stephen schwarzman yacht

Yachts, parties and private islands: The indulgences of real estate’s richest

From floating mansions to private Drake performances, here's how the industry's 1 percent spend their millions

R e member the bad old days in New York? The 1970s had the city on the precipice of fiscal ruin, but a mouthy tax attorney named Steve Ross bet big on the metropolis that many landlords were ready to give up on.

R oss’ Related Companies was part of a class of modern-day real estate titans that would emerge from those ashes, but once you’ve transformed the skyline of a city often described as the capital of the world, what else is there to do? With a net worth of $4.5 billion and a place in real estate lore, Ross thought he’d buy himself a football team.

A decade after Ross spent more than $1 billion to acquire the Miami Dolphins, America has entered a new era of property titans. Real estate’s elite have always loved shiny toys and flashy parties. Now, some of the richest among them are turning the world into a playground for the ultra-wealthy.

Y ear of the yacht

I n the rich folks’ toy box, the superyacht is nothing new. What is new is an unprecedented surge of purchases. Some 887 of them were sold last year, almost double the number sold in 2020, leaving the wealthy to contend with a shortage and seemingly endless waiting lists.  

B ut before taking a look at the boats of the yachted gentry, let’s consider the yachtless among us — including Linda Macklowe, who lost hers in her divorce from 432 Park Avenue developer Harry Macklowe.  

W hen the former couple couldn’t agree on the value of their art collection, accrued over the course of their marriage, a judge decided it should be auctioned off. After the second round of bidding in May, it brought in a record $922.2 million.

Y ou can split money in half. You can’t split a boat. Long rides on the yacht, named “Unfurled,” were once a passion the Macklowes shared. “Unfurled“ now belongs to Harry.

W hile some go for the latest and greatest, luxury spec home developer Todd Michael Glaser’s tastes skew more vintage. Glaser and his 62-foot “Sea Tabby,” built in 1938, have been together for nearly 12 years. It still has all the original furniture, along with three state rooms and a full kitchen.

F lorida kingpin Jeffrey Soffer is willing to share his superyacht, “Madsummer” — for $1.6 million a week, according to a rental listing. NFL legend Tom Brady and his supermodel wife, Gisele Bundchen, were spotted on it last year.

A t that price, “Madsummer“ may be the superyacht to end all superyachts. It boasts a beach club, helipad, daycare center, spa and indoor and outdoor cinemas — a “floating mansion” in every sense of the word.

O stentatious bashes   and personal playgrounds  

B rady hasn’t just taken Soffer’s yacht for a spin — he’s next-door neighbors with the developer on Indian Creek, a 300-acre Miami island where other high-profile residents have included models Adriana Lima and Soffer’s ex-wife, Elle Macpherson, as well as Ivanka Trump and Jared Kushner.

O racle co-founder Larry Ellison is playing landlord to the people of Lanai, the Hawaiian island he bought 98 percent of in 2012 for $300 million.  

E llison moved to Lanai full-time during the pandemic, and he’s quickly turning it into a playground for other big-name billionaires such as Elon Musk and Tom Cruise, who fly or sail in, coming and going as they please.

E llison also owns Lanai’s grocery store, gas station, newspaper and the Four Seasons resort, which employs most of the island’s population.

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E xpensive boats and private islands are nice, but there’s nothing like a party. Anyone in the industry can tell you that real estate wealth shines most when the elites put on a night to remember.

N ew York retail magnate Jeff Sutton reportedly spent $25 million on his daughter’s wedding in Puglia, Italy, including $5 million on chartered jets to transport guests (Editor’s note: Sutton claims it was $12 million for the wedding and $1 million for air travel). When the big day came, the billionaire father of the bride made a grand entrance in a horse-drawn carriage.

F or his daughter’s bat mitzvah at the Rainbow Room in 2016, developer Ben Ashkenazy hired rapper Drake, who performed his then-hit song “Hotline Bling.”

T he old guard and the new

Cars aren’ t just a way to get from A to B. Glaser loves his antique cars, especially his old Ferrari and Land Rover, and he relishes early morning drives on the weekend.

B lackstone CEO Stephen Schwarzman, who said his father was always happy with just two cars, has a Porsche 911, an Audi A4, a Mini Cooper and a BMW 645 CI that goes from 0 to 60 in 5.6 seconds.  

T hese collections are impressive to most, but they’re modest compared to that of Southern California real estate tycoon and social media sensation Manny Khoshbin.

T he Khoshbin Company specializes in retail and office properties, although you wouldn’t know it from Khoshbin’s internet presence. The super car connoisseur’s YouTube channel is all automotive content, the thumbnails a gallery of his many expensive rides — s o many, in fact, that l ast year he bought a 70,000-square-foot p roperty to store them.  

T he “House of Khoshbin” is a palatious monstrosity of mirrored walls, Roman columns and gilded murals of cherubs on every floor. The garage is still unfinished, but it will house Khoshbin’s Bugattis, Porsches and the rest of his fleet.

I n an industry where showy displays of wealth are the norm, fleets of sports cars or superyachts make for a great flex. But some billionaires prefer not to showboat.  

W est Coast developer John Sobrato, who spends up to 18 weeks out of the year on his yacht, said he sees it not as a luxury asset but as an extension of his home.  

“ We’ve had the same boat now for 17 years, which is unheard of in the industry,” he told the Nob Hill Gazette in a 2019 interview.

L arry Silverstein’s elusive, 175-foot “Silver Shalis” tends to generate local headlines when it makes a rare appearance. It was spotted in Maine last summer, and it popped up in Fort Lauderdale in January.

T he “ Silver Shalis ” is an oasis of luxury, with a glass elevator, a swimming pool, a dining area and an art collection. Silverstein purchased it in 2010, reportedly for more than $30 million.  

A sked by TRD about the yacht’s price in a 2011 interview, Silverstein demurred.

“ That’s irrelevant,” he said.

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Yacht owners on st. barts track locations of crew to keep covid at bay.

As the rich and famous flocked to their yachts on St. Barts this holiday season, many of them did everything they could to prevent the spread of COVID-19 — including tracking the location of crewmembers to make sure they stayed onboard, On The Money has learned.

Yachts provide a fair amount of isolation and privacy for those who can afford it — but that’s only if everyone else on board is also committed to isolating and staying away from possible super-spreader events.

So, amid a surge in Omicron cases, the ultra-rich clamped down on crewmembers’ usual visits to shore. Captains told staff — including chefs, deckhands, and first mates — they had to stay on the boat and share their location on their cell phones, one source who was recently aboard a big boat told On the Money.

Some Russian oligarchs are said to have taken an even harsher position than their American counterparts, the yacht-goer told On the Money, and required crew members to wear ankle bracelets like criminals under house arrest.

But staying away from the posh St. Bart’s nightclubs proved too difficult for some crew members. To avoid surveillance, one trio of staffers left their phones on board when they went ashore in the middle of the night, a source told On The Money.

Their escape was only discovered when the owner of the yacht woke up hungry for a pastrami sandwich at 3 a.m. When he couldn’t find the chef, he asked the captain to find him. But the three crew members — including the chef — had left their phones on board to avoid being tracked ashore. When they found their way onboard after a night of partying, they were forced to quarantine — unpaid — for five days, this person adds.

Yachts have proven a favorite — albeit controversial — escape for the wealthy since lockdowns began in 2020.

At the outbreak of coronavirus in March 2020 billionaire David Geffen — famous for his nearly $600 million superyacht — sparked outrage when he posted an aerial shot of his boat and said he was isolating in the Grenadines.

“I’m hoping everybody is staying safe,” Geffen wrote from his 454-foot boat named Rising Sun.

While billionaires may have learned to be more subtle since then, their concern with avoiding COVID seems to have remained.

Blackstone Group billionaire Stephen Schwarzman, who is known for his lavish birthday bashes, resumed hosting parties in 2021 — albeit with safety measures in place, On The Money has learned.

In November, prior to the Omicron outbreak, Schwarzman invited pals to a soiree in St. Barts. But he didn’t trust the island’s already stringent testing protocol, a source familiar with the matter told On the Money. He flew out a team of his doctors to separately test all the patients.

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Why Goldman Sachs Seized a Yacht -- WSJ

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (August 11, 2017).

Goldman Sachs Group Inc. owns hundreds of billions of dollars of stocks, bonds and commodities. Add to its portfolio: a 217-foot luxury yacht called Natita.

The story behind the boat begins with a 2014 loan to a prized Goldman client, billionaire Texas oilman William Kallop. It ends with Goldman suing its own client and the U.S. Marshals last month swooping down on a West Palm Beach marina to impound the yacht -- which boasts a movie theater, Jacuzzi and helipad.

Goldman's nautical trophy is a strange but inevitable outcome of Wall Street's latest gold rush: lending to wealthy clients, the loans backed by everything from Warhols to wine.

These loans, which are growing quickly at firms such as Goldman, Morgan Stanley and UBS Group AG, are an exotic spin on the most basic thing banks do: lending money to people. They have the added benefit of building loyalty among prized, ultrawealthy clientele.

Like any loans, though, they can go bad and leave banks holding assets that aren't easy to value or sell. Goldman will likely auction Natita, which already has been on the market for almost two years with no takers.

A Goldman spokesman declined to comment on the case. Mr. Kallop didn't respond to requests for comment. A lawyer for Mr. Kallop declined to comment.

"If you do it right, it's a great business and clients will absolutely love you for it," said Bruce Holley, a partner at the Boston Consulting Group who advises private banks on wealth-management strategy. "But there are a lot of ways to mess up."

Banks pushed wealth lending in recent years against a backdrop of increasing deposits and tepid demand for traditional loans. Goldman's private bank has quadrupled its overall lending balances since 2012 to $29 billion. Morgan Stanley wealth-loan balances are up 420% since 2012 to $74 billion.

The largest chunk of wealth loans are mortgages and loans backed by stock portfolios. A smaller but growing segment is secured by valuables such as classic cars, hedge-fund stakes, and even rare violins.

Wealth loans are especially profitable for banks because the revenue they generate is shared less generously with brokers than trading commissions and other fees.

Banks say these loans are safe because they already know the borrowers, their assets, and their ability to repay. And unlike, say, credit cards, these loans have collateral and often a personal guarantee as well. Goldman said in a February filing that the value of collateral in its wealth loans "generally exceed[s]" the loan amount.

Morgan Stanley and Deutsche Bank AG have lent against the art collection of hedge-fund billionaire Steven A. Cohen, who owns works by Andy Warhol and Pablo Picasso, according to Connecticut state filings. Top Blackstone Group LP executives including founder Stephen Schwarzman have borrowed from UBS against their stakes in the private-equity firms' funds, New York filings show.

Goldman lent to natural-gas wildcatter Aubrey McClendon against his wine collection, according to an Oklahoma filing. Executives joked the collateral was "particularly liquid." After Mr. McClendon's death in 2015, the collection -- heavy on rare Bordeaux -- was auctioned for $8.4 million. Goldman made its money back.

Although not as well-known as those borrowers, Mr. Kallop was the kind of client whom private banks court.

In the 1970s, he joined a family-owned marine-services company called McAllister Towing & Transportation. A legal dispute in 1993 resulted in a split of the company. The tugboat and ferry operations stayed with the family. Mr. Kallop took the offshore oil business, which he built over the next two decades into a portfolio of drilling rights, rig operators and construction arms.

He sold the business for nearly $1 billion in 2009 to a consortium of Colombian and Korean investors. Mr. Kallop then dabbled in investing, taking a 7% stake in energy company Quicksilver Resources and buying a 300-year-old liquor distillery in Peru.

He spent lavishly, acquiring three Gulfstream jets and at least eight residences, including a Peruvian mansion, two homes in the Dominican Republic and a working cattle ranch in Texas, according to property record, lawsuits and people who have worked for him.

And he bought yachts -- at least seven of them over the past eight years.

