SOURCE OF WEALTH: The Blackstone Group
FUNDING AREAS: Entrepreneurship, Education
OVERVIEW: Stephen Schwarzman, the chairman and CEO of the Blackstone Group, is among the 200 richest people in the world. His philanthropic initiatives include entrepreneurship and education. In addition to his individual philanthropic work, Schwarzman has significant influence over the Blackstone Charitable Foundation. According to available tax filings, the foundation awarded $5.54 million in grants in 2018. He signed the Giving Pledge in 2020.
BACKGROUND: Stephen Schwarzman graduated from Yale University and earned an MBA from Harvard. He rose through the ranks at Lehman Brothers and cofounded the Blackstone Group in 1985. He currently serves as Blackstone’s chairman and CEO.
ISSUES:
ENTREPRENEURSHIP: The Blackstone Charitable Foundation invests in entrepreneurship through its signature programs: the Blackstone Entrepreneurs Network, Blackstone LaunchPad and the Blackstone Inclusive Entrepreneurship Challenge. The Entrepreneurs Network program identifies “serial, successful entrepreneurs” in the U.S. and connects them to their regions’ “next high growth companies.” Working globally, the LaunchPad program helps student entrepreneurs overcome obstacles as they launch new businesses. The Inclusive Entrepreneurship Challenge supports “organizations that recruit and support underserved entrepreneurs throughout Chicago.” The Blackstone Charitable Foundation also writes grants to “non-profit organizations that strengthen entrepreneurial ecosystems and support promising entrepreneurs.”
EDUCATION: Schwarzman’s giving as an individual has prioritized education. He is the founder of the Schwarzman Scholars program, which “gives the world’s best and brightest students the opportunity to develop their leadership skills and professional networks through a one-year Master’s Degree at Tsinghua University in Beijing.” He has also donated $350 million to the Massachusetts Institute of Technology to establish a college of computing that will focus on the study of artificial intelligence. Schwarzman has supported the New York Public Library with a $100 million gift for expansion and renovation. He has also given over $200 million to the University of Oxford to establish the Stephen A. Schwarzman Centre for the Humanities. Additional past grantees in the area of education include the Archdiocese of New York’s Inner City Scholarship Fund, Yale University and Abington High School.
OTHER: Schwartzman gave $25 million to expand and renovate the Schwarzman Animal Medical Center in 2021.
LOOKING FORWARD: Without his own foundation, it is somewhat difficult to discern the details of Schwarzman’s philanthropy. It is likely that he will continue his work in the area of education.
CONTACT:
Amy Stursberg, Executive Director
Blackstone Charitable Foundation
345 Park Avenue, New York, NY 10154
(202) 583-5000, foundation@blackstone.com
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