More than 80,000 copies sold in English and over 100,000 in the Chinese translation. Russian, Japanese, Korean and Turkish editions have also been published.

[Carey and Morris’s] three-dimensional portrait, which emerges from a close analysis of Blackstone’s biggest deals, presents [Schwarzman] as a driven yet risk-averse financier who has occasionally said dumb things, treated subordinates harshly and raised eyebrows with his lavish lifestyle. But he also emerges as trustworthy, tireless and even compassionate, at one point seeing to the medical treatment of a former colleague with cancer.” — Daniel Akst, Wall Street Journal, Sept. 17, 2019

“The authors link Blackstone’s history to the larger story of private equity’s expansion and its relationship to corporate America. They offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance. . . . The book’s most insightful point is that private-equity firms may fill the role that banks used to occupy, since many were weakened during the financial crisis. ” –“Buccaneering: The Rise of Private Equity,” The Economist, Oct. 16-22, 2010

King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do….
The authors … had impressive access both to Schwarzman and his partners, and quote generously from them, which gives the book insiderish insights. But the authors do not sacrifice objectivity for that access.” –Henny Sender, “Private equity’s outspoken trailblazer,” Financial Times, Oct. 21, 2010

[T]he book colorfully recounts the busted deals and hotheaded personalities in Blackstone’s rise to the top.” –Scott Cendrowski, Fortune, Nov. 1, 2010

The authors … [take] us from the early days of the Blackstone Group, when the firm was just two guys and a secretary, to the buyout boom, when Mr. Schwarzman’s conspicuous consumption became a symbol of the new Gilded Age. In between, the book dives deeply into the firm’s signature deals — Celanese! Nalco! Distressed cable bonds! — that made Mr. Schwarzman and his partners so rich. It also delivers some fun details about many of the now-famous Wall Street players that did tours of duty at the firm. Boldface-named Blackstone alumni who make appearances in the book include Roger Altman (Evercore), Henry Silverman (Cendant, Apollo), Glenn Hutchins (Silver Lake) and Larry Fink (BlackRock).” — Peter Lattman, “Blackstone’s Rise: Discipline With a Splash of Excess,” New York Times DealBook, Oct. 5, 2010

King of Capital …. chronicles the entire buyout industry from KKR and the Barbarians at the Gate through Drexel Burnham Lambert’s junk bond factory and ‘Bid ‘Em Up Bruce’ Wasserstein, up to the present day when PE firms are just as likely to parachute a seasoned executive into a portfolio company to improve operations as they are to slice and dice a firm to bits like the corporate raiders of the past.” –Steve Schaefer, “Blackstone Back Story Shows Private Equity’s Growing Pains,”, Oct. 20, 2010

Carey and Morris brilliantly lay out the development of the firm through an exploration of its deals – both the successful and the utterly dismal investments – and its investment team. It was particularly interesting to read about the deals by Blackstone and its competitors within a broader economic context; for example, telecommunications deals that occurred during the heady days of the internet boom were discussed, as were real estate investments that occurred during the run up to the 2007-2009 financial crisis. The book was both entertaining and educational, as the authors took pains to delve into various financial tools and functions, debating the relative merits of stock buybacks, recapitalizations, vulture investing, etc. What I wasn’t expecting from the book, however, were valuable insights regarding innovation. As it turns out, co-founders Schwarzman and Peter Peterson weren’t just savvy investors – they were innovative entrepreneurs as well.”–Colin Hudson,, Dec. 5, 2011

It’s all here, blemishes and all. You are reading financial history as firms collapse and private equity ascends. Blackstone proceeds to do deal after deal, year after year, making billions for 60 plus partners, Schwarzman would have paydays as big as $400 million in one year…. The book tells the whole story from the ground up. It takes you through the public offering, and the ups and downs of the whole industry. You will see how other firms operate as well…. I promise you will love this book….” —Reader review on Amazon by Richard Stroyeck

#1 on‘s The Top Five Books for a Career in Private Equity:
[Carey and Morris] pull back the curtain on Steven Schwarzman, the CEO of Blackstone.

This book provides an excellent introduction to the world of private equity and its many permutations for those of us who are non-finance majors. More a biography of the industry than of Stephen Schwarzman himself, King of Capital chronicles the recent history of the leveraged buyout (LBO) industry, with descriptions of financial deals and examples that help to define industry concepts and techniques. But the book is no dry tome – the authors mix in enough intrigue, drama, financial complexity and high-society hustle to make a fascinating story.“–Jan Wallace, University of British Columbia Sauder School of Business in Business in Vancouver, April 5-11.

“King of Capital …. recounts the history of one of the financial industry’s most successful firms and one of the current generation’s top financiers. It also offers an education in the world of deals, and in coping with management challenges….
King Of Capital is as engrossing as it is instructive.” — Bill Hayes, The Financial Professionals’ Post, Mar. 21. 2011

For an inside look into Blackstone and its brash founder, Schwarzman, be sure to check out King of Capital.” — Scott Rudin, “New Book Details Rivalry Between Buyout Titans,”, Oct. 5, 2010

Carey and Morris are not only knowledgeable guides, but also superb at explaining unfamiliar concepts. (At one juncture, for instance, they use a homely example of how to market toothpaste to help explain a complex business deal that involves no toothpaste at all.)
The book carries the ring of authority in part because the journalists obtained a remarkable degree of cooperation from Schwarzman and others at the Blackstone Group….
Carey and Morris, fortunately, do not see everybody and everything through rose-colored lenses. The book covers Schwarzman’s wealth-related excesses, for instance, without sugar coating. And when some Blackstone deals go bad, Carey and Morris explain why, naming names along the way.” — Steve Weinberg, “Shining a light on an entrepreneur and his business,” Philadelphia Inquirer, Oct. 31, 2010