In addition to Natita, which he bought in 2010 and named for his mother-in-law, Mr. Kallop's fleet includes Bad Girl, moored in the Dominican Republic, and Honey Fitz, a 93-footer used by President John F. Kennedy that he bought at Sotheby's Camelot auction in 1998 and restored.

Another yacht, La Diva, which was once owned by Ivana Trump, was destroyed in a fire.

A few years ago, Goldman came calling. The Wall Street firm's private bank manages some $450 billion in assets for 11,500 ultrarich clients, and was developed in the 1980s to help business owners like Mr. Kallop manage their windfall after a sale.

Mr. Kallop became a client. In 2014, he borrowed $21.2 million from the bank to buy a 12,000-square-foot Tahitian-inspired oceanfront mansion just down the beach from Mar-a-Lago, President Donald Trump's private club in Palm Beach, Fla., county records show.

In 2014, Mr. Kallop borrowed $32 million from Goldman against the Natita and Bad Girl, court records show. The loan, the maritime equivalent of a home-equity loan, carried an interest rate of three percentage points above the London interbank offered rate.

But then Mr. Kallop hit money troubles, according to former employees and acquaintances. He put off upgrades to the boats, which were showing signs of wear -- bad enough for a March 2016 charter group to walk off Natita in Nassau, a former crew member said.

Goldman ordered periodic valuations of the yacht after making the loan, according to the crew member.

Mr. Kallop laid off crew members and put Natita up for sale in 2015 for EUR59.5 million ($67 million at that time), then dropped the price to $57.5 million last year, according to court documents. He sold a second Palm Beach house in April 2015 for $19 million. Goldman alleges he stopped paying back on the loan last November.

Three crew members, including the captain, were recently awarded roughly $90,000 in back pay by a Florida court. A Texas judge last month awarded his former bodyguard more than $500,000 for unpaid services. Mr. Kallop also owes the Florida marina where Natita is docked hundreds of thousands of dollars in fees, employees said.

Eventually, Goldman filed suit in a Miami federal court to seize the boat in a maritime version of a foreclosure. Acting on a judge's orders, U.S. Marshals impounded Natita at a West Palm Beach marina, where it remains.

Goldman's first move as owner-in-waiting: buying $67,000 worth of fuel to keep the yacht's generator running, according to court filings.

Today, the yacht is listed for $39.9 million, according to broker Worth Avenue Yachts. The outstanding balance of the loan owed to Goldman is roughly $28 million.

Write to Liz Hoffman at [email protected]

(END) Dow Jones Newswires

August 11, 2017 02:47 ET (06:47 GMT)

20 Things You Didn’t Know about Stephen Schwarzman

As the founding CEO and chair of the Blackstone Group (the world’s largest buyout firm), Stephen Schwarzman ranks as one of the world’s richest and most controversial figures. His mammoth salary and extravagant lifestyle have led some to name and shame him as the poster boy for financial excess. Others, meanwhile, stand in admiration of his financial acumen, political influence, and philanthropic endeavors. Whatever your opinion on Schwarzman, he’s not easily dismissed. To find out more, keep reading.

1. He was in the same society as George W. Bush

Schwarzman was born and raised in a Jewish family in Huntington Valley, Pennsylvania. His parents, Arline and Joseph Schwarzman, owned Schwarzman’s, a dry-goods store. After graduating from Abington Senior High School in 1965, Schwarzman attended Yale University. While a student, Schwarzman was a member of the same Skull and Bones secret society as George W. Bush . Despite its “secret” status, the society has become something of an institution, thanks largely to its influential alumni and the various conspiracy theories and folklore that surrounds it. After graduating from Yale in 1969, Schwarzman served a brief stint in the army before completing his MBA at Harvard Business School.

2. He was a managing director at 31

After completing his MBA at Harvard Business School, Schwarzman landed a position at the investment bank, Lehman Brothers. His rise up the ranks was rapid; by the time he was just 31 years old, Schwarzman had reached the position of Managing Director. From there, he progressed to the head of global mergers and acquisitions. While at Lehman’s, Schwarzman worked under Chairman and CEO of the group, Peter George Peterson. In 1985, the two decided to join forces and start their own business. The result was the global private equity firm, The Blackstone Group.

3. Blackstone is named after him

Hear “Blackstone” and it’s unlikely you’ll spot the connection between the name of the multi-billion-dollar company and the name of its multi- billion-dollar owner. Well, it is if you don’t understand a least a smattering of German, Yiddish and Greek. If you do (and if you understand a little of the company’s history), you’ll know the name is actually a combination of its two founder’s names. “Schwarz” is German and Yiddish for black, while “Peter” (as in, Pete Peterson, co-founder of the company) is Greek for stone. Put the two words together and what do you get? Exactly.

4. He grew Blackstone into the world’s biggest buyout firm

Blackstone started out as a relatively small concern, dealing primarily in mergers and acquisitions. Under Schwarzman’s leadership, it quickly grew into the largest buyout firm in the world, with $439 billion in assets. When the company proposed to go public in 2007, Schwarzman was forced to revel the extent of his earnings: the subsequent security filings showed that in 2006, Schwarzman had taken home the incredible sum of $398m. After the stock market flotation of Blackstone, Schwarzman bagged a further $684 million for the sale of his shares, leaving him with a $9.1 billion stake.

5. He became a poster boy for excess

When Schwarzman’s earnings were revealed in 2007, critics were quick to attack what they considered his history of financial excess. Richard Ferlauto, director of investment policy at the American Federation of State, County and Municipal Employee, called into question the favorable tax breaks that had allowed the Blackstone CEO to accrue his wealth, and worried the CEO was setting a precedent in huge bonuses and incentives that would damage other businesses. “How much incentive does he need, given his direct ownership of the company, to get him to produce more for his limited partners?” he asked.

6. He led the biggest leveraged buyout in history

In 2007, Schwarzman led the biggest leveraged buyout in history when Blackstone acquired Equity Office Partners in a $34 billion deal. The acquisition saw Blackstone take control of the company’s 540 office building; its portfolio grew yet further when it acquired the Hilton Hotel chain just a short time later.

7. He founded the Schwarzman Scholars

In 2013, Schwarzman provided the full financial backing needed to launch Schwarzman Scholars, an international scholarship program at Tsinghua University in Beijing that aims to educate future global leaders about China. The program, which launched to the tune of $575 million, is modeled on the Rhodes Scholarship, and, a ccording to Blackstone is the largest philanthropic effort in China’s history to have come from international financiers.

8. He helped fund the MIT Schwarzman College of Computing

In 2018, Schwarzman proved his philanthropic credentials once again when he donated a hefty $350 million sum to help found the MIT Schwarzman College of Computing. The college serves as a vibrant, interdisciplinary hub committed to addressing the global opportunities and challenges presented by the ever-increasing prevalence of computing and the dawning of a new age of AI. With a total of $1 billion committed to its development, the college represents the largest investment in AI and computing by any academic institution in the world.

9. He’s donated to multiple educational causes

In addition to his contribution to the MIT Schwarzman College of Computing, Schwarzman has invested heavily in various other educational causes. His list of donations would be too extensive to roll- off in full, but some key highlights include his gift of £150 million to Yale University to establish the Schwarzman Center; his $5 million contribution to Harvard Business School to support research into the consequences of AI on industries and business; a $40 million donation to the Inner-City Scholarship Fund; and a $100 million prize to the New York Public Library.

10.He serves on multiple boards

Schwarzman’s work ethic takes him beyond the scope of normal human endurance: in addition to his activities with Blackstone, he serves on the board of more organizations, corporations, trusts and charities than you would have thought possible. A rundown of all his involvements would take an age to read and even longer to write – to name just a select few, then, we have the Council on Foreign Relations, The Business Council, The Business Roundtable, and The International Business Council of the World Economic Forum.

11. He’s one of TIME’s most influential people

In the early years of the millennium, TIME confirmed what we’d all suspected for some time: Stephen Schwarzman is seriously influential. After his naming as one of the magazine’s “100 Most Influential People” in 2007, Schwarzman had to wait a few years before his prowess was recognized for a 2nd time; this time around, it was Forbes that did the recognizing, given him poll position on their 2017 list of the most influential people in finance. In 2018, he polled again, this time in the Top 50 of Forbes’ list of the “World’s Most Powerful People”.

12. He’s been awarded the Légion d’Honneur

In recognition of his vast and varied contributions to business and philanthropy, Schwarzman has achieved what precious few American’s have: the dual honor of being awarded both the Légion d’Honneur and the Ordre des Arts et des Letters at the Commandeur level. Both awards are presented only to those individuals who have significantly contributed to the French nation, making their award to a non-French citizen a vary rare and prized occurrence.

13. He’s a recipient of the Order of the Aztec Eagle

As well as receiving the two highest honors bestowed on individuals by the French government, Schwarzman has also been privileged with Mexico’s highest honor for foreigners, the Order of the Aztec Eagle. The award was created in 1933 by then president Abelardo L. Rodríguez to recognize the services given to Mexico or humankind by foreigners. In addition to Schwarzman, other notable beneficiaries of the award include Walt Disney, Bono, Nelson Mandela and Dwight D. Eisenhower.

14. He’s been married twice

Schwarzman has been married twice: his first marriage in 1971 was to Ellen Philips, a trustee of Northwestern University and the Mount Sinai Medical Center. After two children (one of whom is the film producer and founder of Black Bear Pictures, Teddy Schwarzman) and 19 years, the couple called it a day in 1990. Five years after his divorce was finalized, Schwarzman married again, this time to intellectual property lawyer, Christine Hearst. While the couple have no children together, Hearst has one child from a previous marriage. According to the Guardian , the couple currently reside in a 20,000 square foot, two-floor Park Avenue apartment boasting 35 rooms, his-and-hers saunas, a pine-paneled library and 13 bathrooms.

15. His Net Worth is $15.1 Billion

Schwarzman’s business activities haven’t been in vain- despite giving millions of dollars away to charitable causes, Schwarzman still ranks as one of the world’s richest men. According to Forbes’ latest figures, the CEO and Chair of Blackstone is today worth a staggering $15.1 Billion. His enormous wealth has seen him rank #100 on Forbes Billionaires 2019, #34 on Forbes 400 2018, and #42 on Forbes Powerful People 2018.

16. He’s a killer (figuratively speaking)

When it comes to business, Schwarzman takes no prisoners. The deeply competitive CEO has no time to waste when it comes to the financial market: if you’re up against him, don’t expect any courtesy. “I want war, not a series of skirmishes,” he’s been quoted as saying. “I always think about what will kill off the other bidder.” Consider yourself warned.

17. He’s friends with Trump

Schwarzman, an out- and- proud Republican, is a long- time friend and supporter of President Trump. During Trump’s race for candidacy, Schwarzman came out to favor the real estate mogul over his revival, Ted Cruz, telling CNBC America needed a “cohesive, healing presidency, not one that’s lurching either to the right or to the left.” Schwarzman has a long history with the Republican party: as well as raising at least $100,000 as a Bush Pioneer, he briefly served as chair of President Trump’s short-lived Strategic and Policy Forum, a group of cooperate executives including CEO of JPMorgan Chase, Jamie Dimon , Walt Disney head Bob Iger and former General Electric leader Jack Welch that served to advice Trump on employment matters and the economy.

18. He’s defended his support of Trump

Schwarzman’s career has involved more than the occasional controversy, so he was well equipped to deal with the criticism he faced after coming out in support of President Trump. In a letter to the students of the Schwarzman Scholars, Schwarzman defended his position with the comment “having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice”.

19. He wasn’t a fan of Obama’s presidency

It’s no secret Schwarzman is a Republican, but no one was expecting quite the vitriol the CEO directed at President Obama during the democrat’s term in office. During an address to the board members of a non-profit in 2010, Schwarzman let loose his feelings about the Obama’s administration’s increased taxation of private equity firms. “It’s a war,” Schwarzman ranted . “It’s like when Hitler invaded Poland in 1939.” The attendees were understandably a little bemused. “War? Hitler? Poland? A little over the top for a proposal to make hedge-fund managers pay their fair share in taxes,” one attendee commented. In the end, Schwarzman was forced to apologize for the contentious analogy.

