Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with the founders of BlackRock, Larry Fink (current CEO of BlackRock), and Ralph Schlosstein (CEO of Evercore).
https://en.wikipedia.org/wiki/Blackstone_Inc.
In 1995, Blackstone sold its stake in BlackRock to PNC Financial Services for $240 million. Between 1995 and 2014, PNC reported $12 billion in pretax revenues and capital gains from BlackRock. Schwarzman later described the selling of BlackRock as his worst business decision ever.
That’s like 4 paragraphs later lol