Recommended by Bloomberg: Favorite 50 Business Books, From ‘Adam Smith’ to ‘The Zeroes’ – compiled by James Pressley, Oct. 15, 2010

“[Carey and Morris] explain how each deal built [Schwarzman’s] fortune then report on what he did to show off his mountain of money. The tale is complex, but for those who want to know how to make billions of dollars with other people’s companies, it is a compelling read. They tell the story of Schwarzman’s luxobarge — a monstrous yacht he used to go to an intimate lunch for two on a Caribbean beach. There’s the tale of another gathering, his 60thbirthdayglitterfest, staged at the Park Avenue Armory in New York, which Schwarzman gussied up to be a perfect copy of his US$30-million apartment, with crooning supplied by geriatric rocker Rod Stewart for what the authors speculate was a US$1-million fee.
. . . . So, what drives Schwarzman to add billions to his existing billions? Carey and Morris offer an anecdote from a Blackstone partner, who, when asked about Schwarzman’s athletic abilities — could he jump high? — replied, ‘yeah, if he’s jumping for a bag of money.’” –Andrew Allentuck, “Wall Street legend lives life large,” National Post, Oct. 16, 2010

“When I heard this book was coming out, the finance nerd in me eagerly awaited and found [out] which local store would get it the fastest because I didn’t want to wait for the online shipping time.
So, I bought it yesterday and read it in a day. It’s awesome. Steve is a genius in so many ways, and the book does a good job of balancing personal/lighter stories along with the heavier finance stuff. You learn about Pete Peterson . . . and how together they formed what’s still the worlds largest PE firm. . . .
I’m being purpos[e]ly vague because I want people to read and experience this book for themselves.
Get it, read it. You won’t be disappointed.

— E. Agarwal, unsolicited reader review on

“Carey and Morris’ thorough reporting offers a compelling look into the little understood Wall Street giant and the secrets of its success.” —Worth, August-September 2010

“The authors don’t assume the reader has much prior financial knowledge and therefore provide explanations of basic financial terminology and the leveraged-buyout process. The explanatory approach makes this a good choice for those interested in Schwarzman’s personal story as well as those who follow business and investing.” — Library Journal, Oct. 1, 2010

[R]anks as one of the most even-handed treatments of the industry. The book, a history of Blackstone Group and its founder, chairman and chief executive officer Stephen Schwarzman, is also a story of the asset class in which Blackstone has made its name.
David Carey and John Morris . . . received unusual access to Blackstone. . . . This allowed them to chronicle the firm in full and entertaining fashion across its 25-year history.
— Jennifer Rossa, Bloomberg Brief – Mergers, Sept. 30, 2010

“When I originally thought of private equity and leveraged buyouts I had two images in my head: Richard Gere in Pretty Woman and Michael Douglas in Wall Street. … Now I have another image, Steve Schwarzman in King of Capital. Starting out in the industry not even knowing what a common stock was, Mr Schwarzman’s risk adverse personality and incessant drive for perfection has helped him to build a leading company in the private equity industry. David Carey and John E. Morris do a fantastic job of explaining private equity’s role in society and as well as capture the personalities of the people behind the scenes.” — Peter Murphy, unsolicited Amazon customer review

“[A] broad history of private equity, with Blackstone as the touchstone.”
–Dan Primack, “Thanks Paul Allen! The rise, fall and rise of Blackstone Group,”, Sept. 28, 2010

“The best non-fiction books about complicated, important subjects make the complexities understandable but also bring the lead characters to life. Whether explaining the origins of the leveraged buyout frenzy, unraveling the byzantine corporate structure and personality-driven mini-dramas upon which Blackstone was built, narrating the ins and outs and ups and downs of dozens of Blackstone’s celebrated deals, or introducing us to an absent-minded Pete Petersen walking around with post-it notes on his lapels, David Carey and John Morris do all that and more. This book is as important as it is fun to read.” –Steven Brill, founder of Court TV and The American Lawyer magazine, author of The Teamsters and After, and co-CEO of Press+.

“A great strength of American capital markets is their extraordinary
ability to positively innovate. The rise of private equity firms is a powerful example of this phenomenon. David Carey and John Morris tell the tale of Blackstone and the world of private equity with verve and perceptive insight.” –Steve Forbes, Editor in Chief of Forbes magazine

An easy read with great insight into the world of private equity.” –James M Kilts, former chairman and CEO of the Gillette Company and founding partner of Centerview Partners

“King of Capital is at the same time informative, insightful, and entertaining. Carey and Morris provide an eye-opening history of buyouts and private equity that explains how and why the private equity industry has evolved. They provide an unusually balanced (for non-academics) treatment of the effects of private equity that conveys the essence of the academic research. And, of course, they do all of this while capturing the fascinating escapades and personality of Steve Schwarzman and Blackstone.” — Steven N. Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business

“The story of the private equity industry over the past two-plus decades has been inexorably linked with the story of Blackstone. This well-written book goes beyond the personalities and the war stories to provide a fascinating look at the evolution of the group and the industry.” –Josh Lerner, Jacob H. Schiff Professor of Investment Banking Harvard Business School

The book has been excerpted or quoted by the New York Times, Wall Street Journal, Fortune, New York,, TheDeal and Clusterstock.