20. He loves a party

Schwarzman, as we know already, has a big income… and he has absolutely no hesitation in spending that income any damn way he pleases. Despite being called out for his extravagant lifestyle, Schwarzman is clearly not one to let the haters get in the way of his enjoyment of the finer thing in life, certainly not when it comes to throwing a party, in any case. Some of his most fabulous shindigs have included a Christmas event based around a 007 theme (complete with Bond Girl waitresses), and a birthday celebration that saw his Park Avenue apartment recreated down to the very last detail at a regimental armory on Manhattan’s upper east side. On the guest list that night were dignitaries such as Colin Powell, Donald Trump and mayor Michael Bloomberg, as well as celebrities such as Patti LaBelle and Rod Stewart , both of whom treated their host to private performances.

Garrett by trade is a personal finance freelance writer and journalist. With over 10 years experience he's covered businesses, CEOs, and investments. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world.

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Blackstone-Chef Schwarzman: „Europa ist für uns der beste Markt der Welt“

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Stephen a. schwarzman, chairman and ceo of the blackstone group.

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Stephen Schwarzman was born in Philadelphia and grew up in nearby Abington, Pennsylvania, where he attended public schools. From an early age, he worked alongside his father in his grandfather’s drapery and linen business. In high school, he ran track and was elected president of his student body. He studied social sciences at Yale University: psychology, sociology and anthropology, but not economics. As graduation approached, he was still uncertain what he wanted to do for a career. During a homecoming weekend, he met Yale alumnus Bill Donaldson, and after graduating in 1969, he joined Donaldson’s investment banking firm, Donaldson, Lufkin & Jenrette. In his six months with the firm, he developed a taste for corporate finance but became keenly aware that he needed more training before he could make a career in the field. After fulfilling his military service obligation in the Army Reserve, he entered Harvard Business School, graduating in 1972.

Schwarzman interviewed with a number of investment banking firms before deciding corporate finance was his true interest. He joined Lehman Brothers, where he developed a formidable expertise in mergers and acquisitions and made a favorable impression on the firm’s new chairman, former Commerce Secretary Peter G. Peterson. By the time of Lehman Brothers’ 1977 merger with Kuhn Loeb, Schwarzman was a rising star in the firm, and at age 31, he became the managing director of Lehman Brothers, Kuhn Loeb, Inc. In his last two years with Lehman, Schwarzman chaired the firm’s Mergers and Acquisitions Committee. Peterson was pushed out of the chairmanship in 1984, and Schwarzman managed the acquisition of Lehman Brothers by American Express. Not long after the merger was completed in 1985, he left the company to embark on a new venture with his former boss and mentor, Pete Peterson.

Schwarzman and Peterson proposed to build an investment firm of their own, The Blackstone Group. With two employees and only $400,000 of their own money, they set out to compete with industry giants Salomon Brothers, Goldman Sachs and Morgan Stanley. In the mid-’80s, there was widespread interest in leveraged buyouts, the buying of companies with borrowed money. Schwarzman wanted to start big and raised nearly a billion dollars for Blackstone’s first private equity fund. Private equity funds invest in privately held companies, those whose shares are not traded on the public stock exchanges. In this opportune moment, Blackstone prospered, as Schwarzman applied his expertise in a merger-friendly environment.

In 1991, in the depths of a recession in the real estate market, Schwarzman took the plunge into real estate. Again, he had chosen the perfect moment, acquiring highly lucrative properties at depressed prices. In the following years, Schwarzman and Blackstone invested in a wide variety of industries, including health care, high tech, and communications. At first, most of the group’s investments were concentrated in the United States, Britain, and Germany.

In 2004, Schwarzman picked up the German chemical company Celanese, when most investors were avoiding the chemical industry. He took Celanese public in the U.S. at a time when interest in chemical stocks was rising and reaped a windfall. In addition to its private equity operations, Blackstone manages hedge funds and provides restructuring advice to corporate clients. In the 1990s, these consulting and advisory services took Blackstone’s activities farther east, to Japan and India. The firm has assisted in some of the largest mergers ever transacted between Japanese and American companies and, since the late ’90s, has been a principal adviser to Sony on its foreign acquisitions. Under Schwarzman’s leadership, Blackstone has also led the bankruptcy restructuring of troubled businesses such as Enron and Global Crossing. In 2007, in the biggest leveraged buyout in history, Blackstone acquired Equity Office Partners for $34 billion, taking possession of 540 office buildings around the United States. The deal was quickly followed by the acquisition of the Hilton Hotel chain.

At the height of its success, Schwarzman made the unprecedented decision to take Blackstone public, a first for a private equity firm in the United States. For the preceding five years, Blackstone’s real estate and private equity funds had earned more than 30 percent a year for their participants, primarily institutional investors such as public and corporate retirement funds. Taking the firm public enabled ordinary individual investors to participate in Blackstone’s unparalleled earnings. In the largest initial public offering (IPO) in history, Blackstone entered the market at a value of over $40 billion. This innovative move set off a wave of IPOs by other private equity firms. At the time, Blackstone controlled nearly 50 companies, businesses ranging from orthopedic devices, Gold Toe socks, and Michael’s art supplies stores to Vlasic Pickles and Aunt Jemima pancake mix.  In 2008, Blackstone acquired GSO Capital Partners for an estimated $1 billion; GSO is now the credit investment arm of Blackstone.

At the end of 2007, it was estimated that Blackstone had access to credit of $125 billion to acquire new companies. Stephen Schwarzman’s management of Blackstone’s investments had made him a billionaire several times over. His personal shares in The Blackstone Group were valued at $7.7 billion, and he was earning well over a million dollars a day.

The following year, the collapse of the U.S. housing market brought about an unprecedented contraction of credit and the downfall of many of the country’s largest investment banks, including Schwarzman’s old firm, Lehman Brothers. Although Blackstone had anticipated the subprime mortgage meltdown, it was not invulnerable. The firm continued to post a profit in the first half of the year, but in the third quarter of 2008, it reported losses of over $500 million. As the company marked down the value of its holdings, its own stock price fell to a fraction of its former value. In the midst of this turmoil, Blackstone’s financial advisory business continued to show a profit, as troubled corporations, including insurance giant AIG, turned to Blackstone for counsel.

Schwarzman and his wife, intellectual property attorney Christine Hearst Schwarzman, maintain their principal residence in New York City. An enthusiastic supporter of the arts and culture, Stephen Schwarzman is a longtime director of such major cultural institutions as the New York Public Library and the New York City Ballet. From 2004 to 2010, he also served as Chairman of the John F. Kennedy Center for the Performing Arts in Washington, D.C. In 2008, he donated $100 million to the New York Public Library to finance the renovation of its main branch building on 42nd Street and Fifth Avenue. The 100-year-old Beaux Arts landmark has been renamed in his honor.

He has also been a generous benefactor of his alma mater, Yale University. In 2015, he made a gift to the university of $150 million to establish a new center for cultural programming and student life. This was the second-largest gift made to Yale in its 300-plus-year history. An even more ambitious project is the creation of Schwarzman College at Tsinghua University in Beijing, China. Every year, approximately 200 university graduates from the United States, China, and other countries are to be given the opportunity to earn graduate degrees in public policy, economics and business, or international studies. The one-year program, conducted in English, is intended to prepare a new generation of leaders for a world in which China is destined to play an increasingly large role. As the Rhodes Scholars of the 20th century played a major role in aligning the interests of the English-speaking nations, it is Stephen Schwarzman’s hope that the Schwarzman Scholars of the 21st century will build a network of relationships that foster peaceful cooperation among China, the United States and all the nations of the world.

Shortly after the 2016 election, President-elect Donald Trump named Stephen Schwarzman to chair a new business advisory council, the President’s Strategic and Policy Forum.  The forum met from February 2017 through the following August.

By 2022, Stephen Schwarzman had amassed a personal fortune of more than $36 billion. His income of $734.2 million from Blackstone in one year alone made him far and away the most successful executive in the private equity sector. Blackstone Group LP is the world’s largest alternative investment firm, managing $881 billion in private equity, real estate, and other assets.

In the autumn of 2018, the Blackstone Group acquired Clarus, a leading global life sciences investment firm.  With offices in Boston and San Francisco, Clarus has focused on funding growth-stage investments, often through research collaborations with major biopharmaceutical companies.  It is the first acquisition of Blackstone Life Sciences, a new private investment platform that focuses on funding research by major pharmaceutical companies and investing in new companies to help them grow past the venture capital stage of fundraising.  Blackstone Life Sciences aims to accelerate the development process for new drugs and health technology, shortening the timeline from creation to market.

At the same time, Stephen Schwarzman made a personal gift of $350 million to Massachusetts Institute of Technology, leading the $1 billion effort to create the Stephen A. Schwarzman College of Computing.  The college will create 50 new faculty positions and a host of graduate fellowships to educate “the bilinguals of the future,” scholars who will apply expertise in computer science and artificial intelligence to the disciplines of biology, chemistry, politics, history, and linguistics.

Schwarzman’s goals for the college include keeping the United States competitive in the global marketplace while preparing students to deploy artificial intelligence in ethically responsible ways. It is anticipated that Schwarzman College graduates will participate in the political process and in crafting public policy.  Stephen Schwarzman relates his passion for AI to his own experience practicing pattern recognition in markets and financial data. “The idea of building data sets and employing them,” he has said, “is one of our firm’s enduring competitive advantages, from day one of our strategic plan.”

Stephen Schwarzman’s philanthropy continues to reach beyond the borders of his own country.  In 2019, he donated $188.75 million to the University of Oxford, the largest gift in the 800-year history of Britain’s oldest university. The Schwarzman Centre, will house Oxford’s new Institute for Ethics in AI. Schwarzman’s gift is intended to facilitate the integration of the humanities, particularly philosophy, with the exploding field of artificial intelligence.

In March 2023, Stephen Schwarzman was featured on Forbes ‘ “World’s Billionaires” list with an estimated net worth of $27.8 billion.

In July 2023, Blackstone made financial history by becoming the first company in its sector to reach a staggering $1 trillion in assets under management. Achieving this milestone ahead of their 2026 target set in 2018, the firm credits their success to a strategic shift towards lower-risk, lower-return strategies such as insurance, infrastructure, credit, and certain real estate ventures. The firm’s assets rose from $991.3 billion to $1 trillion in Q2 2023, with inflows of $30.1 billion pushing them past the threshold. This significant achievement was not without its challenges; while net income rose to $601.3 million, distributable earnings fell due to a less favorable environment for asset sales and IPOs. Despite its success, Blackstone remains focused on growth, living up to Schwarzman’s mantra to “go big” and commit to ventures with “almost limitless possibilities.”

In 2015, Steve Schwarzman’s encounter with Jack Ma catalyzed his interest in AI, leading to over $500 million in donations towards AI education and research. Significant contributions include establishing the Schwarzman College of Computing at MIT, officially opening at the end of April 2024, and the Schwarzman Centre for the Humanities at Oxford University, focusing on AI’s ethical implications. Beyond philanthropy, Schwarzman has advocated for AI in policy and integrated it within Blackstone’s operations. His efforts highlight a transition from traditional finance to championing AI, aiming to ensure the U.S. remains at the forefront of technological innovation and ethical considerations in AI.

At age 31, Stephen Schwarzman was managing director of Lehman Brothers, one of Wall Street’s leading investment banking firms, but after merging Lehman with American Express, he chose to strike out on his own. With one partner, two employees and less than half a million in start-up cash, he set out to compete with Wall Street’s reigning giants.

