And he threw himself a $3 million birthday party, according to CNN:
Steve Schwarzman threw himself a 60th birthday party few have forgotten. The $3 million soiree in Manhattan’s Park Avenue Armory in February 2007 marked a peak to the modern gilded age. Rod Stewart was the main attraction. Patti LaBelle sang Happy Birthday. If anyone had any doubt about the private-equity leader’s love of lavish spectacles, five hundred guests dining on lobster and filet mignon sealed the deal.
Just who is Schwarzman? He’s the head of Blackstone, which owns Park Hill, the Number 2 placement agent for the Kentucky Retirement Systems. Prior to his massive birthday bash, KRS paid him $2.8 million. He got about another million after the party.
Let’s take a look at some of the cash the KRS paid out to him. Data goes like this: Fund – Inception – KRS Commitment – Placement Agent – Amount Paid to Placement Agent.
- Wayzata I — 11/30/2005 — $75 million — Park Hill-Roberts, Prendergrast, Keene — $1,327,869
- Blackstone V — 01/31/2006 — $125 million — Park Hill — $1,250,000
- Wayzata II — 2007 — $75 million – Park Hill-Roberts, Prendergrast, Keene — $262,500
- Blackstone VI — 07/31/2008 — $100 million — Park Hill-Thomas Roberts & Sean Keene — $1,000,000
So, who can set me up as a KRS placement agent? I’m ready and willing.