![]() and Shearson Lehman Brothers, collecting a $3.5 million fee. Blackstone advised on the 1987 merger of investment banks E. ![]() Altman, another Lehman veteran, left his position as a managing director of Lehman Brothers to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join the Clinton Administration as Deputy Treasury Secretary and later founded top advisory investment bank Evercore Partners in 1995.īlackstone was originally formed as a mergers and acquisitions advisory boutique. At Lehman, Schwarzman served as head of Lehman Brothers' global mergers and acquisitions business. The two founders had previously worked together at Lehman Brothers. : 45–56 The founders named their firm "Blackstone", which was a cryptogram derived from the names of the two founders (Schwarzman and Peterson): "Schwarz" is German for "black" "Peter", "Petros" or "Petra" (Πέτρος and πετρα, the masculine and feminine rendering of the word, respectively), in Greek means "stone" or "rock". Schwarzman with $400,000 in seed capital. Blackstone was founded in 1985 by Peter G.
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