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☆ Billionaire's million-dollar Nantucket beach house has officially been swept away
▼ + stars: | 2024-04-25 | by ( Madeline Berg | Dan Latu | ) www.businessinsider.com time to read: +6 min

This story is available exclusively to Business Insider subscribers. AdvertisementA representative for Sternlicht told Business Insider the house was to be demolished but did not provide further comment. The tony island of Nantucket is a favorite among billionaires like former Google CEO Eric Schmidt and Blackstone leader Steve Schwarzman. "Erosion takes out houses, roads, infrastructure, sewer beds, even airport runways," he told Business Insider. Despite the island's propensity for natural destruction, the town has strict rules regarding what structures owners can take down.

Persons: Barry, Sternlicht, Forbes, Shelly Lockwood, tony, Eric Schmidt, Steve Schwarzman, James Pallota, Pallota, Lockwood, Brendan Maddigan, Steven Cohen, Cohen Organizations: Service, Billionaire, Business, Sternlicht, Nantucket Current, Blackstone, Celtics, Boston Globe Locations: Nantucket

☆ Blackstone's data-center bets have climbed 10-fold to $100 billion in just 3 years. And it's just the start, Steve Schwarzman says.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.

Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris

☆ Behind Trump's campaign cash crunch: Small-dollar donor fatigue, major donor hesitation
▼ + stars: | 2024-03-18 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

The drop in Trump's small-dollar contributors could be significant obstacle as the former president faces the well-funded incumbent president, Democrat Joe Biden. Falling behind BidenEvidence from earlier in the 2024 election cycle already hinted at an erosion of Trump's small-dollar donor base, or support of $200 or less. In January of this year, Trump's campaign reported raising around $3 million from small-dollar donors, according to data from OpenSecrets. Elizabeth Frantz | ReutersMeanwhile, Trump's campaign told The New York Times that February was its strongest month so far in the 2024 campaign cycle for small-dollar donations. Between Jan. 1 and Dec. 31, 2020, Trump's campaign raised over $264 million from small-dollar supporters.

Persons: Donald Trump, Marco Bello, Reuters Donald Trump's, Joe Biden, Biden, Trump's, Elizabeth Frantz, Trump, Shannon Stapleton, John Paulson, Howard Lutnick, Letitia James, Steve Schwarzman, Miriam Adelson, Denise Truscello, Stephen Louro, Long, Louro, Greg Abbott, Elise Stefanik, Haley, Nikki Haley, MAGA, Adrienne Arsht, Mike Segar, Paul Singer, Singer, Paul Singer David A, Singer's, Lara Trump, Jonathan Drake Organizations: Reuters, White, Republican Party, Federal, Commission, U.S, Capitol, Washington , D.C, New York Times, CNBC, Trump, Republican National Committee, RNC, New York, Court, Trump Organization, AFP, Getty, PAC, Democrats, Blackstone, Cleveland Clinic Lou, Brain Health, MGM, Garden, Hamptons, Republican, New York Republican, Republican Texas Gov, South Carolina Gov, Former South Carolina, NBC News, Adrienne, Adrienne Arsht Center, Performing Arts, Republicans, Haley, Grogan, American Opportunity Alliance, Politico, North, North Carolina GOP Locations: Lago, Palm Beach , Florida, U.S, Washington ,, New York City, Las Vegas , Nevada, York, Former, Miami , Florida, Houston, New York, North Carolina, Greenville , North Carolina

Toeing the line in Miami BeachAmerica’s corporate elite were everywhere in Miami at the Future Investment Initiative conference, Saudi Arabia’s latest bid to showcase its extensive wealth and deepen ties with Western business. DealBook’s Lauren Hirsch was on hand to report on the financiers and Hollywood A-listers who made the trip. The Saudis are using their vast oil wealth to become one the world’s biggest investors and forge closer relationships with Wall Street, Silicon Valley and more. (So too did former Trump officials including Steven Mnuchin, the former Treasury secretary; Mike Pompeo, a previous secretary of state; and Jared Kushner, Trump’s son-in-law.) Attendees mingled over wine, which is banned in Saudi Arabia, and Carbone’s spicy rigatoni.

