FYI: When Abington High School leaders planned costly additions recently, they turned to Stephen A. Schwarzman. The billionaire cofounder, chief executive, and controlling owner of Blackstone Group LP, a corporate-buyout and real estate investment firm, Schwarzman helped the school in 2005 fund its sports stadium, which is named for him.
Schwarzman didn’t disappoint: In February, he pledged $25 million to his alma mater, where he was a varsity letter athlete and student council president. He graduated in 1965 before heading to Yale, Harvard (M.B.A.), Lehman Bros., and a long career buying and selling property, companies, and debts.
Schwarzman’s firm, which invests more than $400 billion for clients around the world, has prospered in Pennsylvania, among other states. Since 2006, Blackstone has collected more than $300 million in fees and “partnership sharing” from the Public School Employees’ Retirement System (PSERS), which funds pensions for staff in Abington, Philadelphia, and more than 500 other school districts. It also invests for the Pennsylvania State Employees’ Retirement System (SERS) and for the chronically underfunded New Jersey and Philadelphia pension funds, which send cash to Blackstone and other private high-fee firms in hope of raising returns.
Regards,
Ted
http://www.philly.com/philly/blogs/inq-phillydeals/stephen-schwarzman-abington-25m-high-school-blackstone-psers-sers-gift-private-equity-hedge-fund-20180406.html
