There’s been a lot said lately about The Blackstone Group, its founding members, its top ranking executives, its past, its future, its current status. But nothing about where the firm got its name. SEC filings have allowed the public to peek inside and dissect the money machine that is Blackstone, learning juicy bits of information like how much co-founder Stephen Scharzman makes ($400 million last year alone), and how much fellow co-founder Peter Peterson will cash in when the planned IPO arrives on Friday (he’ll make $1.88 billion).
And yet, nothing on the name. Blackstone is now a huge, international brand, with $88 billion under management. The firm is synonymous with private equity power, wealth, corporate turnarounds, record leveraged buyouts, asset management, and so on.
So where did “Blackstone” itself come from?
According to those in the know, “Blackstone” is simply a merging of the two founders’ last names, with a nod to their family origins.
Schwarzman has German roots and “schwartz” of course is the German word for black.
Peterson’s family tree is Greek, and in Greek, “petra” and “petros” means rock or stone.
So, there you have it–Blackstone.
Blackstone Group is probably a better choice than other options relating to their first and or surnames. DealZone took a look at some possibilities:
Stoneblack–Not bad, actually, but ending in “black” makes it too gothy. Also kind of makes you think more pirate than private equity.
Petersteve LLC–Okay, now we’re getting silly.
The Blackstone IPO is the talk of the town today. So what is behind the name "Blackstone". Here is the back story behind the name: