Blackstone’s $80 Trillion Opportunity

It's September 2023, Blackstone’s billionaire founder and CEO, Steve Schwarzman, is in Paris ming­ling with his senior European staff at a party to christen the private equity giant’s new 26,000-square-foot office. Beside him, in the courtyard of the elegant 18th-century building, is Gérard Errera, chairman of Blackstone France and former French ambassador to the United Kingdom. That morning Schwarzman gave the keynote address to a gathering of more than 2,000 of Europe’s biggest investors and family offices at International Private Equity Market’s annual conference. It has been a European whirlwind for Schwarzman. The day prior, the 76-year-old was in Frankfurt, Germany, opening a 14,000-square-foot Blackstone office on the top floor of a glass-and-steel skyscraper in the heart of the city’s financial district.

“I’ve been to a lot of office openings in my life, but it’s [more] exciting now,” says Schwarzman from his Park Avenue home base. “The farther you get from headquarters, the more effort you have to make to make sure the culture is the same and the risk on deals is consistent.”

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