Blackstone

Founded in 1985 by Peter Peterson and Stephen Schwarzman, Blackstone began as a mergers and acquisitions advisory boutique. The firm quickly transitioned into a merchant banking model, raising its first private equity fund in 1987. Over the following decades, it expanded significantly, launching hedge fund, real estate, and credit businesses, and becoming a dominant force in leveraged buyouts.

Today, Blackstone is the largest alternative investment firm in the world, managing over a trillion dollars in assets. It operates across various segments including private equity, real estate, credit, infrastructure, and hedge fund solutions. The firm became a public company in 2007, marking one of the largest U.S. IPOs at the time.

Blackstone's investment history includes massive deals such as the acquisition of Hilton Hotels and Equity Office Properties. Despite selling off its early stake in BlackRock—a move Schwarzman later called his worst business decision—the firm has maintained a trajectory of massive growth, diversifying into insurance solutions and secondaries while expanding its global footprint.