The private-equity firm Blackstone Group LP (BX) announced that its president Tony James will succeed Stephen A. Schwarzman as CEO, as the firm’s co-founder and chairman steps down after leading Blackstone for nearly 40 years. James’s appointment is part of a leadership succession plan that Blackstone and its chairman laid out last year. The decision came after a process during which the firm’s management team was interviewed and assessed by an outside consulting firm. (Wall Street Journal)
Blackstone Group Inc.
is giving some longtime employees new leadership positions in its core private equity business, a sign of the growing influence of the division where the investment giant began 36 years ago.
The corporate private equity sector, which includes large buyout funds, Asian funds, long-term investment strategy and energy-related businesses, is the largest in the world with $112 billion in assets. The division’s assets, which represent more than 17% of Blackstone’s total assets, have since more than doubled.
was appointed head of this business unit in 2012. Blackstone raised a record $26 billion in buyout funds in 2019.
Mr Baratta announced on Monday the appointment of
as head of private equity for North America and
as the global head of core private equity, as Blackstone’s long-term strategy is known.
which is based in Mumbai, will become the head of private equity in Asia, Baratta told The Wall Street Journal.
Martin Brand (left) becomes head of Blackstone’s North American private equity business. Amit Dixit has been appointed head of the firm’s private equity division in Asia.
Blackstone Group Inc.
These three positions are newly created and all three will continue to report to Mr. Baratta.
We have become much more dynamic and doubled in size in the last eight years, and that kind of growth requires more management and more structure, he said in an interview. This is a chance for our best young but established partners to take the lead.
Blackstone also mentions
for the position of Head of Portfolio Operations. Ms. Morgan, former co-CEO of the enterprise software giant.
SE, joined the company in November to help improve the performance of its portfolio of more than 200 companies through the use of technology.
In her new position, she will be responsible for all aspects of portfolio improvement. The appointment of Ms. Morgan in the position last occupied by
who left the company in late 2019 to become the company’s CEO.
is a sign of the growing importance of technology to the company, as Blackstone’s thematic investment style requires it to invest more in high-growth companies.
Mr. Brand, who has been with Blackstone for 18 years, leads the firm’s technology private equity practice and is responsible for many of the firm’s most successful recent transactions. These included investments in Refinitiv, which is now part of
London Stock Exchange Group
PLC; Paysafe Inc. which recently merged with a blank check company; and
which had an extravagant IPO in February.
Mr Wallace, who joined Blackstone in 1997 and is the son of TV news anchor Chris Wallace, leads the firm’s investment activities in the services sector. Its transactions formed the bulk of the company’s core fund, which can hold assets for 15 years or more. These include investments in Servpro Industries Inc, a provider of cleaning and emergency services, and Merlin Entertainments Ltd, owner of Legoland.
Blackstone has appointed Jennifer Morgan as head of portfolio management. Peter Wallace to be Global Head of Core Private Equity
Blackstone Group Inc.
Blackstone’s first fund in this strategy, a $4.8 billion venture completed in 2017, had a 23% return excluding fees, according to the company’s latest quarterly report. Last October, Blackstone announced that it had successfully raised $8 billion for a second fund.
Sir, I want to thank you for your support. Dixit joined Blackstone in 2007. As head of the India division, he has been instrumental in making the country the company’s best performing market in terms of profitability over the past decade, through deals such as Blackstone’s purchase of a majority stake in the IT services company in 2016.
Hewlett Packard Enterprise Co.
Blackstone also has
managing investments in China, as Chief Operating Officer for Asia, and
as Director of Portfolio Operations.
Please email Miriam Gottfried at [email protected]
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