Blackstone's First Investor

Garnett Keith, head of Seabridge Investment Advisors, stopped by the Four Seasons to tell his story to “Power Lunch’s” Sue Herera on how he became one of Blackstone’s first investors.

Keith said two factors persuaded him to invest in Blackstone while he was chief executive of Prudential. The first: Blackstone co-founders Stephen Schwartzman and Peter Peterson were “very bright” and were already “distinguished men.”

The second reason, Keith said, is that his mentor at Prudential, Raymond Charles, was working at Blackstone and he trusted “that these guys could put together an LBO team.”

While the interview was happening, Peter Peterson, Blackstone’s co-founder, happened to be having lunch at the Four Seasons. “Power Lunch” co-host Bill Griffeth interrupted the interview and Peterson gave Keith a hug. “He was there when Steve Schwartzman and I needed him,” Peterson said, “and I’m never going to forget it. My gratitude is unlimited.”