Blackstone bull raising new buyout fund despite horrid private equity markets. Investors skeptical: shares down 25% this year and 55% since public offering last June. Harvard M.B.A took first job at investment bank Donaldson, Lufkin & Jenrette 1975. Ran M&A department by 1982. "Tony" orchestrated sale of DLJ to Credit Suisse for $11.5 billion in 2000. Schwarzman's heir apparent.

James’s wealth -- about $2.5 billion according to the Bloomberg Billionaire’s Index -- is spread across at least two family offices, Jefferson River and Swift River Investments. The former, which is named after a waterway that runs through his family’s Montana ranch, was set up in 2016 and has been involved in several small private equity transactions. They include backing Autism Learning Partners, a Glendale, California-based therapy provider to children with autism spectrum disorders, and Portsmouth, New Hampshire-based Legacy Global Sports, which hosts hockey, lacrosse, football and soccer youth tournaments.

James’s real estate holdings include a duplex on Manhattan’s Upper East Side that formerly belonged to Broadway director Hal Prince, which he bought in 2011 for $24.9 million. His Swift River acquired the 34,000-acre Hamilton Ranch in Montana in 2011, according to local media reports at the time. David James, told the Wall Street Journal that Swift River is no longer as active as it had been.