Co-founder of Private Equity Firm Blackstone Peter Peterson Dies at 91

Co-founder of Private Equity Firm Blackstone Peter Peterson Dies at 91

Peter George Peterson, co-founder of one of the world’s largest private equity firm Blackstone Group, has died at the age of 91.  He and Stephen Schwarzman had left Lehman and founded Blackstone in 1985 with only 4 staffs, including themselves.  Today, Blackstone is one of the world’s largest investment manager, in private equity, real estate, hedge funds and credit with more than $434 billion AUM.  The investment manager employs almost 2,300 employees in 25 offices worldwide.  At founding, both contributed $200,000 for a total capital of $400,000, with Peter G. Peterson becoming the Chairman at age 59 and Stephen Schwarzman became the CEO at age 38.

” Co-founder of Private Equity Firm Blackstone Peter Peterson Dies at 91 “

Peter G. Peterson had served as the U.S. Commerce secretary under President Richard Nixon in 1971 at the age of 37.  In 1973, he joined Lehman as Vice-Chairman and within 2 months, became the Chairman & CEO.  He quickly restructured losses from the bond-trading business and in 1977, merged Lehman with Kuhn, Loeb & Co., a New York investment bank.  In 1984, Lehman was sold to Shearson/American Express Inc. for about $375 million, where he received a sum due a contractual agreement in the event Lehman was sold.

In 2007, 22 years after the founding of Blackstone, Blackstone went public giving him almost $1.85 billion after listing.  He retired at the end of 2008, and invested his time and money on the Peter G. Peterson Foundation.

He was born in 1926, in Kearney, Nebraska in the United States.  His father was born in Greece, went to United States in 1923 at the age of 17.  He has 2 siblings, and one died at the age of 1.  In 1944, in his freshmen at Massachusetts Institute of Technology, he was expelled for plagiarism after consulting a term paper written by a friend of a friend.  Thereafter, he went to Northwestern University and graduated summa cum laude in 1947.  In 1951, he received his master’s degree at the University of Chicago’s Graduate School of Business.  He was also the Chairman of the Federal Reserve Bank of New York from 2000 to 2004.  Peter G. Peterson was divorced twice, and his third marriage was to Joan Ganz Cooney, the co-founder of Sesame Street and Children’s Television Workshop.

Sources: Bloomberg, NY Times

 

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About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $385 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

Visit: www.blackstone.com

 


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China Sovereign Wealth Fund CIC Sells Stake in Private Equity Group Blackstone

China Sovereign Wealth Fund CIC Sells Stake in Private Equity Group Blackstone

China’s Sovereign Wealth Fund, China Investment Corporation (CIC) had sold its shares in Blackstone Group, the world’s top 10 largest private equity group.  CIC had took a $3 billion (9% stake) in the US private equity group before it went publicly listed in 2007.

” China CIC Exits Blackstone Private Equity Group “

China Investment Corporation (CIC) was founded in 2007 with a capital of $200 billion. The sovereign wealth fund was established to diversify China’s foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance.  It is the 2nd largest sovereign wealth fund and in 2017, is estimated to have more than $900 billion Assets under Management (AUM).  Norway’s Government Pension Fund is the largest sovereign wealth fund, with more than $1 trillion AUM.

Sources: SCMP, Bloomberg

 

Video:

 

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $385 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

Visit: www.blackstone.com

 

About China Investment Corporation

Headquartered in Beijing, China Investment Corporation (CIC) was founded on 29 September 2007 as a wholly state-owned company incorporated in accord with China’s Company Law, with registered capital of $200 billion. The company was established as a vehicle to diversify China’s foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance.

Visit: China Investment Corporation


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
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