From these unpromising beginnings, Schwarzman built America’s leading private equity firm, The Blackstone Group, and made brilliant strategic investments in almost every sector of the economy. After completing the largest leveraged buyout in history to acquire some of America’s most profitable real estate, he took his firm public in the biggest initial public offering recorded to date, giving ordinary investors a chance to participate in Blackstone’s unprecedented success.

Schwarzman’s investments made him a very rich man, but they also made the American economy more efficient and productive, rescuing troubled companies from insolvency and building small companies into big ones. Although Blackstone and its holdings declined along with the rest of the economy in the global credit crisis of 2008, the firm and its chairman remain major figures in the world financial scene. In addition to his achievements in finance, Stephen Schwarzman is one of his country’s leading patrons of the arts and culture; in recognition of his generosity, the main branch of the New York City Public Library now bears his name.

(The Academy of Achievement interviewed Stephen Schwarzman in Washington, D.C. on  June 20, 1999, and again, in New York City, on February 20, 2018.  Transcripts of both interviews are combined here.)

You’ve said that when you were a student, you imagined yourself as being like a telephone switchboard. What did you mean by that?

Stephen Schwarzman: They’re now obsolete, but in the olden days, what a telephone switchboard would do is take in incoming calls, sort of whip them around, and then connect you with some other place that you were trying to reach.  And that’s sort of the way I saw myself.   You know, I’m not much of a self-starter — in other words, sitting in a room thinking great thoughts.  But if I can see things that are happening, if I can feel what’s going on, then I can do something with them, and I make them go some other place, create something, do something with it.  So I need those inputs.  I’ve got the processor, and then something magic happens coming out.  So that’s what I thought was my basic purpose or skill or whatever.

What are the inputs that you take in now for your very special processor?

Stephen Schwarzman: Now it’s amazing because there are so many inputs through my work life. I get to hear about what’s going on in every part of the world, with every asset class, with different kinds of companies, real estate. I can get a unique overview every week of what’s happening, and that’s also got a political overlay to it. So then, of course, we are now in an Internet world where there are all these other inputs, and television is no longer three network channels. It became four, and now there are hundreds of inputs and more publications.

How do you pick what to pay attention to? How do you sort through all that data?

Stephen Schwarzman: We set up a system that’s terrific here, where, every Monday, each one of our big areas — private equity, where we probably employ about 500,000 people, one of the biggest in the United States; real estate, where we’re the largest owner of real estate in the world and, you know, sort of our capital extension in the debt business — each one of these areas reports and tells you everything that’s going on.  I don’t have to pick.  It picks itself.  And the people in that group describe what’s going on in the world.  I’ve only been doing this for over 30 years.  So you get these feeds from — it’s raw data, and this is before there was a fixation on data.  We get it all the time.  What works for me is the way my mind, I realize now, works is I look for changes — not what’s going on; anybody can see what’s going on — that what I’m most interested in are those little imperfections.  I call it a piece of white lint on a black dress.  Usually people just brush it off.  I keep looking at it.  What’s it doing there?  Why has that happened?  What does that mean?  Because what I’m looking for — I guess you’d call it some kind of an odd pattern recognition — is something that’s changed from the normal order.

Can you give us an example?

Stephen Schwarzman: We were looking at buying some real estate.  This is a business example, but there are examples from other areas.  We were looking at buying some condominiums in southern Spain in the 2006-2007 era, and we did some analysis and had a meeting.  And the team reported that they were building so many units in Spain that you could move most of Germany into Spain and there’d still be extra units.  And then somebody commented from our Indian office, which I didn’t even realize we had, that the same thing was happening in India and that raw land had gone up ten times in 18 months, which seemed like an impossible thing.  Then that weekend, I was in Florida, in my house there and reading the newspaper, and it said that real estate prices for houses were up 25 percent in one year, with like a one percent growth in population.  So you could see a global residential housing boom so strong that it was meant to collapse, which, of course, it did.  So we adjusted everything we were doing at the firm to not get caught in that mess.  I can go over in more depth exactly what we did.  It’s actually not that important except we changed our entire array of where we’d invest, where we wouldn’t invest, and when the subprime crisis happened, where the global financial crisis was triggered, we were positioned in a much different way than almost everybody.  And you could see it just with one or two pieces of information.  So that’s the way my mind sort of works.

What do you think is different about you or how your mind works?

Stephen Schwarzman: I just see connections of things that I think are sensible.  One of the differences — when I see something like that and I figure it out, I’ll do it.  Part of what I’ve discovered in life is most people don’t like changing what they do.  They’re quite happy the way they are.  Even if they grumble, that isn’t enough to make them change course.  So when I see things that are different than other people see them, they’re always fact-based.  They’re not my opinions.  I can explain what will happen, and why, and hardly anybody cares.  In fact, they say, typically, “That’s interesting,” and then they go back to what they’re doing.   I don’t understand why it doesn’t change their behavior.  But it certainly changes mine.  Because I’m now in a position at my own business, Blackstone, and in other things that I do, where, when I see something that I think is worthy of a real course correction — which involves starting new things, doing new things — I go and do it.  I don’t hesitate.

Where does that confidence come from, that you don’t have that fear of risk or failure?

Stephen Schwarzman: It’s not risk. I hate risk. I don’t take risks. Risk is when you’re uncertain about an outcome but you go there anyhow.

But how can you be so certain when you’re doing things that no one else has done before?

Stephen Schwarzman: Because they’re all logical, and I can explain why they would work. I don’t find anyone who says, “I don’t think it will work.” They just don’t want to do it. The way I think is, whenever I see one of those opportunities, that’s the least risky thing in the world. First, you have no competition. That’s one of the things that makes it very easy to go there. And you know why you’re going. It’s no different than playing basketball, and everybody’s guarding everybody, and all of a sudden somebody guarding you falls down, and you’re ten feet away from the basket. It’s a completely open shot. You take it. You don’t think about it.

You’ve put together deals in ways that nobody else has done before. Can you take us through a specific instance, from the germ of an idea to the actual execution?

Stephen Schwarzman: We bought a company in 2007 with a funny name.  It was just acronyms, EOP.  It was the largest office company — office buildings — in the world.  Nothing close.  It was worth about $40 billion.  And it was near the top of the real estate cycle.  We thought it would be interesting to buy for a number of reasons.  But the price of the deal started getting higher.  It became competitive.  So we did some interesting tactical things to make sure we won.  But I was so scared that we were winning — because we could have taken $500 million, I believe, to just go away and let somebody else win.  That just made me — I couldn’t sleep at night because it was right on the margin.  So we decided to sell half of what we bought because, if you have a huge group of buildings, you can sell them as one or two buildings.  You can sell them by city.  You can sell them by area.  So what we did is we bought at one price — which was around 5.7 percent yield — and we sold them.  We thought we could sell them at four-and-a-half. Roughly what that does is it increases the yield on the stuff you have left, so it’s safer.  So we decided to do that.  And I said, “I don’t want to take one minute of risk.  This deal is so risky.  So I want to simultaneously sell half the day we buy,” and the seller of the whole company didn’t want to do that.   And I said, you know — we said we’d walk.  We wouldn’t increase our bid to be the buyer.  And they said okay.  So imagine buying $40 billion of real estate one day and selling $20 billion of it the same day.  The most amount of real estate that was ever sold in history in a year was $10 billion.  So we were doing six times what anybody did in one day.  And I did that because I was scared because I hate risk.

What does it feel like when you’re making a deal and you know you might lose billions of dollars?

Stephen Schwarzman: I don’t want to lose one dollar!  You know, part of what makes people is their background.  I came from a background where to get spending money or do anything, I had to have jobs.  I cut lawns.  I shoveled snow.  And then I recruited my brothers to do it, and I kept half of the profits.  That lasted a few years before they realized they could do it all.  I always did things.  I sold lightbulbs door-to-door.  I sold stationery door-to-door in college so I could get a KLA stereo.  I did all kinds of things.  When you do stuff like that, you really never want to lose your money because then you just have to keep doing more.  That’s a huge effort to knock on somebody’s door you don’t know.  You don’t know what’s going to happen.  You only do it because you really want to be successful.  So I’m not a believer in going backwards.  It’s not something I endorse.  I only like to go forwards.  So I worry about making a mistake, any type of mistake.  Part of the culture at our firm —  it’s a little different than most — the first rule is don’t lose money.  I know this sounds primitive.  You don’t have to go to Harvard Business School for this.  But if you have a philosophy of trying never to lose rather than how much you make, you always end up making a bunch on interesting things.  But if you don’t have a downside, and you only have an upside, and you’re in a growing economy — which is where we operate — and you do it on leverage, you’ll make very, very high returns, and we have — so it’s a pretty simple model.

You’re well known for making huge amounts of money in these big deals that you’ve done. What’s the most you’ve ever lost in a day?

Stephen Schwarzman: In a day?  You don’t lose it in a day.  You lose it over a project.  We had one where we lost a billion dollars.  We’d bought a significant percentage of a telephone company in a European country, and we were partners with the government, who had the largest share. We had the second.  We had a whole transformation project to have that company do much better.  It used to be owned by the government.  We agreed on it completely, and we would have made a very good return.  Then there was an election, and the government basically said, “I’m sorry. I know I told you I wanted to do all these things with you, but I’m not doing it.” And this is a big country with famous people.  You go over, and you sat down with them, and you said, “But you told me!”  And they said, “Well, things changed.”  So we lost almost all of our money on that.

You’re at the pinnacle of success now, not just in business, but you have heads of state reaching out to you for advice. Is success all that you thought it would be?

Stephen Schwarzman: Yeah. In fact, it’s more because it’s optionality, and it’s fun. It’s not about financial return. It’s about the ability to create and do and help people and connect the dots, whether it’s in the business world, whether it’s in the philanthropic world, whether it’s in the political world. You just have enormous access and the ability to address issues in a really positive way. So, gee, my life’s never been more exciting. It’s wonderful.

• 22 photos

Stephen A. Schwarzman, the king of private equity

By Noah Miller

Published on April 17, 2015

The business magnate Stephen Allen Schwarzman was born on the 14h of February 1947 in Huntingdon Valley located in the suburbs of Philadelphia as the son of Joseph and Arline Schwarzman. He was raised in a family following the Jewish tradition and his father owned a dry-goods store. Talking about his parents in an interview he said “My father was very bright. My mother had enormous drive. Put that together and that’s my gene pool.”

Stephen went to Abington School District and graduated from Abington Senior High School in 1965 after which he entered Yale University, taking part in the Skull and Bones society where George W. Bush was also a member and was a year behind him in studies. After graduating in 1969 he continued his studies at Harvard Business School and received his degree in 1972.

He married Ellen Philips in 1971 and had two children together, Elizabeth and Edward Frank, but the union didn’t last and they divorced in 1990. in 1995 he remarries with Christine Hearst Schwarzman, an intellectual property lawyer who was recently divorced and had a child from the previous marriage.

His first job after finishing his studies was at the Lehman Brothers investment bank and he rose through the ranks to become managing director at the age of 31. After this he was the head of the global mergers and acquisitions team and in 1985 he and Peter G. Peterson, who was at the time the CEO of Lehman, founded the Blackstone Group. The balance sheet for the creation of the firm was of $400,000 and the company has $290 billion in assets at the moment, with $7.5 billion in revenue in 2014.

The original orientation of the Blackstone Group was on mergers and acquisitions but over the years it became the largest private-equity firm in the world. At the initial public offering in 2007 Blackstone sold shares at the peak of the buyout boom and securities filings revealed earnings of $398 million in 2006 alone for Schwarzman.

When he sold a part of his stake in the company in the IPO he received $684 million and still had a stake that was worth $9.1 billion, so he attracted the attention of publications such as Forbes or Time Magazine who listed him as one of the 100 Most Influential People In the World in 2007. He was also awarded the Legion d’Honneur of France the same year and promoted to Officier in 2010.

One of his first important charity works was in 2004 when he donated a new football stadium for his former high school in Abington. It was entitled the Stephen A. Schwarzman Stadium to honor the gift. On March 11, 2008 he contributed $100 million to expand the New York Public Library where he acts as a trustee and the central reference building was renamed The Stephen A. Schwarzman Building.

