As Blackstone CEO, Stephen Schwarzman is one of the biggest names in investing, and he’s one of its biggest investors.
As part of the Blackstone Global Equity Series, he invested $2.5 million in Blackstone Capital in February, and has given another $500,000 in the company’s latest fund, Blackstone Blackstone, in June.
In September, Schwarzman and his wife, Lola, bought a condo in the upscale New York neighborhood of Chelsea, a few blocks from where the company was founded in 1876.
They are also among the investors who have pledged a combined $1 billion to the Black, White, and Blue Initiative, a nonprofit that seeks to create and expand opportunity in underserved communities, such as the Harlem community, according to its website.
“The Blackstone investment in Black-owned companies, in our view, is a positive contribution to the broader Black-white equity dialogue and will serve as a model for others in the industry,” the couple said in a statement at the time.
Schwarzman has been a big supporter of Blackstone’s philanthropy, including in recent years when he and his family invested in a $1.5 billion investment in the Newark-based startup that is now a $4.5bn business.
Blackstone Blackrock and Blackstone Investment Group are two of the three largest Blackstone holdings, according the company website, and together have $3.2 trillion in assets.
One of Schwarzman’s biggest investments, in 2011, was in a publicly traded company called Cogent Communications.
The company, which had a $10 billion valuation at the start of the year, was sold in 2015.
The company, a subsidiary of the global telecom giant Ericsson, had previously invested in hedge funds and other private companies.
This time, Schwarzerman’s investment will go toward a new company called Blackstone Asset Management, which has been in development for years.
According to Blackstone spokesman Dan Ozzi, Schwarzer is “a passionate supporter of philanthropy and is committed to helping people achieve their full potential through a broad range of investment opportunities.”
“He is the proud owner of Blackrock shares and Blackrock, a wholly owned subsidiary, will benefit from Blackstone investments,” he said.
Read more about Blackstone: “Blackstone Capital is an innovative new asset management and technology company that will be focused on building a sustainable future for Blackstone.
Blackstone is building a business model to generate value, which means creating value for Blackstones investors and employees,” Schwarzman said in an announcement.
On Wednesday, Schwarzbys daughter, Lauren, will serve on the board of the investment fund.
Last week, the Blackstones announced it would be giving $3 billion to Blackrock over five years, in part, to help expand its work in communities.
A Blackstone spokesperson told CNN that Schwarzman “is one of Black’s most powerful investors, and we look forward to his continued leadership and investment.”
The investment is not the first time Schwarzman has given to Black, and Black, a company founded in the United States by black slave-owner George Washington.
It was not clear when Schwarzman would give to the fund.
In February, Schwarzos sister, Lora, was one of six investors who pledged to invest $500 million in a Blackstone fund.
The other investors in that pledge included a hedge fund manager and an investor in Blackwater.
Consequently, Schwarzeners family has been among the most vocal supporters of the fund, and they have been in the forefront of some of Black, Trump’s most high-profile political statements.
At a Trump rally in February in Cleveland, he repeatedly praised Blackstone and said Blackstone was “going to save us.”
“Black is going to save the country,” he shouted.
“Black is coming to save our country.”
“I love the Black Stone, but you know what?
We have to do this together,” Trump said.
“And I will tell you, Black Stone is a big part of that.
It’s going to change the way people think about investing.”