1985, when Schwarczman left Lehman Brothers to establish Blackstone Group, he had only $400,000 in assets, two partners, two assistants and his partner peter peterson.

Because Blackstone was still a nobody on Wall Street at that time, it was rejected a lot in the process of financing. But they were still blessed by the goddess of luck, and the turning point of things appeared in Prudential, an American insurance and securities giant. Moved by Schwarczman's frankness and ambition, they decided to try to invest $654.38 billion, which made the latecomers see the potential of Blackstone. Later, General Electric President Jack Welch joined in. The first fund of Blackstone Group attracted 32 investors, including pension funds of MetLife, General Electric, Nikko Securities of Japan and several other large enterprises.

Today, 22 years later, Blackstone Group has 52 partners and 750 employees. Its business scope spans private equity funds, commercial banks, real estate, special funds and corporate debt management, and it is the fastest growing financial kingdom on Wall Street. In 2006 alone, Blackstone Group raised US$ 654.38+056 billion, becoming the largest acquisition fund in the world. At present, the capital of Blackstone Group is as high as $654.38+025 billion, making it the uncrowned king of Wall Street. Schwarczman, 60, stands out on Wall Street because of the brilliant corporate performance of Blackstone Group. His personal wealth is estimated to have exceeded $3 billion, and he controls the hottest company on Wall Street.

Unusual Monday meeting

Blackstone Group holds a regular meeting every Monday to solve all the thorny problems of the company, and the meeting is presided over by Schwarczman. The meeting usually starts from 8: 30 am to discuss private equity funds, and then moves to Blackstone Group's emerging business-real estate at 10: 30 am, followed by hedge funds. Wait until 2: 30 pm, and hold a debt management meeting in another conference room until 4 pm. All investment transactions of Blackstone Group will be discussed at the meeting, and participants must have sufficient knowledge of the detailed background of any project.

Schwarczman often said: "In Blackstone Group, employees in different departments will share their knowledge and experience, which enables employees in the whole company to learn more knowledge and skills. This is not an elective course, but a core course. " Blackstone hopes that its well-known spirit of sharing can play a protective role in the market turmoil.

Unique vision

Schwarczman's unique vision and timing are unparalleled on Wall Street. For example, Blackstone Group acquired Celanese Chemical Company from German private capital in 2004. This asset was not hot, and it was immediately pushed to the US market. At that time, the new economy represented by the Internet was sluggish, and traditional industries began to be favored in the stock market. In less than half a year, Blackstone Group has received $3 billion in cash income between its hands, and also holds a large number of shares. For such a good deal, Schwarczman's tactics can be seen.

Due to a series of dazzling transactions and record-breaking mergers and acquisitions, steve schwarzman is known as the "spiritual godfather" of Blackstone Group. Recently, he was praised as "the new generation leader of Wall Street" by the latest issue of Fortune magazine.