On February 13, 2007 Schwarzman celebrated the 60 th anniversary with a large party at the Armory on Park Avenue and the event had guests such as Colin Powell, Michael Bloomberg who was at the time mayor of New York City, and Cardinal Edward M. Egan. The highlight of the evening was a live performance by Rod Steward that was discussed in the news afterwards since it was reported that he paid $1 million for it.

Blackstone invested in SeaWorld Parks in 2009 which was the main venue where the film Blackfish was taking place, a documentary about the killer whale attacks in the parks and the ethic problems arising with their captivity. Controversy began when Schwarzman stated that the trainer Dawn Brancheau was blamed for her death when she was pulled into a tank and killed by an orca whale in February 2010. He wasn’t briefed about the event and Blackstone released an official statement afterwards clearing the air.

Aside from being the CEO and chairman of Blackstone Group, Schwarzman served as an adjunct professor at the Yale School of Management and is a chairman of the board of Trustees for the John F. Kennedy Center for the Performing Arts.

He was very critical of the Obama administration plan to raise carried interest taxes, as many of the wealthy people of the country were, and made a comparison between the tax measures and the Nazi invasion of Poland, a remark that was highly discussed and for which he later apologized.

On April 21, 2014, Schwarzman gave $100 million to create a scholarship program in China called Schwarzman Scholars that was similar in structure to the Rhodes scholarship program and he announced a fundraising campaign for this purpose to try and double the sum. The program takes place at the Tsinghua University and is the largest philanthropic effort in the history of China to come from international donors, reaching the sum of $350 million at the moment.

Schwarzman occupies several other positions as well, being a member of The Council on Foreign Relations, The Business Council, The Business Roundtable, The International Business Council of the World Economic Forum and is also in the board of The Asia Society, The Board of Directors of The New York City Partnership and The Advisory Board of the School of Economics and Management at the Tsinghua University of Beijing.

He spent over $100 million on properties, having an apartment on Park Avenue (that is reported to have cost $37 million), a villa in Jamaica and huge estates in Hamptons, Palm Beach and St. Tropez. The apartment on 740 Park Avenue was previously owned by George Brewster and John D. Rockefeller Jr. being bought by Schwarzman in 2000 from Saul Steinberg.

Bloomberg named his one of the 50 most influential people of the year in 2014 and the following year Blackstone stocks his all-time highs. He always saw the market as a highly competitive arena and his business ventures are aggressive, saying that “I want war, not a series of skirmishes… I always think about what will kill of the other bidder.”

With an estimated net worth of $12.9 billion according to Forbes, Stephen Schwarzman says: “I don’t feel like a wealthy person. Other people think of me as a wealthy person, but I don’t. I feel the same as when I was a fifth-year associate trying to make partner at Lehman Brothers. I haven’t changed.”

About Noah Miller

Noah is a professional journalist who has been specializing in the jewelry and watches industry since the early 2010s. He’s been contributing to Luxatic for more than eight years now, and he's also a contributor to well known publications like GQ, Esquire or Town & Country, and many watch and jewelry blogs. Learn more about Luxatic's Editorial Process .

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Multimilliardär Stephen Schwarzman: «Ich habe Risiken nie gemocht»

Auch mit 74 Jahren ist er noch CEO von Blackstone. Das ist eine jener Finanzfirmen, die manchen als «Heuschrecken» gelten. Nun zieht Stephen Schwarzman Bilanz und sagt Erstaunliches.

Stephen Schwarzman, Mitgründer und CEO von Blackstone.

Die Zoom-Verbindung ist wacklig. Doch als es mit der Kommunikation schliesslich doch noch klappt, wird dem Journalisten rasch klar, dass der 74-jährige Stephen Schwarzman am Puls des Marktes geblieben ist.

Seine Rolle und die seiner Management-Kollegen definiert er so: «Wir sind zwar die Trainer, können aber jederzeit aufs Spielfeld eingewechselt werden.»

Es handelt sich um ein Spiel in der höchsten Liga. Die Investmentfirma, deren Chef und Mitgründer Schwarzman ist, verwaltet über 600 Mrd. $ Kundengelder. Das Spezielle dabei: Blackstone investiert in private Vermögenswerte, die nicht an Börsen gehandelt werden.

Das Unternehmen kauft Firmen mit dem Ziel, sie ein paar Jahre später zu einem höheren Preis wieder losschlagen zu können. Es hält auch ein riesiges Immobilienportfolio oder vergibt Kredite.

Verglichen mit herkömmlichen Vermögensverwaltern, die vergleichsweise einfache Anlageentscheide treffen, macht Blackstone nur massgeschneiderte Transaktionen. Es sind oft Milliarden-Deals. Ein Credo von Schwarzman ist: «Je schwieriger ein Problem ist, desto weniger Konkurrenz und desto grösser der Ertrag für denjenigen, der das Problem lösen kann.»

Dieses sogenannte Private-Equity-Geschäft ist naturgemäss obskur und flösst manchen wenig Vertrauen ein. Der frühere SPD-Vorsitzende Franz Müntefering verglich diese Art von Beteiligungsfirmen mit Heuschrecken, die über Unternehmen herfallen.

Gute Heuschrecke

Schwarzman kennt diese Vorbehalte gut und hat auch schon der deutschen Kanzlerin Angela Merkel erläutert, dass er eine «gute Heuschrecke» sei. Diese und andere Episoden stehen in Schwarzmans Buch «Worauf es ankommt». Es wird am Montag auf Deutsch erscheinen und ist der Grund, wieso der Journalist einen Interview-Termin erhalten hat.

«Worauf es ankommt» verkauft sich in den USA bereits sehr gut. Wahrscheinlich, weil es Einblicke in eine verschwiegene Welt gibt und gleichzeitig von vielen bekannten Personen bevölkert ist, mit denen Schwarzman Umgang hat – inklusive der früheren US-Präsidenten Bush, Clinton, Obama und Trump.

Das Buch will nicht nur Autobiografie sein, sondern auch Lebenshilfe bieten. Deshalb kulminiert es in bester amerikanischer Manier in «25 Regeln für Arbeit und Leben».

Bei Regel Nummer 19, «Machen Sie nie Verluste!!!», haken wir ein: Ist das nicht ein innerer Widerspruch? Bei professionellen Investoren gilt es schliesslich als ausgemacht, dass nur jene hohe Erträge erzielen können, die auch bereit sind, grosse Risiken einzugehen.

Und Anbieter von Private-Equity-Anlagen versprechen ihren Kunden höhere Renditen, als sie die Börsen hergeben. Dies nicht zuletzt, weil sie das Kapital ihrer Kunden sehr sportlich mit Fremdkapital hebeln.

Genau das habe ihn sein Gründungspartner auch einmal gefragt, erwidert Schwarzman. Dieser habe dabei mit der ökonomischen Theorie argumentiert. «Ich antwortete ihm, dass ich keine Ahnung von ökonomischer Theorie habe.» Es sei aber sehr wohl möglich, Verluste zu vermeiden.

Kaum Konkurse

In den letzten 15 Jahren – in denen es immerhin zu einer globalen Finanzkrise und zu einer Pandemie kam – habe Blackstone eine Mehrheit an über 800 Firmen gehalten. «Davon meldeten nur zwei Insolvenz an und restrukturierten sich unter Gläubigerschutz. Das entspricht 0,2%», unterstreicht der New Yorker sein Argument.

Er habe versucht, Blackstone so aufzusetzen, dass es nicht zu Verlusten komme. Man beschäftige sich fast schon obsessiv mit der Frage, was bei einem Investment schieflaufen könnte. «Wir entwerfen konstant Downside-Szenarien neben den Upside-Szenarien.»

Und im Gegensatz zu herkömmlichen Investoren könnten Private-Equity-Firmen wie Blackstone direkt Einfluss auf den Geschäftsgang der Firmen nehmen, in die sie investieren. Sie setzen dort in der Regel ihre eigenen Managementteams ein. Grosse Profite erziele halt, wer Firmen verbessere und nicht nur passiv deren Aktien halte, sagt der Finanzunternehmer.

Schwarzman, der die Firmen, in die er investiert, bis an die Tragbarkeitsgrenze mit Fremdkapital befrachtet, duldet bei Blackstone selber keine Schulden. «Ich habe Risiken nicht gern. Ich habe Risiken nie gemocht.» Blackstone selbst habe keine Nettoschulden, er sei da «ziemlich konservativ», sagt er.

Wie geht das zusammen? Die Firmen, in die Blackstone investiere, müssten ja nur die Zinsen zahlen können. «Wir nehmen zwar hohe Schulden auf, aber haben nicht vor, diese auf kurze Sicht zurückzuzahlen.»

Man leihe sich Geld für fünf bis zehn Jahre aus. Und wenn die Rückzahlungsfrist auf zwei bis drei Jahre heranrücke, refinanziere man die Schulden. So dass deren Laufzeit wieder fünf bis zehn Jahre betrage. «Wir versuchen konstant, Risiken zu vermeiden.»

Schwarzman will Risiken schon bei der Mitarbeiter-Auswahl ausschalten. Er verlangt von seinen Angestellten eine Null-Fehler-Kultur – etwas, was im krassen Widerspruch steht zur Philosophie des Silicon Valley, wo Scheitern gefeiert wird.

In seinem Buch beschreibt der Milliardär, dass bei Blackstone für 86 Einsteigerstellen als Investment-Analyst 14906 Bewerbungen eingehen. «Unsere Aufnahmequote liegt bei 0,6% und ist niedriger als bei den wählerischsten Unis.» Für ihn ist auch klar: Wenn er selber sich heute für einen Job bei seiner Firma bewerben müsste, würde er wohl nicht akzeptiert werden.

Gewinn mit Lagerhallen

Als Schwarzman nach dem Studium der Kultur- und Verhaltenswissenschaften bei einer Investmentbank anheuerte, hatte er von Tuten und Blasen keine Ahnung.

«Ich wusste nichts über Finanzen, ich hatte nie geplant, in diese Branche zu gehen, und meine Mathematikkenntnisse waren sehr bescheiden.» Trotzdem feilschte er um den Lohn, weil er in seiner Geltungssucht unbedingt der Absolvent mit dem höchsten Einstiegsgehalt seines Semesters sein wollte.

Wie navigiert Blackstone heute, in einer Zeit der Digitalisierung und der raschen Umbrüche? Vorsichtig natürlich. Die Firma spielt zwar das Thema E-Commerce im grossen Stil, aber vor allem indirekt über den Immobilienmarkt. Blackstone sei zum weltweit grössten Eigentümer von Lagerhallen aufgestiegen und habe mit diesen eine phänomenale Performance erzielt, erzählt Schwarzman sichtbar stolz.

Er freut sich sehr über solch gelungene Transaktionen. Auch wenn für ihn schon eine Weile klar ist, dass er seine Milliarden verschenken wird – dazu hat sich Schwarzman letztes Jahr auch öffentlich verpflichtet.

