Blackstone co-founder Peter Peterson was the former chairman and CEO of Lehman Brothersįrom 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. and Shearson Lehman Brothers, collecting a $3.5 million fee. It advised on the 1987 merger of investment banks E. īlackstone was originally formed as a mergers and acquisitions advisory boutique. Altman, another Lehman veteran, left his position as a managing director of Lehman Brothers to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join the Clinton Administration as Deputy Treasury Secretary and later founded top advisory investment bank Evercore Partners in 1995. There, Schwarzman served as head of global mergers and acquisitions business. The two founders had previously worked together at Lehman Brothers. : 45–56 The founders named their firm "Blackstone" using a cryptogram derived from their names: "Schwarz" is German for "black" "Peter", "Petros" or "Petra" (Πέτρος and πετρα, the masculine and feminine rendering of the word, respectively), means "stone" or "rock" in Greek. Schwarzman with $400,000 in seed capital. ( leveraged buyout and the venture capital bubble)īlackstone was founded in 1985 by Peter G. Schwarzman, who had previously worked together at Lehman Brothers. īlackstone was founded in 1985 as a mergers and acquisitions firm by Peter G. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. 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. is an American alternative investment management company based in New York City.
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