Private Equity

AI’s unlikely benefactor: Blackstone’s 77-year-old CEO Steve Schwarzman

The private equity billionaire has donated more than half a billion dollars for AI education and research

Thursday 22 February 2024 at 13:29

'When you consider that I started my career building models with a pencil and a slide rule, I’d say I’ve come a long way'
'When you consider that I started my career building models with a pencil and a slide rule, I’d say I’ve come a long way' Photo: Hollie Adams/Getty Images

A chance encounter in 2015 led Steve Schwarzman, the septuagenarian private equity billionaire, to become one of the biggest and most unlikely champions of artificial intelligence.

On a bus ride in Beijing with other global business leaders, the Blackstone chief executive happened to sit next to Alibaba co-founder Jack Ma, who started talking about AI. The technology, he explained, would soon change drug development and education and reshape how people across all industries do their jobs.