Stephen Schwarzman built one of the world\u2019s largest private-equity firms. Now, he\u2019s reportedly focused on building one of the biggest philanthropic foundations.\u00a0<\/p>\n
Schwarzman in 1985 cofounded Blackstone<\/a>, which now has more than $1.3 trillion in assets under management, and now reportedly<\/a> aims to build a top-10 philanthropy focused on AI and education. The private-equity billionaire and his team are planning an expansion of his foundation<\/a>, which had $65 million in total assets as of 2024.\u00a0<\/p>\n The plans to grow Schwarzman\u2019s philanthropy were obtained and reviewed by The Wall Street Journal. One document said the Stephen A. Schwarzman Foundation recently hired an executive director who will oversee \u201cMr. Schwarzman\u2019s vision for anticipated philanthropic growth,\u201d according to the WSJ report.<\/p>\n The foundation and Blackstone didn\u2019t respond to Fortune\u2019s request for comment.\u00a0<\/p>\n Schwarzman, also Blackstone\u2019s CEO, is a signatory of the Giving Pledge<\/a>, a promise made by the world\u2019s wealthiest people to donate a majority of their wealth to charitable causes and philanthropic organizations before or upon their death. More than 250 people have signed the pledge<\/a>\u2014including billionaires Warren Buffett, Bill Gates, Mark Zuckerberg, and Elon Musk\u2014but far fewer have followed through. In fact, 110 of the U.S. signers are still billionaires 15 years later, according to a July 2025 report<\/a> by the Institute for Policy Studies. <\/p>\n \u201cI was struck when I learned of the implications that advances in artificial intelligence and other new computing technologies will have on human development, the workforce and global competitiveness,\u201d Schwarzman wrote in his Giving Pledge letter<\/a>. \u201cI saw an urgent need to ensure our society is prepared for the changes to come, which is why I have funded two large-scale programs related to AI.\u201d<\/p>\n According to the report obtained by WSJ, Schwarzman, 78, plans to transfer a \u201csubstantial majority\u201d of his fortune to his foundation upon his death. His current net worth<\/a> is estimated at $47.8 billion, according to the Bloomberg Billionaires Index. With that net worth and assuming he\u2019s giving away 99% of his wealth, as the Giving Pledge suggests, that would place Schwarzman\u2019s philanthropy among the largest in the world, among the Gates Foundation<\/a> ($83.3 billion) and the Wellcome Foundation<\/a> ($47 billion).<\/p>\n From dealmaker to philanthropist<\/p>\n Schwarzman began his career as a banker at Lehman Brothers in 1972 after earning his MBA from Harvard Business School. He quickly rose the ranks, becoming a managing director in 1978, later serving as chairman of the firm\u2019s mergers and acquisitions committee before leaving to cofound Blackstone in 1985 with Pete Peterson.<\/p>\n They launched Blackstone with $400,000, and four decades later it\u2019s become one of the largest asset management firms in the world with more than $1 trillion in assets under management including real estate, private credit, and infrastructure.\u00a0<\/p>\n But far before that, Schwarzman said his philanthropic efforts were inspired by his father and grandfather.\u00a0<\/p>\n \u201cI remember being a young boy and watching my grandfather pack prosthetics, wheelchairs, clothes, books, and toys to send to children in Israel every month. When I asked him why, he explained that it was not only his obligation, but also his privilege to help others in need,\u201d Schwarzman wrote in his Giving Pledge letter. \u201cI also remember my father, a storeowner in Philadelphia, regularly extending credit to newly arrived immigrants.\u201d<\/p>\n In recent years, Schwarzman has focused on his legacy. Instead of focusing solely on his and his firm\u2019s accomplishments, he defines his legacy by what he\u2019s currently working on and building for the future.\u00a0<\/p>\n \u201cI think about what we\u2019re doing new every single day, across all the different areas we\u2019re involved in,\u201d Schwarzman said in a 2023 interview<\/a> with Thought Economics. \u201cI think about what we can create, what good can we do in the business, how can we help our customers, how can we help the world, and how can we best engage in philanthropy and the community.\u201d<\/p>\n One major example was his $350 million donation to MIT in 2018 to launch the Schwarzman College of Computing.\u00a0<\/p>\n \u201cThere is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,\u201d Schwarzman said in a statement<\/a>. The gift was the largest in MIT\u2019s history.<\/p>\n","protected":false},"excerpt":{"rendered":"Stephen Schwarzman built one of the world\u2019s largest private-equity firms. 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