Peter Peterson along with Stephen Schwarzman co-founded Blackstone in 1985 with a starting capital of $200,000.
Peter Peterson, the billionaire Wall Street financier who served as U.S. President Richard Nixon’s commerce secretary and went on to co-found the Blackstone Group LP has died at the advance age of 91 of natural causes.
“As a first-generation American born in Kearney, Nebraska, Pete exceeded all of his expectations in becoming a successful businessman, statesman and philanthropist,” said the Peterson family in a statement.
Peterson, the son of Greek immigrants co-founded Blackstone with Stephen Schwarzman in 1985 with an initial investment of $200,000.
Blackstone, still led by 71-year-old Schwarzman, has more than $400 billion in assets under its managements and went public in 2007.
Forbes has estimated Peterson’s net worth to be at $2 billion.
Incidentally, Blackstone acquired its name when Peterson and Schwarzman combined the German meaning of ‘schwarz’, black, with the meaning of ‘petros’ in Greek, which translates as stone.
“Pete led an incredible life, leaving a lasting mark on both Blackstone and the broader world. On behalf of the firm and its more than 2,000 employees, we extend our deepest condolences to the Peterson family,” said Schwarzman in a statement.
Peterson is survived by his wife, five children and nine grandchildren.