Schwarzman in 1985 cofounded Blackstone, which now has more than $1.3 trillion in assets under management, and he reportedly aims to build a top 10 philanthropy focused on AI and education. The private equity billionaire and his team are planning an expansion of his foundation, which had $65 million in total assets as of 2024. 

The plans to grow Schwarzman’s philanthropy were obtained and reviewed by the Wall Street Journal. One document said the Stephen A. Schwarzman Foundation recently hired an executive director who will oversee “Mr. Schwarzman’s vision for anticipated philanthropic growth,” according to the WSJ report.

The foundation and Blackstone didn’t respond to Fortune’s request for comment. 

Schwarzman, also Blackstone’s CEO, is a signatory of the Giving Pledge, a promise made by the world’s wealthiest people to donate a majority of their wealth to charitable causes and philanthropic organizations before or upon their death. More than 250 people have signed the pledge—including billionaires Warren Buffett, Bill Gates, Mark Zuckerberg, and Elon Musk—but far fewer have followed through. In fact, 110 of the U.S. signers are still billionaires 15 years later, according to a July 2025 report by the Institute for Policy Studies.

“I was struck when I learned of the implications that advances in artificial intelligence and other new computing technologies will have on human development, the workforce and global competitiveness,” Schwarzman wrote in his Giving Pledge letter. “I saw an urgent need to ensure our society is prepared for the changes to come, which is why I have funded two large-scale programs related to AI.”

According to the report obtained by WSJ, Schwarzman, 78, plans to transfer a “substantial majority” of his fortune to his foundation upon his death. His current net worth is estimated at $47.8 billion, according to the Bloomberg Billionaires Index. With that net worth and assuming he’s giving away 99% of his wealth, as the Giving Pledge suggests, that would place Schwarzman’s philanthropy among the largest in the world, along with the Gates Foundation ($83.3 billion) and the Wellcome Foundation ($47 billion).

From dealmaker to philanthropist

Schwarzman began his career as a banker at Lehman Brothers in 1972 after earning his MBA from Harvard Business School. He quickly rose through the ranks, becoming a managing director in 1978, later serving as chairman of the firm’s mergers and acquisitions committee before leaving to cofound Blackstone in 1985 with Pete Peterson.

They launched Blackstone with $400,000, and four decades later it’s become one of the largest asset management firms in the world with more than $1 trillion in assets under management including real estate, private credit, and infrastructure. 

But far before that, Schwarzman said, his philanthropic efforts were inspired by his father and grandfather. 

“I remember being a young boy and watching my grandfather pack prosthetics, wheelchairs, clothes, books, and toys to send to children in Israel every month. When I asked him why, he explained that it was not only his obligation, but also his privilege to help others in need,” Schwarzman wrote in his Giving Pledge letter. “I also remember my father, a storeowner in Philadelphia, regularly extending credit to newly arrived immigrants.”

In recent years, Schwarzman has focused on his legacy. Instead of concentrating solely on his and his firm’s accomplishments, he defines his legacy by what he’s currently working on and building for the future. 

“I think about what we’re doing new every single day, across all the different areas we’re involved in,” Schwarzman said in a 2023 interview with Thought Economics. “I think about what we can create, what good can we do in the business, how can we help our customers, how can we help the world, and how can we best engage in philanthropy and the community.”

One major example was his $350 million donation to MIT in 2018 to launch the Schwarzman College of Computing. 

“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,” Schwarzman said in a statement. The gift was the largest in MIT’s history.