Der Milliardär, der Trump die Wahl kaufte

Die gipfelstürmer aus baar: von 0 auf 24 milliarden, mehr von nzz am sonntag, das jihadisten-protokoll: wie man auf tiktok innert dreier stunden von katzenvideos in eine terroristen-chat-gruppe gerät, streit um armeefinanzen eskaliert: expertengruppe will bei der truppe milliarden sparen, amerikaner umwerben bergbahnen: neben vail macht auch erzrivalin alterra jagd auf schweizer skigebiete, bundesrätin baume-schneider: «ja, die reform kann zu sinkenden renten führen», zoë pastelle holthuizen war einst social media-pionierin, jetzt ist sie veteranin mit 25: die geschichte eines wandels, mehr von markus städeli (stä), der sichere hafen: ist dubai die bessere schweiz, quantencomputer werden alle verschlüsselungsmethoden knacken – und gefährden schon jetzt die datensicherheit, der bitcoin-effekt: die einflussreiche krypto-branche stellt sich klar hinter donald trump, der mythos um die swatch group bröckelt: die firma wird zur migros der uhrenindustrie, die probleme der swatch group sind alle hausgemacht, neueste artikel, neue wachstumskurven für die schweiz – endlich werden unsere kinder richtig vermessen, mission wm 2026: alle macht für murat yakin – aber der rücktritt von fabian schär trifft den nationaltrainer hart, vorbereitung auf eisige zeiten: winterschwimmen beginnt im sommer, saufen, feiern, fremdgehen – england ist das königreich der fussballprolls, thriller «september 5»: erste live-übertragung eines anschlags, europa-park-gründer roland mack: «heute gibt es politiker und behörden, die sich freuen, wenn ein unternehmen schliesst», kostenlose onlinespiele, kreuzworträtsel, bubble shooter, power of two.

What is the Future for Superyachts, Business Jets and Luxury Property?

With Covid vaccination programmes progressing at varying rates around the world, a return to some semblance of normalcy may be tantalisingly close, at least for some.  As businesses attempt to forecast revenues and devise strategies in this challenging environment, what opportunities will the months and years ahead hold for luxury industries globally?  What will be the top future trends for superyachts, business jets and luxury property?

On 18 th March 2021, The Future for Superyachts, Business Jets and Luxury Property , the latest in Quaynote`s stable of online conferences, will examine the way ahead for the luxury asset industries. In the short term, we are all hoping for the imminent return of the superyacht chartering business, while in the medium to longer term, sustainability, the impact of artificial intelligence (AI) and the emergence of the next generation of owners are issues that deservedly attract airtime.

Meanwhile, a question that advisors have heard more often from their clients during the pandemic has been: “How do I go about buying my own jet?” Many a would-be owner has seen a private jet as a legitimate way around Covid restrictions, without knowing the full extent of the costs and potential pitfalls this entails.

Daniel Hall, Senior Valuation Consultant at Ascend by Cirium says: “Business jets are depreciating assets – and values can be volatile through market upheaval, for example with the Covid-19 pandemic. The year-on-year fleet-weighted average decline across the entire business jet fleet was over 11%, which is nearly double that of 6% in 2019.”

Daniel joins a panel of experts who will guide you in advising your client through the process of buying a corporate jet, be they UHNWIs or heads of state. He concludes: “Working with independent advisors can go a long way to minimising risk in structuring a deal. Appraisal (valuation) services which can make the difference between an unwelcome surprise on your investment versus a seamless experience.”

One of the most important considerations in buying a jet, yacht or property is, of course, how to finance the purchase.  In a separate discussion, we`ll look at the future of finance for luxury assets. “While all our clients could easily pay cash, they still prefer to optimize their liquidity reserves by getting financing for their luxury assets. Financing their luxury assets helped our clients to preserve liquidity for their business,” explains Michel Buffat, Head Aviation & Yacht Finance, at Credit Suisse who joins the finance panel on the 18 th March.  He is positive about the future: “I see the future of superyacht and business jet finance quite optimistically: the pandemic has shown the advantage of ‘Covid-remote’ travel,” he says, adding that “this may motivate more people to buy their own jet or yacht.”

Another driver of future superyacht, private jet and high-end real estate ownership is the so-called Great Wealth Transfer, where the heirs to UHNWI fortunes come into their inheritance.  This is not forgetting, of course, the younger generation of self-made tech and other entrepreneurs who represent a burgeoning market for the luxury asset industries. 

The opening discussion at The Future for Superyachts, Business Jets and Luxury Property asks what the next gen owner wants, what the superyacht and business jet of the future will look like, inside and out, and how these assets will be used going forward.  Will superyachts have more emphasis on research, exploration, retreat and sport?  And will yachts, jets and luxury property be designed more with recycling and disposal in mind?  By all accounts, the next generation of superyacht owner is a different animal to the previous generation, with this fresh approach expected to impact every aspect of yacht design and function. “Yacht owners are looking for ‘instagrammable' experiences, those champagne cocktails in St Tropez are so pasee, they don`t want to do what their grandparents did,” observes Marcela de Kern Royer, Principal at ONBOARD Group, Monaco & Genoa Superyacht hub. “They want to go explore new islands, go to remote destinations and combine philanthropic experiences with unforgettable family moments."

We can`t talk about the design or function of anything without reference to technology and luxury assets are no exception.  Artificial intelligence is already with us and it will continue to become a bigger part of our lives. To quote Stephen A. Schwarzman, Chairman & CEO of Blackstone: “AI will reshape the world in ways we can’t imagine, much as the printing press and the Internet did at their inceptions.”

Vilas Dhar, President of the Patrick J McGovern Foundation, commented at Davos 2021: “AI holds the promise of making organisations 40 percent more efficient by 2035.”

With these wise words in mind, we have dedicated a portion of The Future for Superyachts, Business Jets and Luxury Property to looking at how artificial intelligence is changing the luxury industry.  Furthermore, how are companies catering and adapting to AI versus operating in the traditional mode?

Joseph Adir, Founder and CEO of WinTech Marine Intelligence, who is moderating the discussion, points to how AI/ML will help the superyacht industry reduce emissions, improve safety, reduce operational costs, and improve the asset longevity.  Testing on "Digital Twins" will help to optimise the superyacht design performance parameters and improve the vessel`s overall reliability. 

What`s more, using analytics to predict the total cost of ownership (TCO) could transform Shipyard warranty programs and lead to a reduction in the superyachts' operational budgets. “Artificial intelligence and the supervised and unsupervised machine learning are taking analytics to the next level” observes Adir, “enabling smarter, faster decisions throughout the asset lifecycle.”

Others joining the AI panel acknowledge the potential of Artificial Intelligence, while striking a note of caution.  Explains Dominic Bulfin, Director, at Bargate Murray, the Luxury Asset Law Firm: “The superyacht world has always pushed the boundaries of engineering and technological advance, and the introduction of AI is no different with pioneering owners taking advantage of the efficiencies AI driven systems can provide. But uptake across the fleet has been modest and the vast opportunities presented by this technology come with different challenges and a new type of risk which must be effectively managed in order to secure safe and enjoyable use of superyachts now and into the future.”

Joining our panel from the world of business aviation, Vinna Tsang, Founder and Director of The V Executive Search Company Limited is also keen to emphasize the efficiencies that AI can deliver. “However, in the luxury world (especially in business aviation), bespoke services are expected,” she points out, “which I believe still requires significant human touch. How to maximise the use of AI to compliment traditional ways of operation is key."

Finally, to speak of tradition, Quaynote has reinstated its popular roundtable feature at The Future for Superyachts, Business Jets and Luxury Property.  The roundtables will focus on Sustainability issues and how the latest fiscal developments will impact the chartering season. “With networking the most lamented aspect of in-person conferences,” explains Alison Singhal, Quaynote Director. “Our aim is to offer attendees the opportunity to discuss topics of mutual interest in small groups and, as they would under normal circumstances, to meet with their industry friends and contacts.”

The Future for Superyachts, Business Jets and Luxury Property – 18 th March 2021

Please register at www.quaynote.com  to attend the online conference.

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• Blackstone-Chef Stephen Schwarzman will in der Schweiz expandieren und Kundengelder verdoppeln

«Können unser Volumen in der Schweiz verdoppeln»

Der Blackstone-CEO stellt seine Schweiz-Pläne vor und stellt sich Fragen zu Vermögensabflüssen. Und warum er katholische Schulen fördert.

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Stephen Schwarzman, CEO der Blackstone Group, im Exklusiv-Interview mit der «Handelszeitung» in Zürich.

Er ist einer der einflussreichsten Manager der Wall Street: Stephen Schwarzman, Chef und Mitgründer des grössten Verwalters alternativer Anlagen Blackstone. 975 Milliarden Dollar haben Kundinnen und Kunden dem US-Riesen anvertraut. Im Exklusiv-Interview verrät Schwarzman, was er in der Schweiz vorhat, und erklärt, was hinter den Mittelabflüssen von Blackstones Vorzeige-Immobilienfonds BREIT steckt. 

Herr Schwarzman, Blackstone ist vor gut einem Jahr mit einem Vertriebsteam in der Schweiz gestartet, um seine Fonds über Banken an vermögende Kunden zu verkaufen. Wie läuft das Geschäft, sind Sie zufrieden?

Rund zwei Drittel unseres Geschäfts mit High-Net-Worth-Kunden in Europa (also Kunden mit mehr als 1 Million Anlagesumme, d. Red.) sind in der Schweiz. Die Schweiz war immer für mich das Zentrum für Vermögensverwaltung in Europa, deshalb haben wir hier vor gut einem Jahr eine lokale Präsenz aufgebaut. Ob wir zufrieden sind? Wir sind nie zufrieden. Aber die bisherige Entwicklung kann sich sehen lassen.

Wie viel Geld verwaltet denn Blackstone für Kundinnen und Kunden, deren Gelder in der Schweiz gebucht sind? 

Wir verwalten weltweit über 230 Milliarden Dollar für vermögende Privatkunden, davon etwa ein Drittel in Europa, wo die Schweiz bei weitem unser grösster Markt ist.

Wo wollen Sie da in fünf Jahren sein?

Da wir mittlerweile lokal besser aufgestellt sind, halte ich es für realistisch, dass wir unser Volumen in der Schweiz binnen fünf Jahren verdoppeln können.

Und wie viele Menschen arbeiten für Sie hier in der Schweiz?

Das Team der Sparte Private Wealth Solutions in der Schweiz umfasst derzeit sechs Vollzeitstellen, angefangen haben wir mit einem Mitarbeiter. Zusätzlich zu diesem lokalen Team haben wir natürlich auch weltweite Expertise, worauf das Team zurückgreifen kann.

Wie läuft der Vertrieb?

Wir haben Vertriebsvereinbarungen mit allen grossen Banken hier in der Schweiz. Pictet zum Beispiel habe ich persönlich schon vor dreissig Jahren besucht. Sobald wir ein neues Produkt haben, stellen unsere Beraterinnen und Berater es persönlich bei den Banken vor. Wenn die Banken es wünschen, sind unsere Leute auch bei den Beratungsgesprächen mit den Bankkunden dabei. 

Kaufen reiche US-Kunden andere Produkte von Blackstone als Vermögende in Europa?

Historisch gesehen sind europäische Kunden eher Immobilien zugeneigt, vor allem deutsche Kunden. Daher gibt es auch in Europa eine starke Nachfrage nach unserem grössten Immobilienfonds BREIT (Blackstone Real Estate Income Trust, d. Red). Aber in den vergangenen Jahren kauften Europäerinnen und Europäer auch unsere Kredit- und Private-Equity-Produkte. Wir bieten sechzig verschiedene Anlagestrategien an. In Europa waren die Zinsen bis vor kurzem noch negativ, daher waren unsere Kredit-Produkte dank höheren Erträgen und dem sich aufwertenden Dollar in Europa besonders gefragt.

Grösster Vermögensverwalter für alternative Anlagen

Blackstone verwaltet 975 Milliarden Dollar an Kundengeldern. Der Konzern mit Sitz in New York gilt als der grösste Vermögensverwalter für alternative Anlagen wie Immobilien, Hedgefonds, Kredit-Investments oder ausserbörsliche Unternehmensbeteiligungen (Private Equity). Mit 326 Milliarden Dollar Anlagevermögen zählt der Immobilienbereich zu den grössten. 

Blackstone hat sogenannte semiliquide Fonds erfunden. Das sind Fonds, die in illiquide Anlagen wie Immobilien investieren und bei denen Anlegerinnen und Anleger nur begrenzt Gelder abziehen können, und dies nur unter Voranmeldung von einem Monat. Der 69 Milliarden Dollar schwere Fonds Blackstone Real Estate Income Trust geriet Ende Jahr in die Schlagzeilen, weil Anlegerinnen und Anleger mehr Gelder abziehen wollten, als laut Fondsbedingungen erlaubt ist. Diese sehen Abzüge pro Monat von maximal 2 Prozent vor. 

