The Blackstone Group Inc. is an American alternative investment management company based in New York City. In 2019, Blackstone converted from being a publicly traded partnership into being a corporation. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last decade, while its real estate business has actively acquired commercial real estate. As of 2019, the company's total assets under management were approximately US$545 billion. Blackstone was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson and Stephen A. Schwarzman, who had previously worked together at Lehman Brothers.