Blackstone Inc.

Founder‑CEO Stephen A. Schwarzman and President/COO Jonathan Gray have built a deep bench across strategies and maintained a culture of performance, risk control, and innovation.

Succession is widely expected to favor Gray when the founder eventually transitions, but the governance structure remains founder‑controlled and Class A shareholders do not elect directors, which we view as a structural governance discount.

Compensation is performance‑linked, and leadership has navigated multiple cycles with industry‑leading fundraising and investment outcomes. We assign a high score for capability and track record, moderated by shareholder‑rights limitations.