This episode is a review of the book King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone, by David Carey and John E Morris. It’s part one of a two part series that will cover the book.
In part one I will provide a general history of Blackstone, from its early days as an M&A firm struggling to close its first fund, to its glory days of its IPO and its status as the world’s largest alternative investment firm. I will touch on the backgrounds of its founders, Peter Peterson and Steve Schwarzman, including the events that led them to found The Blackstone Group. We will also focus on the private equity industry as a whole, and how it has evolved since the 1980s.