The real estate industry has come under pressure as investors seek to reduce their exposure.
Lee's death has ushered in a new level of public attention for a shop that manages $3 billion.
Schwarzman, who owns some 20% of Blackstone shares, reaped about $1 billion in dividends.
Lee reportedly died in his office on Thursday of a self-inflicted gunshot wound.
Schwartz will take the reins of a firm that has grappled with management turnover.
The firm's crown jewel continues to wrestle with investors seeking to get money out.
Blackstone's ambitions for a record-breaking buyout fund have crashed into reality.
The private equity giant is feeling the weight of higher interest rates on its valuations.
Calpers is the first major investor in TPG's new Next fund and Grosvenor's new Elevate strategy.
Blackstone will also add $1 billion of its current BREIT holdings into a joint venture with University of California.
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