Stephen A. Schwarzman, CEO and co-founder of private equity firm The Blackstone Group, will be in Durham on Monday to announce a new charitable initiative designed to further entrepreneurship.

Schwarzman will be joined by a bevy of state politicians and university officials, including Gov. Bev Perdue, Senator Kay Hagan, Duke University President Richard Brodhead, N.C. Central University Chancellor Charlie Nelms, North Carolina State University Chancellor Randy Woodson and University of North Carolina at Chapel Hill Chancellor Holden Thorp.

The event is being held on the American Tobacco Campus at 11 a.m.

Blackstone's charitable foundation earlier launched a $50 million entrepreneurship initiative, called LaunchPad, that is working with universities to develop programs for aspiring entrepreneurs. 

The foundation hopes to make LaunchPad a national model for developing entrepreneurship through higher education.

It has committed to expanding the number of LaunchPads in the U.S. over the next five years.