Key facts
- Stephen Schwarzman and Pete Peterson co-founded Blackstone Group.
- Schwarzman and Peterson began working together at Lehman Brothers in 1973.
- Securing clients was difficult due to long-standing business relationships.
Stephen Schwarzman, a co-founder of the private equity giant Blackstone Group, detailed aspects of his early career in a personal history piece. He began working with Pete Peterson, another future co-founder of Blackstone, at Lehman Brothers in 1973. Schwarzman noted that securing clients during this period was difficult due to companies' existing, long-standing relationships with other firms.
