blackstone to Buy Hedge Fund to Strengthen Credit Operations", "Motel 6 to pay $7.6 million for giving guest lists to U.S. immigration", "Motel 6 pays $12 million for sharing guest lists with U.S. immigration: Washington AG", "A Top Financier of Trump and McConnell Is a Driving Force Behind Amazon Deforestation", "Warren says Blackstone worsening climate change in new private equity salvo", "The Finance 202: Elizabeth Warren is escalating attacks on private equity. (Reuters) -Blackstone Inc Chief Executive Officer Steve Schwarzman took home about $1.26 billion in pay and dividends for 2022, a regulatory filing showed. Blackstone's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and TPG Capital. 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. As of 2022, Blackstones net worth can be estimated to be in the range of 90-155 billion USD. In August 2020, Blackstone acquired Takeda Consumer Healthcare for $2.3 billion. Your email address will not be published. [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. Stephen (Steve) A. Schwarzman has been the CEO of Blackstone Inc. since 1985. 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. He received $684 million as the Blackstone stake, which he sold in the IPO and kept a stake of $9.1 billion. 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." All rights reserved. He has amerced this net worth from his company, The Blackstone Group. Many bank CEOs took pay cuts in a tough year for financial markets. As of 2022, Stephen Schwarzmans net worth is estimated to be between 30-45 billion USD. Now that you know all about Stephen Schwarzmans net worth and how he achieved success; lets take a look at some of the lessons we can learn from him: Learning to see criticism as a means of grace is crucial to a leaders long-term effectiveness and health. The company restructured its debt in 2010. You have entered an incorrect email address! [50], Two years later, in 2005, Blackstone was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.3 billion. [56] La Quinta Inns & Suites was spun out for IPO in 2014 and was later acquired by Wyndham Hotels & Resorts[57]. 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]. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. Blackstone chief executive Steve Schwarzman took home a record $US1.27 billion ($1.89 billion) in 2022, as the investing titan further built his fortune into one of the According to Blackstone, as of September 30, 2008, Kailix Advisors had $1.9 billion of assets under management. Blackstone is one of the worlds largest alternative asset management companies enabling the investors to make long-term value through fast-growing domains like private equity, real estate, credit funds, insurance, etc. Schwarzman, 74, grew up the son of a dry goods store owner. [10], Blackstone was originally formed as a mergers and acquisitions advisory boutique. The GSO team had previously managed the leveraged finance businesses at Donaldson, Lufkin & Jenrette and later Credit Suisse First Boston, after they acquired DLJ. Blackstone CEO Schwarzman took home $610.5 mln in 2020 | Reuters Newsletter Every weekday. At Lehman, Schwarzman served as head of Lehman Brothers' global mergers and acquisitions business. [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. Benzinga does not provide investment advice. Blackstone CEO Stephen Schwarzman has been the pillar of support since the company was founded. The firms recent buying spree has included a reported $1.1 billion offer to buy another 26% of India-based outsourcing firm Mphasis, and a proposal last month to pay about $6 billion for Crown Resorts, an Australia-based casino and gaming business. [11][12], From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business but had difficulty in raising their first fund because neither had ever led a leveraged buyout. [21], In 1990, Blackstone launched its hedge funds business, initially intended to manage investments for Blackstone senior management. 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 then attended Harvard Business School and graduated from there in 1972. 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. Its hard to raise the money and to find the right people. Stephen Schwarzman, Regardless of how you begin your careers, it is important to realize that your life will not necessarily move in a straight line. In 2009, Blackstone purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the two water parks). Last Updated: January 2023. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. Blackstone acquired Prime Hospitality[54] and Extended Stay America in 2004. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. 3 Success Lessons From Stephen Schwarzman, International Advisory Board of the Russian Direct Investment Fund (2011). Schwarzman owns a home in Palm Beach, Florida, and Water Mill, New York. His book What It Takes: Lessons in the Pursuit of Excellence became a New York Seller. The Blackstone CEO has a net worth of USD 30.6 billion, according to the Bloomberg Billionaires Index. 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. 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