Die jüngsten Turbulenzen an den Märkten gingen an Blackstone nicht spurlos vorbei. So sank das Volumen der ausschüttbaren Erträge im vierten Quartal um 41 Prozent auf noch 1,3 Milliarden Dollar. 

Blackstone ist ein Spezialist für alternative Anlagen, also Immobilienfonds, Private Equity oder Kreditprodukte. Werden diese Anlagen wegen der steigenden Zinsen nicht unattraktiver?

Gehts etwas genauer, bitte .

Gerne. Dazu frage ich Sie aber jetzt, wie viel Rendite Ihnen eine Schweizer Staatsanleihe bietet?

Hm, rund 1 Prozent …

Okay, und Firmenanleihen?

Kommt auf das Risiko an, vielleicht gut das Doppelte, also etwa 2 bis 3 Prozent?

Genau. Unsere europäischen und US-Kreditprodukte bieten eine Rendite von rund 10 Prozent. 

Gut, aber Sie müssen das Währungsrisiko berücksichtigen, Ihr Produkt ist ja nicht in Schweizer Franken aufgelegt. 

Dennoch: Mit US-Staatsanleihen verdiene ich vielleicht 3,5 Prozent, mit US-Unternehmensanleihen um die 5 bis 6 Prozent. Da liegen wir bei der Rendite also immer noch deutlich darüber. Ich bin also nicht besorgt, dass die Kundinnen und Kunden unsere Produkte nicht mehr attraktiv finden könnten. Als wir 1985 Blackstone gegründet haben, fingen wir mit null Kundengeldern an. Heute verwalten wir fast 1 Billion Dollar. Das gelang nur, weil wir den Kundinnen und Kunden über die Jahre gesehen etwas Besseres bieten konnten. 

Mag sein. Dafür sind Ihre Produkte nicht liquide. Das haben Kundinnen und Kunden im Dezember schmerzlich erfahren, als Sie bei Ihrem Flaggschiff-Immobilienfonds BREIT die Rücknahmen von Fondsanteilen einschränken mussten, weil zu viele Kundinnen und Kunden rauswollten. Positiv-Reklame sieht doch anders aus?

Bevor ich auf diese Problematik näher eingehe, möchte ich voranstellen, dass unser BREIT-Fonds in den vergangenen sechs Jahren eine durchschnittliche Rendite von 12,5 Prozent pro Jahr erwirtschaftet hat. Als im vergangenen Jahr die Zinsen stiegen, brachte der Fonds immer noch 8 Prozent. Das ist das Dreifache dessen, was Investoren mit börsengelisteten Immobilienfonds verdienen konnten. Also, wenn Sie die Möglichkeit haben wollen, jeden Tag aussteigen zu können, hätten Sie nur einen Drittel verdient. Unser Fonds ist als langfristiges Investment gedacht, daher sind die Rücknahmemöglichkeiten von Fondsanteilen eingeschränkt. Nur so können wir langfristig in Immobilien investieren. Wer auf täglicher Liquidität besteht, muss dagegen im Kauf nehmen, erheblich weniger Rendite zu erwirtschaften. Im Dezember zogen zudem nur 3 Prozent der US-Kundinnen und -Kunden ihre Gelder ab, eben weil die allermeisten mit der Rendite zufrieden sind.

Wenn Ihr Fonds so toll ist, warum dann wollten mehr Kunden ihr Geld abziehen, als laut Fondsprospekt möglich war?

Das ist einfach zu erklären. Es waren vor allem asiatische Kundinnen und Kunden, die ihr Geld abgezogen haben. Nicht die Europäer und nicht die US-Kunden.

Und warum das?

Genau die Frage habe ich unseren Leuten auch gestellt. Der Grund ist folgender: Asiatische Anleger hebeln ihre Investments stark, das heisst, sie nutzen Kredite, um mehr investieren zu können. Als dann die asiatischen Börsen einbrachen, verlangten Banken von ihrer Kundschaft mehr Sicherheiten für diese Kredite, sogenannte Margin-Calls. Um dafür Gelder zu beschaffen, gaben asiatische Kundinnen und Kunden ihre Anteile an unserem BREIT-Fonds zurück. Das ist also eine indirekte Auswirkung und hat nichts mit dem Fonds selbst zu tun.

Sind denn die Abflüsse mittlerweile gestoppt?

Nein, sie sind in Asien noch nicht gestoppt. Weil zudem in den Finanzmedien das Thema gross aufgegriffen wurde, begannen auch Kundinnen und Kunden in anderen Ländern nervös zu werden. Wir gingen dann selbst raus an die Medien, und mein Partner Jonathan Gray wurde auf CNBC interviewt. Das TV-Interview sah dann einer unserer Kerninvestoren, und der sagte sich, dass die aktuelle Lage eine Geschäftschance sein könnte. Es war Jagdeep Singh Bachher, der Chief Investment Officer der University of California, kurz UC. Er schrieb Jon ein Mail und bat um ein Treffen. Drei Wochen später investierte er 4 Milliarden Dollar in unseren BREIT-Fonds. Es ist das grösste Einzelinvestment, das je dort getätigt wurde. 

Aber die Universität bekam auch einen Superdeal, denn Sie bieten ihr 11,25 Prozent Rendite?

Diese Rendite ist nicht garantiert, wie zum Teil zu lesen war. Aber wir bieten eine Rendite-Verbesserung. Das heisst, macht der Fonds in sechs Jahren Laufzeit null Prozent Rendite, bekommt UC 4 Prozent. 

Der Herr über Milliarden 

Name: Stephen A. Schwarzman Funktion: CEO und Mitgründer von Blackstone  Alter:  75 Familie: verheiratet, drei erwachsene Kinder Ausbildung:  MBA der Harvard University 

Laufbahn:  1978: Managing Director bei Lehman Brothers  1983 bis 1984: Leiter des M&A-Komitees bei Lehman Brothers  seit 1985: CEO und Co-Gründer der Blackstone Group  2007: Börsengang von Blackstone. Im selben Jahr spendet er 100 Millionen Dollar der New York Public Library  2018: Er spendet 350 Millionen Dollar zur Gründung des MIT Schwarzman College of Computing  2019: Veröffentlichung des Buches: «What It Takes: Lessons in the Pursuit of Excellence» 2020: Er unterzeichnet «The Giving Pledge» und verpflichtet sich damit, den Grossteil seines Vermögens von geschätzten rund 20 Milliarden Dollar für philanthropische Zwecke zu spenden

Und wie finanzieren Sie diesen Renditezuschlag?

Als Sicherheit für diese in Aussicht gestellte Rendite haben wir Anteile des BREIT-Fonds im Wert von 1 Milliarde Dollar für die UC reserviert. Das ist aber keine Rendite-Garantie, das ist wichtig. Zudem darf die Universität während sechs Jahren ihr Geld nicht abziehen. In den drei Wochen Verhandlungen vor Abschluss der Vereinbarung hat die University of California jeden Stein bei uns umgedreht. Sie haben sich nicht von der Presse verrückt machen lassen. Darf ich Ihnen jetzt auch mal eine Frage stellen?

Wenn Sie Aktien eines Unternehmens halten, wie viel Prozent der ausstehenden Aktien dieser Firma wechseln pro Monat über die Börse ihren Besitzer?

Ich würde mal schätzen, so zwischen 5 und 10 Prozent …?

Das stimmt. Und aus unserem BREIT-Fonds zogen 3 Prozent der US-Anlegerinnen und -Anleger im Dezember einen Teil ihrer Anlagen ab, also weniger als die Hälfte. Bei einer Aktie sprechen Sie aber nicht von einem Vertrauensverlust, wenn 10 Prozent den Titel verkaufen, bei unserem Fonds aber schon bei Eigentümerwechseln von nur 3 Prozent.

Moment, das können Sie aber nicht vergleichen. Eine Aktie ist wegen der Börsenkotierung ja eben viel liquider, entsprechend wird sie mehr gehandelt. Bei Ihrem Fonds dagegen sollen Anlegerinnen und Anleger ja gerade nicht jeden Tag rein und raus, er ist also nicht so liquide.

Fakt ist, dass die unnötige Verunsicherung, die auf einmal aufgekommen war, dazu geführt hat, dass unsere Produktkäufe zurückgegangen sind. Wenn die Leute aber erst einmal merken, wie viel unser Fonds abwirft, geht das schnell vorbei, da bin ich mir sicher.

Das werden wir dann sehen. Einigen wir uns darauf, dass eine anhaltend hohe Rendite die beste Werbung für Ihre Fonds ist.

Einverstanden.

«Wenn in den letzten Monaten ein alter, ein drei Jahre alter Mietvertrag für eines unserer Lagerhäuser auslief, konnten wir die Miete um 40 Prozent erhöhen.»

Dann sprechen wir doch über die künftigen Renditeaussichten. Die sind doch auch nicht so rosig. Denn die Zinsen steigen und das führt doch dazu, dass die Nachfrage nach Immobilien sinkt und damit Ihre Objekte an Wert verlieren?

Die steigenden Zinsen haben derzeit vor allem zur Folge, dass viel weniger gebaut wird. 

Aber die Preise sinken doch auch?

Das sehen wir nicht. Es mag Probleme in Teilen des Immobilienmarkts geben, wie etwa bei Bürohäusern. Hier sind wir aber nicht investiert. Der Mehrheit der Investments ist in Mehrfamilienhäusern, vor allem in den prosperierenden südlichen US-Staaten wie Florida, und Lagerhäusern. Wenn in den letzten Monaten ein ein drei Jahre alter Mietvertrag für eines unserer Lagerhäuser auslief, konnten wir die Miete um 40 Prozent erhöhen. 

Okay, aber wie sieht das in der Zukunft aus?

Positiv. Schauen Sie sich die Daten an. Immobilienforschungsunternehmen prognostizieren für unsere grössten Sektoren ein Cashflow-Wachstum von 9 Prozent im Jahr 2023.

Wie ist das möglich? Amazon ist einer der grössten Nutzer von Lagerhäusern und wirft Tausende Mitarbeitende raus. Und soll Ihnen höhere Mieten zahlen? 

Amazon hat während der Pandemie enorm expandiert und muss nun gegensteuern. Aber wegen der steigenden Zinsen ist der Neubau von Warenhäusern und Mehrfamilienhäusern kollabiert. Wenn man aber wie wir solche Liegenschaften besitzt, steigt ihr Wert. Auch das Nearshoring hilft uns, denn die Industrie holt Wertschöpfung aus dem Ausland zurück und fährt die Lagerhaltung wieder hoch. 

Blackstone-Chef Stephen Schwarzman im Gespräch mit Holger Alich, stellvertretender Chefredaktor der «Handelszeitung».

Und wie sieht es bei Ihren Wohnliegenschaften aus?

Der Markt für Einfamilienhäusern ist ohne Zweifel schwieriger geworden. Weniger Menschen können sich wegen der steigenden Kreditzinsen Häuser leisten. Aber diese Menschen müssen ja irgendwo wohnen. Also steigt die Nachfrage nach Mietwohnungen. Und genau die haben wir im Bestand. Es wäre also falsch, den Immobilienmarkt über einen Kamm zu scheren. Nur weil bestimmte Teilsegmente leiden, schliesst das nicht aus, dass andere Sektoren profitieren. 

2007 begann die Wirtschafts- und Finanzkrise mit einer US-Immobilienkrise. Dass sich dieses Szenario wiederholt, schliessen Sie also aus?

Ja. Wir haben in den USA kein Subprime-Segment mehr, bei dem Leute Immobilienkredite bekamen, die sie sich nicht leisten konnten. Die Regulatoren haben reagiert. Daher ist das Angebot an neuen Wohnimmobilien auch so tief in diesem Zyklus. Aus diesen Gründen ist die Lage von damals nicht mit heute zu vergleichen. 

