Blackstone Group’s global private equity group has created a new layer of management for its Asian and U.S. businesses, said Joseph Baratta, senior managing director and global head of private equity, in an interview.
Martin Brand and Peter Wallace, both senior managing directors, have been promoted to the new positions of co-heads of U.S. acquisitions for Blackstone Capital Partners, the firm's private equity arm. Amit Dixit and Ed Huang, also both senior managing directors, have been promoted to the new positions of co-heads of Asia acquisitions at Blackstone Capital Partners.
"This decision reflects the fact that the business has expanded and grown, nearly doubling in size in recent years," Mr. Baratta said.
Blackstone’s private equity group has more than doubled its capital in funds that are still in their investment periods to $36 billion from $17.5 billion, he said.
"We're adding management infrastructure and grooming new leaders," Mr. Baratta said.
Messrs Brand, Wallace, Dixit and Huang "will be focusing on deal sourcing, theme development across sectors and countries, resource allocation, and, importantly, talent development." Mr. Baratta said.
Messrs. Brand and Wallace will also work with the teams across Blackstone's private equity investment sectors. They will assist Robert Ramsauer, Blackstone Capital Partners' chief operating officer, in reviewing how Blackstone uses technology and data science in its investment process and portfolio monitoring. The pair will also make sure each of the private equity teams has the necessary resources.
Mr. Brand will continue to lead Blackstone's private equity investments in technology, media, telecom and financial institutions. He will also remain a member of the investment committee for Blackstone's Tactical Opportunities funds.
"Our focus is on investing in scale behind high-conviction (investment) themes. We have a much bigger platform now, which will uniquely allow us to do that," Mr. Brand said in an interview.
Mr. Wallace will continue to head Blackstone's private equity business in the business services, leisure and consumer/retail sectors.
"We are going to further leverage the firm's strengths and competitive advantages — our scale, our capacity to intervene in our (portfolio) companies' operations and our ability to execute more complicated transactions," Mr. Wallace said in an interview.
In their new roles Messrs. Dixit and Huang will also work with the teams in Japan, Australia and South Korea as well as build Blackstone's business in Southeast Asia. Mr. Dixit will continue to lead Blackstone's private equity business in India; Mr. Huang will continue to head the firm's China business.
Lionel Assant, a senior managing director, will continue in his position as head of Europe for Blackstone Capital Partners. David Foley, a senior managing director, will continue in his position as CEO of Blackstone Energy Partners, Blackstone's energy-focused private equity business.
Prakash A. Melwani will continue as both the global CIO of Blackstone Capital Partners and as executive chairman of Blackstone Capital Partners Asia.
