Happy Birthday, Mr. Schwarzman
After an over-the-top 60th birthday party in 2007 that became a symbol of the gilded private equity era, Blackstone Chairman and CEO Stephen Schwarzman is looking for something a bit more sedate this time around.
Last year’s party, in the run-up to Blackstone’s IPO, transformed the Park Avenue armory into a replica of Schwarzman’s own apartment and featured a performance by Rod Stewart. But what a year it’s been: Blackstone’s stock hasn’t topped its opening day price, politicians have proposed restrictions on the industry’s tax status, and a credit crunch has made financing deals difficult.
The New York Post cited “sources” to report that Schwarzman will celebrate on Thursday “with a low-key evening at home with his family and a few friends.” Besides, it’s not a round-numbered birthday.