Content Officer

Steve Schwarzman is a formidable name in finance as head of the Blackstone Group, one of the largest private equity firms in the world. Nevertheless, he has a soft spot for children and a belief in their capability that inspires him to give back and support their education, particularly those living in the underserved communities in New York.

Steve Schwarzman and his wife Christine recently gave a $5 million donation to the Inner-City Scholarships Fund, an educational non-profit group spearheaded by the Archdiocese of New York. During a tour in their honor, Blackstone chief executive Steve Schwarzman playfully reminisced about his mediocre performance in grammar school while speaking to his student-beneficiaries. Addressing a fourth-grade achiever in the crowd, he said: “I used to do homework and got a 90, but not much above that. I couldn’t get 96’s like you did.”

The fund was established in 1971. It benefits a total of 107 Catholic schools in Manhattan, Staten Island and the Bronx. The Schwarzmans have been donating to the fund since 2003, of which Mrs. Schwarzman currently sits as member of the board. The $5 million gift was the largest the non-profit has ever received. Through Steve Schwarzman’s generosity, an initial number of 100 students from the three focus communities will get scholarships.