Persons: Jamal Khashoggi —, Prince Mohammed bin Salman, DealBook’s Lauren Hirsch, Steve Schwarzman, Blackstone, Barry Sternlicht, Alex Karp, Brian Grazer, Gwyneth Paltrow, Steven Mnuchin, Mike Pompeo, Jared Kushner, Trump’s Organizations: Future Investment Initiative, Saudi, Hollywood, Starwood, Palantir, Trump, Treasury Locations: Miami Beach, Miami, Silicon Valley, Saudi Arabia

☆ Here's how I see the Fed's rate-cut dilemma playing out — and 5 more themes for 2024
▼ + stars: | 2024-02-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

Here's why: The conversion from three or four cuts to two to one to no cuts won't happen overnight. It won't be a headlong rush out of the stock market. As long as enough people think rate cuts are going to occur, there won't be torrent of money going to the sidelines. What else could influence our thinking for 2024 besides this rate-cut dilemma? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Nixon, Goldwater, John Ellis, Steve Schwarzman, Blackstone, There's, we're, It's, Estee Lauder, Eaton, Ingersoll Rand, Nucor, Eli Lilly, —, Zepbound, aren't, Jim Cramer, Jim Organizations: CNBC, Club, Fed, Federal Reserve, U.S, Army, U.S . Army, Republican, Federal Trade Commission, Microsoft, Activision, Wynn Resorts, Apple, Palo Alto Networks, Nvidia, GOP, That's, Caterpillar, it's Novo Nordisk, Jim Cramer's Charitable Locations: Vietnam, Wisconsin , Michigan, Pennsylvania, North Carolina , Georgia, Arizona, Nevada, China

The topic of Donald Trump has dominated dinners and parties at Davos, with many in attendance at the World Economic Forum mulling the former president's potential return to the White House after his resounding Iowa caucus victory. 2024 predictionsJamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Steve Schwarzman, Chairman, CEO & Co-Founder Blackstone Group, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Adam Galici | CNBCBlackstone CEO Stephen Schwarzman expressed another common theme among executives — that both Trump and U.S. President Joe Biden are flawed choices. Marc Benioff, co-founder, chairman and CEO Salesforce, speaking with CNBC's Sara Eisen at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.

Persons: Donald Trump, Evelyn Hockstein, —, I'm, Trump's, Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon wouldn't, CNBC's, Dimon, Biden, Trump, he's, Steve Schwarzman, Stephen Schwarzman, Joe Biden, Schwarzman, Ben Smith, Smith, Marc Benioff, Salesforce, Bloomberg's Brad Stone, CNBC's Sara Eisen Organizations: Reuters, Switzerland — Global, Washington , D.C, Trump, ., JPMorgan Chase, CNBC, NATO, White, U.S, Capitol, Blackstone Group, CNBC Blackstone, Biden, Wall Street Locations: Des Moines , Iowa, U.S, Reuters DAVOS, Switzerland, Washington ,, Davos, Trade, China, Mexico, United States

Zelensky and Trump loom over DavosTwo people are having an outsize impact at the World Economic Forum, and one of them isn’t even there. One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. Zelensky isn’t the only leader at Davos worried about Trump. The Ukrainian leader has sought to shore up global business support. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.

Persons: Volodymyr Zelensky, Donald Trump, Zelensky, Vladimir Putin, Andrew, Trump, Putin, “, ” Zelensky, Republican Party ”, DealBook, thumped, JPMorgan Chase, Steve Schwarzman, Blackstone, Ray Dalio, David Rubenstein, Carlyle, Michael Dell, John Kerry, Biden’s, Anthony Scaramucci, Christine Lagarde, Christopher Waller, Nelson Peltz’s, James Gorman, Morgan Stanley, Mary Barra, General Motors —, Bob Iger, Disney’s, Murray Auchincloss, Bernard Looney, Auchincloss, Yi Fuxian Organizations: Trump, Economic, Ukraine, Republican Party, Republican, JPMorgan, Congress Center, Dell, European Central Bank, Fed, Disney, General, BP, University of Wisconsin – Locations: Davos, Switzerland, Europe, Ukraine, American, Iowa, Bridgewater, China, Beijing, Russia, Britain, U.S, Asia, University of Wisconsin – Madison

☆ Blackstone CEO Steve Schwarzman: We're going to be a lot more active in 2024 than we have been
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone CEO Steve Schwarzman: We're going to be a lot more active in 2024 than we have beenBlackstone Group chairman, CEO and co-founder Steve Schwarzman joins 'Squawk Box' to discuss the real estate market, doing business in China, 2024 election, and more.

Persons: Steve Schwarzman Organizations: Blackstone Group Locations: China

☆ American CEOs serve China’s Xi a too-rich dessert
▼ + stars: | 2023-11-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

REUTERS/Kevin Lamarque Acquire Licensing RightsNEW YORK, Nov 16 (Reuters Breakingviews) - America’s corporate chieftains were thrilled to see China’s President Xi Jinping at Wednesday’s gala dinner in San Francisco. So thrilled that they gave him a standing ovation, according to Reuters. He has defended China’s stance on Taiwan, equating the self-governing island’s relationship with the People’s Republic to Hawaii’s position vis-à-vis the United States. The standing ovation is just a new, cringeworthy way to follow the money. Xi received a standing ovation as he entered the room and before and after he took the stage, the report said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Tim Cook, Larry Fink, Steve Schwarzman, Ray Dalio, Bridgewater, Tesla, Elon Musk, Apple’s Cook, Ding Xuexiang, Howard Schultz, Biden, “, John Foley, Aditya Sriwatsav Organizations: Economic Cooperation, REUTERS, Reuters, Apple, Blackstone, ”, China, Xi, Thomson Locations: Filoli, Asia, Woodside , California, U.S, San Francisco, BlackRock, China, United States, Taiwan, Republic, Schwarzman, Beijing

Top business leaders in the U.S. meet Chinese President Xi Jinping in San Francisco, California on Nov. 15, 2023. Apple CEO Tim Cook, Tesla chief Elon Musk and Blackrock's Steve Schwarzman were among the guests Wednesday night at a gala reception and dinner in San Francisco for visiting Chinese President Xi Jinping. San Francisco Mayor London Breed also had a spot at the head table. According to the place cards, Cook was seated next to Chinese Minister of Commerce Wang Wentao. Event organizers said Musk attended the VIP reception, but did not stay for the dinner.

Persons: Xi Jinping, Tim Cook, Elon Musk, Steve Schwarzman, Xi's, Joe Biden, Biden, Xi, Marc Benioff, Stan Deal, Raj Subramaniam, Ryan McInerney, Ray Dalio, Albert Bourla, Janow, Larry Fink, Gina Raimondo, Nicholas Burns, Kurt Campbell, San Francisco Mayor London Breed, Cook, of Commerce Wang Wentao, Musk Organizations: Apple, Tesla, U.S ., China Business Council, National Committee, U.S, China Relations, United, Boeing, FedEx, Visa, Bridgewater Associates, Pfizer, Mastercard, BlackRock, Commerce, White House, San Francisco Mayor London, of Commerce Locations: U.S, San Francisco , California, San Francisco, United States, China, White House China

Biden and Xi try direct diplomacyThe mood music was upbeat but pragmatic after the first face-to-face meeting in a year between President Biden and his Chinese counterpart, Xi Jinping. There was no joint communiqué after Wednesday’s talks, but both sides issued positive statements trumpeting where they found common ground, including on tackling climate change and improving communications. The leaders agreed to restart military communications that were suspended last year after Nancy Pelosi, then speaker of the House, visited Taiwan. Larry Fink of BlackRock and Steve Schwarzman of Blackstone reportedly sat at the Chinese leader’s table. The measure would keep the federal government funded through early next year, clearing the way for President Biden to sign the legislation.

Persons: Biden, Xi, Wednesday’s, Nancy Pelosi, —, Larry Fink, BlackRock, Steve Schwarzman, Blackstone, Tim Cook, Albert Bourla, Ray Dalio, ” Richard McGregor, DealBook, “, they’re, Kamala Harris, Elon Musk, Jensen Huang, Nelson, Trian Organizations: Hyatt Regency, Apple, Pfizer, Bridgewater Associates, Lowy Institute, SpaceX, Tesla, Nvidia, Disney, ValueAct Capital, 13D, Microsoft Locations: San Francisco, U.S, Taiwan, China, Beijing, Iran, Israel, Australia, Ukraine

☆ Private equity superstores overstock the shelves
▼ + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.

Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, “, IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas

☆ Wall Street strategist and '10 Surprises' author Byron Wien dies at 90
▼ + stars: | 2023-10-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Byron Wien, Vice Chairman of Private Wealth Solutions group, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 13, 2018. Wien built his wide following on Wall Street during two decades at investment bank Morgan Stanley (MS.N) where he rose to be the firm's chief investment strategist of the United States. Soon after, at age 76, when most people were enjoying retirement, Wien joined private equity firm Blackstone to offer direction and guidance. "My wife hopes I give this up as soon as possible," Wien told the New York Times about writing it. He told the New York Times in 1985 "I'm not sure I can do this job," about the strategist role at Morgan Stanley.

Persons: Byron Wien, Brendan McDermid, Wien, Morgan Stanley, Blackstone, Steve Schwarzman, Jon Gray, I'm, Svea Herbst, Bayliss, Chris Reese Organizations: Wealth Solutions, Reuters, REUTERS, Blackstone Inc, Wien, Pequot Capital Management, Blackstone, U.S, New York Times, Harvard, Svea, Thomson Locations: New York, U.S, United States, China, Wien

☆ Wall Street warning: Ray Dalio, Jamie Dimon, Larry Fink issue grim outlooks for the global economy
▼ + stars: | 2023-10-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, and Steve Schwarzman all shared their views. They tackled topics such as inflation, recession, the Israel-Hamas war, and commercial real estate. JPMorgan CEO Jamie Dimon, BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Blackstone CEO Steve Schwarzman, and Bridgewater Associates founder Ray Dalio all shared their views. They touched on everything from the Israel-Hamas conflict and pressures on commercial real estate to inflation, interest rates, fiscal and monetary policies, and the risk of recession. David SolomonThe Goldman Sachs chief recalled the boom in mergers and acquisitions coming out of the pandemic, as massive amounts of fiscal stimulus and rock-bottom interest rates fueled "extreme confidence."

Persons: Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, Steve Schwarzman, —, Goldman Sachs, Blackstone, Dalio, Dimon, Fayez Nureldine, David Solomon The Goldman Sachs, that's, Solomon, Fink, aren't, he's, we'll, Schwarzman Organizations: Service, Future Investment Initiative, Tuesday, JPMorgan, BlackRock, Bridgewater Associates, Getty Locations: Saudi Arabia, Israel, Russia, Ukraine, Riyadh, AFP

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

☆ Former Bridgewater CEO Dave McCormick would get big money backing for Pennsylvania U.S. Senate run
▼ + stars: | 2023-09-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

Dave McCormick, Republican U.S. Senate candidate from Pennsylvania , greets supporters during a campaign event with Sen. Ted Cruz, R-Texas, at Lehigh Valley Sporting Clays in Coplay, Pa., on Tuesday, January 25, 2022. The last time McCormick ran for Senate, his chief rival in the Republican primary was TV host Dr. Mehment Oz. Christian Ferry, who previously worked for Republican Sen. Lindsey Graham and late GOP Sen. John McCain, said, "Every cycle these totals continue to go up." McCormick has reportedly been promised the support of the Senate Leadership Fund, a super PAC aligned with Republican Senate Minority Leader Mitch McConnell of Kentucky. Burch paid approximately $16 million for the estate, according to Newsday.

