Stephen Schwarzman has many flaws. But his competitive streak is balanced by surprising humbleness
growing up in Philadelphia, Stephen Schwarzman had a part-time job selling handkerchiefs to old ladies at his father’s shop, Schwarzman’s Curtains and Linens. He hated it. His main consolation was imagining how the firm could expand across post-war America, like Sears. But his father was not interested. He was happy with a house, two cars and some money. He was no entrepreneur.
Contrary to its barbarian image, the world of finance is not culture-free. Yes, employees at Lehman Brothers, where Mr Schwarzman once worked, famously had a reputation for not stabbing people in the back—but walking right up and stabbing them in the front. And Blackstone is sometimes similarly portrayed as a dealmaking war machine, with Mr Schwarzman as the merciless field-marshal; not for him hard-to-measure pieties about the purpose of business.
Start with ambition. Blackstone is steeped in unabashed elitism. Mr Schwarzman makes no bones about his own desire to be bigger than the rest. After he co-founded Blackstone with $400,000 in 1985, he set out to raise more money from investors than any upstart fund before it. Now it has $545bn under management—this year it has raised the world’s biggest-ever private-equity and property funds.
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