Investing
Steve Schwarzman Is Pushing Buzzy Blackstone Division to Get Its Act Together
- BXG has written down some bets and reduced fundraising goals
- Blackstone said it ‘preserved’ capital in challenging market
This article is for subscribers only.
Steve Schwarzman had a tough message for the Blackstone Inc. executives gathered earlier this year in New York: Get your act together.
The object of the billionaire co-founder’s displeasure? Blackstone Growth, known as BXG and led by Jon Korngold. The division, which raised $4.5 billion for its debut fund, was supposed to mint Silicon Valley-esque fortunes and plug the rest of Blackstone into fast-growing companies.