Stephen Schwarzman built one of the world’s largest private-equity firms. Now, he’s reportedly focused on building one of the biggest philanthropic foundations.
The plans to grow Schwarzman’s philanthropy were obtained and reviewed by The Wall Street Journal. One document said the Stephen A. Schwarzman Foundation recently hired an executive director who will oversee “Mr. Schwarzman’s vision for anticipated philanthropic growth,” according to the WSJ report.
The foundation and Blackstone didn’t respond to Fortune’s request for comment.
Schwarzman began his career as a banker at Lehman Brothers in 1972 after earning his MBA from Harvard Business School. He quickly rose the ranks, becoming a managing director in 1978, later serving as chairman of the firm’s mergers and acquisitions committee before leaving to cofound Blackstone in 1985 with Pete Peterson.
They launched Blackstone with $400,000, and four decades later it’s become one of the largest asset management firms in the world with more than $1 trillion in assets under management including real estate, private credit, and infrastructure.
But far before that, Schwarzman said his philanthropic efforts were inspired by his father and grandfather.
“I remember being a young boy and watching my grandfather pack prosthetics, wheelchairs, clothes, books, and toys to send to children in Israel every month. When I asked him why, he explained that it was not only his obligation, but also his privilege to help others in need,” Schwarzman wrote in his Giving Pledge letter. “I also remember my father, a storeowner in Philadelphia, regularly extending credit to newly arrived immigrants.”
In recent years, Schwarzman has focused on his legacy. Instead of focusing solely on his and his firm’s accomplishments, he defines his legacy by what he’s currently working on and building for the future.
One major example was his $350 million donation to MIT in 2018 to launch the Schwarzman College of Computing.