Ein wichtiges Thema ist Nachhaltigkeit. Der Immobiliensektor ist einer der grössten CO 2 -Emittenten. Können Sie Investitionen zur energetischen Sanierung über die Mieten wieder reinholen?

Wir schauen jedes unserer Investments unter ESG-Gesichtspunkten an. Bei unserem Gebäudepark haben wir das Ziel, die CO 2 -Emissionen jeweils um 15 Prozent zu senken. Zudem gehört uns einer der grössten Entwickler von Solar- und Windparks in den USA. Wir wollen in den nächsten zehn Jahren 100 Milliarden Dollar in Energiewende-Investments anlegen. Zur Unterstützung der Energiewende haben wir zudem eigene Beteiligungs- und Kreditfonds aufgelegt. 

Ist Blackstone eigentlich in Schweizer Immobilien investiert?

Die Renditen auf dem Schweizer Markt sind für uns im Allgemeinen zu niedrig, sodass wir uns hier nur begrenzt in Immobilien engagieren.

Und wie sieht es bei Firmenbeteiligungen aus? Sind Sie in der Schweiz auf der Suche nach Übernahmezielen?

Es war für uns nie im Fokus, so wie zum Beispiel Grossbritannien, Frankreich, Deutschland oder Italien. Aber wir sind natürlich immer auf der Suche nach guten Investitionen, und wir besitzen einige Schweizer Vermögenswerte. Ausserdem sind viele unserer europäischen Portfolios in der Schweiz mit einem Büro oder einer Niederlassung vertreten. Die Schweiz ist ein wichtiger zentraler Knotenpunkt für so viele Unternehmen, das spricht für sich ...

Selbst für Blackstone sind Schweizer Preise zu hoch …

Wir können hier wegen der Preise nicht genug verdienen, ja.

Stephen Schwarzman, CEO der Blackstone Group.

Ich muss aber noch nach einer Firma fragen: Die Credit Suisse will einen Teil ihrer Investmentbank unter dem Namen CS First Boston abspalten und sucht dafür Investoren. Interesse?

Nein, das ist nichts für uns. Der Grund ist ganz einfach, wir arbeiten mit allen grossen Investmentbanken bei Übernahmen zusammen. Und wollen uns daher nicht mit einer Beteiligung an ein Haus binden.

Und wie sehen Sie die Aussichten für Ihr Beteiligungsgeschäft? In den USA droht eine Rezession, die Zinsen steigen, drohen Ihnen da nicht Abschreiber auf Ihre Beteiligungen?

Die Firmen in unserem Portfolio wachsen immer noch mit ansehnlichen Raten. Das liegt auch daran, dass die Konsumentinnen und Konsumenten während der Pandemie viel Geld gespart haben, sie konnten es nicht ausgeben. In den USA umfassen diese unfreiwillig angehäuften Spargelder rund 2,5 Billionen Dollar. Und diese Gelder strömen nun in den Konsum, wovon unsere Firmen profitieren. 

Die Börse sieht das offenbar anders?

Die Börsen haben stark nachgegeben, weil die steigende Inflation bei sinkenden Umsätzen dazu führt, dass die Firmengewinne leiden werden. 

Und Sie werden die Firmen, die Sie verkaufen wollen, nur noch mit Abschlägen los?

Wir prüfen die Bewertungen jedes Quartal. Es ist in jedem Abwärtszyklus zudem zu beobachten, dass Beteiligungsgesellschaften weniger Unternehmen verkaufen und auch kaufen, das Transaktionsvolumen sinkt daher deutlich. Das habe ich jetzt schon ein paarmal erlebt. Es dauert dann ein bis anderthalb Jahre, bis die Verkäufer merken, dass die alten Bewertungen nicht mehr gelten und dass potenzielle Käufer genug Zuversicht haben, wieder zuzuschlagen. Wenn Sie so wollen, macht das Transaktionsgeschäft jetzt grad mal Ferien.

Dann drehen Ihre Leute Däumchen?

Sicher nicht. Was wir in diesen Phasen tun, ist, dass wir jene Firmen, die wir bereits besitzen, mit gezielten Zukäufen stärken. Wenn sich die Marktbedingungen ändern, sinkt natürlich das Transaktionsvolumen, aber wir werden immer noch dort tätig werden, wo wir Chancen sehen. Zum Beispiel mit grossartigen Unternehmen in Bereichen, in denen wir grosses Vertrauen haben, wie bei der Energiewende. Emerson ist ein gutes Beispiel dafür. Das gilt auch für Esdec in Europa.  

Sie haben Blackstone mitbegründet und der Erfolg der Firma hat Sie reich gemacht. Ihr Vermögen wird auf über 20 Milliarden Dollar geschätzt. Wenn man so viel erreicht hat, was bedeutet einem dann noch Geld?

Ich bin in einer Mittelklasse-Familie aufgewachsen. Meine finanzielle Lage hat sich nur deshalb verändert, weil die Firma so erfolgreich ist. Aber ich habe deswegen nicht die Bodenhaftung verloren, denke ich. Was sich tatsächlich verändert hat, ist, dass ich viel Geld für die Unterstützung bestimmter Organisationen, Anliegen und auch Individuen ausgeben kann.

Sie unterstützen auch einzelne Menschen?

Ja, ich unterstütze US-Leichtathleten finanziell. Ich bin selbst früher bei Leichtathletik-Rennen angetreten. Eines Tages kam der Chef des Olympischen Teams für Leichtathletik auf mich zu und bat mich um Unterstützung für sein Team. Denn das Olympische Team der USA bekommt im Unterschied zu den Teams anderer Staaten kein Geld vom Staat. Also habe ich mich engagiert. Ich sponsore hundert US-Leichtathleten. Bei den letzten Olympischen Spielen haben die Athletinnen und Athleten zwei Drittel der Medaillen errungen, welche die USA gewonnen haben.

Das war also auch ein gutes Investment.

In der Tat. Ich gebe ungefähr so viel Geld wie der Staat, der am drittmeisten Medaillen gewonnen hat. Einmal im Jahr treffe ich die Athletinnen und Athleten zu einem Lunch in New York. Und da erzählten sie mir, dass meine Unterstützung ihnen geholfen hat, in der Weltspitze zu bleiben. Denn wenn sie in der Leichtathletik olympisches Niveau erreichen wollen, müssen sie zweimal pro Tag trainieren. Wenn sie das tun, können sie keiner normalen Arbeit nachgehen. Ausser von mir bekommen diese Athleten nur noch Geld von einer Schuhfirma. Und mir macht es Spass, zu helfen. 

Was unterstützen Sie noch?

Ich bin einer der grössten Förderer von katholischen Schulen in den USA. Dabei bin ich gar nicht katholisch.

Wie kam es denn dazu? 

Diese Schulen haben bemerkenswerte Ergebnisse. 70 Prozent ihrer Schülerinnen und Schüler leben an der Armutsgrenze oder gar darunter. 90 Prozent sind Vertreter einer Minorität. Aber 98 Prozent von ihnen schaffen später einen High-School-Abschluss. Deshalb unterstütze ich katholische Schulen, weil sie so einen grossen Einfluss haben, das Leben von Menschen zum Positiven zu verändern. Ich mag es, Dinge zu fördern, die das Leben von Menschen verändern. Und ich erachte es als Privileg, dass ich so helfen kann. 

Ambitionen, Twitter zu kaufen, wie andere Milliardäre, hatten Sie nie?

Nein, das habe ich mir nie angeschaut.

Melden Sie sich an und diskutieren Sie mit.

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Miramar sells for $27 million

Gustave White Sotheby’s International Realty announced the sale of ‘Miramar’ at 646 Bellevue Avenue in Newport, RI. The seller was represented by David Huberman of Gustave White Sotheby’s International Realty. The buyer, Blackstone Chairman and CEO Stephen Schwarzman, was unrepresented.

Located on Bellevue Avenue, ‘Miramar’ is among Newport’s finest Gilded Age mansions and one of its largest private homes with an oceanfront setting offering panoramic views of the Rhode Island Sound and Atlantic Ocean.

In 1912 George D. Widner of Philadelphia commissioned architect Horace Trumbauer to design a summer cottage for his family. Trumbauer had designed several prominent buildings in Philadelphia as well ‘The Elms’ in Newport, his design for ‘Miramar’ was a neoclassical

French petit palais constructed of limestone inspired by eighteenth- century French architecture. On over 8 acres, the grounds were designed by French landscape architect Jacques Greber, who laid out the grand parterre gardens facing Bellevue Avenue.

In April of 1912, the Wideners were returning from a visit to Paris where, among other things, they were looking for furniture and decorative objects for their Newport house. They were aboard the RMS Titanic.

In the early morning hours of April 15th, 1912, Eleanor Elkins Widener and her maid stepped into one of the lifeboats after the ship struck an iceberg. Her husband, George, and her son, Harry, did not survive. Upon her safe return to America, the widowed Mrs. Widener continued with plans for her Newport house, named ‘Miramar’ (Spanish for “sea-view’) as a memorial to her husband. Eleanor later donated the money to Harvard University to build the Harry Elkins Widener Memorial Library in her son’s memory who was a Harvard alumni and avid book collector.

Listing agent David Huberman of Gustave White Sotheby’s International Realty said “Miramar is a once-in-a- lifetime opportunity to own one of the most spectacular estates in Newport. The design, construction, setting, and historical pedigree of this property are second to none. From private entry through its elaborate gates, to the flow through arched doorways from formal dining spaces through grand ballrooms to its exquisite seaside terrace it offers grandeur, and an opportunity to own a piece of history that cannot be recreated.” Its most recent owners had undertaken a detailed study and conservation of the estate with an international team of preservation consultants and advisors. Exterior stone cleaning, repointing, roof and balustrade work, a new geothermal heating and cooling system, interior paint analysis, tree care, and much more have been implemented, bringing the house and grounds on a course back to the original vision of Mrs. Widener and her design team.

Stephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the world’s leading investment firms with $684 billion Assets Under Management. Schwarzman’s net worth is reportedly $33 Billion.

This historic sale comes on the heels of Clarendon Court selling for $30 Million , making it the highest sale price for a private home ever in Rhode island.

Senator Jack Reed Applauds New Anti-Money Laundering Rules for Investment Advisers

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These Are the Highest Paid CEOs — And 9 Make More Than $100 Million a Year, According to a New Report Blackstone CEO Stephen Schwarzman took the top spot from Alphabet's Sundar Pichai in total compensation in 2022.

By Erin Davis Jul 6, 2023

Key Takeaways

• A CEO pay analysis examined CEO total compensation for 2022.
• Nine CEOs earned more than $100 million.
• Apple's Tim Cook wasn't one of them.

Opinions expressed by Entrepreneur contributors are their own.

Running a company is tough, but spending the summer sailing on your yacht certainly makes up for it.

A new report by C-Suite Comp, examined by the Wall Street Journal , found that nine CEOs took home $100 million or more in total compensation in 2022. Nine is actually low—there were 20 in 2021, according to the company's analysis.

The top spot went to Blackstone CEO Stephen Schwarzman, whose total compensation reportedly earned $253 million.

No. 2 was Google and Alphabet CEO Sundar Pichai, with a pay package of $226 million.

Related: Google CEO Responds to Accusations That Company is 'Nickel and Diming' Workers: 'We Shouldn't Always Equate Fun With Money'

Six of the top 10 highest-paid chief executives are running companies that aren't in the S&P 500 (the largest publicly-traded companies in the U.S.), per the WSJ .

The CEOs of well-known companies such as Peloton, Pinterest, and Hertz each brought in more than $100 million last year. Michael Rapino, CEO of Live Nation, and Safra Catz, CEO at Oracle, also made the list, bringing in just under $150 million each.

Apple's Tim Cook earned $99 million, which was No. 10 on the list.

Read the full list and analysis, here .

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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