After covering M&A and buyouts for so many years, I am often left wondering whether they lead normal, mortal lives. For some reason, I can’t imagine Steve Schwarzman trolling the aisles of a Safeway or weeding his front lawn. I imagine him jetting to Monaco to lounge poolside.
I also figure he cuts out early, but a call to Blackstone’s New York office reveals that Schwarzman is indeed at work at 4:15 p.m. “He just passed my desk and just checked the Bloomberg,” one person said. It was not immediately clear if Schwarzman would be throwing himself another party this weekend.
Calls to several other PE Execs revealed they also had yet to start their weekends. One executive said he was staying at the office and plans to do that for most of the summer. “More Fridays [are spent] working this year as people need to put money to work and deal flow is pretty good,” he said. This particular executive said that he more typically spends his summer weekends at his horse farm in New Jersey.
But another source confirmed my suspicions that PE Execs lead glamorous lives. His plans for the weekend? “I’m going to the F-1 race in Montreal,” he said.
When I asked this executive if he raced in his free time, or if he ever wore those one-piece, racing suits, he said that neither was the case. “This is just an excellent networking event,” he said, adding that CEOs of prospective companies often populate the F-1.
Otherwise, this executive said he was staying put this weekend and spending time with his family–in between conference calls for work.