Persons: Dave McCormick, Sen, Ted Cruz, Dave McCormick's, Tory Burch, McCormick, Goldman Sachs, Lloyd Blankfein, Steven Mnuchin, Gary Cohn, David Solomon, Bob Steel, Perella Weinberg, Mnuchin, Donald Trump, Cohn, Bob Casey, Paul Singer, Steve Schwarzman, Burch, Mnuchin Cohn, Singer, Schwarzman, Steel, Dave, agains Casey, Dina Powell McCormick, Dina, Democrat John Fetterman, Mehment Oz, OpenSecrets . Oz, Donald Trump . Oz, Casey, Oz, Alex Conant, Republican Sen, Marco Rubio, It's, Lindsey Graham, GOP Sen, John McCain, Mitch McConnell of Organizations: Republican U.S, Lehigh Valley, U.S, Senate, Bridgewater Associates, Democratic, Elliot Investment Management, Blackstone, CNBC, Steel, NBC News, Associated Press, McCormick, Keystone, Bush, Treasury, Pennsylvania Senate, Democrat, Republican, GOP, PAC, Bridgewater, Pennsylvania Democratic Party, Fund, Prosperity, that's, Koch Industries, Hamptons, Newsday Locations: Republican, Pennsylvania, Texas, Coplay, Pa, Connecticut, Pittsburgh, Trump, OpenSecrets ., Mitch McConnell of Kentucky, Southampton, Long, , New York, Palm Beach

☆ Jets owner Woody Johnson is privately lobbying GOP megadonors to donate to Trump's campaign
▼ + stars: | 2023-09-15 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

US President Donald Trump (R) gestures as he talks with US Ambassador to the United Kingdom Woody Johnson (L) preparing to board Marine One to depart the US ambassador's residence Winfield House in London on July 13, 2018. Billionaire and New York Jets owner Woody Johnson is part of a very small group within former President Donald Trump's inner circle: Wealthy supporters who are willing to invest their own personal capital to convince Republican megadonors to donate to Trump's presidential campaign. "The sales pitch from team Johnson has been 'it's going to be Trump based on the polling. Are you just not going to get on the train as Trump heads to be the nominee?'" But not Johnson.

Persons: Donald Trump, United Kingdom Woody Johnson, Woody Johnson, Donald Trump's, Republican megadonors, Johnson, Trump, Johnson's, Steve Schwarzman, Andy Sabin, Stephen Ross, Trump's Organizations: US, Winfield, New York Jets, Republican, Trump, CNBC, Jets, Blackstone, White House Locations: United Kingdom, London

☆ Carlyle’s big fee strain comes into sharper view
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The logo for Carlyle is seen at the company’s offices in New York City, U.S., June 28, 2022. REUTERS/Brendan McDermidNEW YORK, Aug 2 (Reuters Breakingviews) - Private equity veteran Carlyle (CG.O) is behind the buyout times. Carlyle and Blackstone kicked off the latest results season at opposite ends of the valuation spectrum. Carlyle trades at about 10 times expected earnings for 2023, according to Refinitiv, the lowest among major peers. And yet, Carlyle’s primary business of doing deals held up relatively better: Proceeds from asset sales declined 36%, versus an 82% slump at Blackstone.

Persons: Carlyle, Brendan McDermid, Harvey Schwartz, Blackstone, Steve Schwarzman, Schwartz, Jonathan Guilford, Aston Martin, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Blackstone, Twitter, Thomson Locations: New York City, U.S, Japan

☆ Getting an entry-level job at Blackstone is harder than getting into Harvard, says Steve Schwarzman. Here's how to ace an interview and land a job there.
▼ + stars: | 2023-07-21 | by ( Casey Sullivan | Reed Alexander | ) www.businessinsider.com time to read: +2 min

Getting a job at private equity giant Blackstone is getting more competitive. In 2020, Insider spoke with president Jon Gray to learn how to stand out and land a job Blackstone. The billionaire that built Blackstone doubts he'd land a job at the private equity titan today. "Getting an entry-level job at Blackstone is 12 times harder than getting into Harvard. So how exactly do applicants dead-set on working for the firm land one of its highly-prized entry-level gigs?

Persons: Jon Gray, Blackstone, Stephen Schwarzman, That's, I'd, Schwarzman, —, Gray, Blackstone's cofounders, Pete Peterson, couldn't, Here's Organizations: Blackstone, Morning, Wall Street, Harvard, University of Pennsylvania, Wall Locations: New York, Chicago

☆ Blackstone deal is a bright spot in gloomy sector
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 26 (Reuters Breakingviews) - The U.S. commercial real estate industry is mired in gloom, but some pockets are still sunny. The portfolio includes 14 million square feet of industrial properties in cities like Atlanta, Phoenix and Dallas, and the deal is premised in part on rising rents. According to the two companies, the net operating income generated by the warehouses is 4% of the acquisition price. Meanwhile, listed real estate investment trusts which own industrial warehouses trade at a narrowing discount to net asset value, according to S&P Global Market Intelligence. In a gloomy sector, so-called big boxes are a bright spot.

