Over two decades, Tony James and Steve Schwarzman became a duo to be reckoned with in the dealmaking world, building Blackstone Inc. into a dominant force in private equity. Now, there is only Schwarzman left. The news that James, 70, will retire as executive vice chairman is the latest sign of a changing of the guard at Wall Street’s storied leveraged buyout shops. It also leaves Schwarzman as the lone holdout among a generation of billionaire founders who have recently passed the torch to a younger set of leaders.
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