Equity firm looks to scholarships
Global leading private-equity firm Blackstone Group LP founder Stephen Schwarzman donated $100 million from his personal fortune to fund a scholarship program, which will bring 200 mainly US students to China every year, according to the Wall Street Journal on Monday.
The chairman of the company is raising another $200 million for the project, which will make it the biggest charitable effort in China's history involving funds from abroad.
The firm is raising a real-estate fund totaling $4 billion to focus on China and other Asian countries. If completed, that would be the largest private-equity property fund ever devoted to the region, the paper said.