Persons: Steve Schwarzman, Avison Young, Jennifer Saba, Aston Martin, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, U.S, P Global Market Intelligence, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: Atlanta, Phoenix, Dallas, Canada

☆ Chris Christie lures big donors as he takes on Trump, while billionaire ally Cohen sits out
▼ + stars: | 2023-06-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

A person close to Cohen told CNBC that Cohen has yet to donate to either Christie's campaign or the allied super PAC called Tell It Like It Is. Cohen has no immediate plans to help Christie or get involved with the GOP primary at large, but his intentions could always change, this person added. Wall Street executive and former Trump communications director Anthony Scaramucci previously told Semafor he expected Cohen to support Christie. Colin Reed, a spokesman for the Christie super PAC, would not say who has donated to the group so far and only described the funding support as "overwhelming." The data also shows that Cohen later contributed $1 million toward Trump's inaugural celebration — at a time when Christie also publicly supported Trump.

Persons: Chris Christie, Donald Trump, Christie, Steve Cohen, Cohen, Anthony Scaramucci, Semafor, Scaramucci, CNBC's, Jeb Bush, Marco Rubio, Colin Reed, Reed, Joe Biden, Steve Schwarzman, Andy Sabin, Trump, Alexandra, Christie's Organizations: New, New Jersey Gov, GOP, Republican, Mets, CNBC, Wall Street, Trump, Christie, Gov, Republican Party, Blackstone, America Locations: New Jersey, Wall

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

☆ Trump post-arraignment donor dinner was full of crab cakes, burgers and rage
▼ + stars: | 2023-06-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Trump hosted the group, as well as aides, for a "candlelight dinner" at his golf course in Bedminster, New Jersey. Trump had just returned to his golf course after being arraigned and pleading not guilty in a Miami federal courthouse. "Voters, donors, and activists are all energized to send President Trump back to the White House," Steven Cheung, a spokesman for the Trump campaign, said in a statement to CNBC. "My message to President Trump this evening at Bedminster 'Damn the Torpedoes, Full speed ahead'!" The support from core Trump supporters contrasts with big money efforts to take him down.

Persons: Donald Trump, Trump, Sen, Tommy Tuberville, Tuberville, Steven Cheung, Steve Schwarzman, Peter Thiel, Stan Pate, Pate, Ron DeSantis, Koch Organizations: U.S, Trump National Golf Club, White, Republican, GOP, CNBC, Trump, Blackstone, Bedminster, Make, Inc, Florida Gov Locations: Bedminster , New Jersey, U.S, Miami, Bedminster, New York, Georgia

☆ Trump plans 2024 fundraising swing from Georgia to his N.J. golf course as he calls on his bundlers to raise up to $1 million
▼ + stars: | 2023-06-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Ron DeSantis entered the primary and managed to raise just over $8 million in the first 24 hours of his campaign, according to his team. The Trump campaign is asking bundlers to raise up to $1 million, according to a sign-up form that allows fundraisers to choose a bundler program. A campaign bundler voluntarily helps raise money for their desired candidate running for office through phone calls or other forms of outreach. The invite asks donors to give $23,200, with the funds going toward the Trump Save America Joint Fundraising Committee. The June 13 fundraiser calls to raise or give $100,000 for the Trump Save America Joint Fundraising Committee.

Persons: Donald Trump, LIV, Ron DeSantis, Trump, bundlers, Ultra MAGA, bundler, Steve Schwarzman, president's, DeSantis, Donald J Organizations: Trump National Golf Club, CNBC, Trump, Florida Gov, Ultra, Team Trump, Blackstone, Capitol, Republican Party, Republican, Trump Save America, Save, Republican National Committee Locations: Sterling , Virginia, Georgia, New Jersey, Miami, Save America, Michigan, Bedminster , New Jersey

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