Blackstone's Schwarzman Closed Deal for First PE Fund Over a Tuna Sandwich

The transcript details the journey of starting a firm with Pete Peterson, focusing on the strategic plan involving M&A advisory and private equity. Initially, they faced challenges in raising a billion-dollar fund, with many prospects declining. However, a breakthrough came when Prudential Life Insurance agreed to invest, marking a significant success.

What was the initial capital contribution made by each partner in the advisory business?

• $200,000

• $300,000

• $100,000

• $400,000

What was the ambitious fundraising goal set by the partners for their private equity fund?

• $2 billion

• $500 million

• $1 billion

• $100 million

Which two companies initially showed interest in investing, but with conditions?

• Metropolitan Life and Prudential

• Metropolitan Life and New York Life

• New York Life and Prudential

• Prudential and AIG

What was the key condition set by the initial investors for their commitment to be valid?

• Raising at least $750 million

• Raising at least $250 million

• Raising at least $100 million

• Raising at least $500 million

What was the pivotal moment that changed the fundraising outcome for the partners?

• A presentation to AIG

• A meeting with New York Life

• A lunch with the Chief Investment Officer of Prudential

• A call from Metropolitan Life