Stephen Schwarzman recalls early career dealmaking

Stephen Schwarzman, the co-founder, Chairman, and CEO of The Blackstone Group, recounted key moments from his early career. He joined Lehman Brothers in 1972 and, six years later in 1978, handled the sale of Tropicana Products, a globally recognized orange juice company. This transaction was a significant turning point, leading to his promotion to partner at Lehman Brothers.

Following the Tropicana deal, Schwarzman celebrated by redecorating his office at Lehman Brothers, transforming it into a comfortable and visually interesting space he described as a 'cocoon.' This approach contrasted with the firm's typical work environment, as Schwarzman viewed his office as a 'second home.'

Schwarzman's career began at Donaldson, Lufkin & Jenrette (DLJ) in 1969 before moving to Lehman Brothers. In 1985, he co-founded The Blackstone Group with Peter George Peterson, utilizing private equity funds for leveraged buyouts and subsequent profitable divestitures. The firm's practices later drew scrutiny, including the 'Heuschreckendebatte' (locust debate) in Germany in 2005.