New York, August 7, 2008: The Blackstone Group (NYSE: BX) today announced the establishment of a new business group that will be focused on investments in the cleantech energy sector and will also provide advice on renewable energy strategies across Blackstone’s diverse asset base.
The team is being led by James D. Kiggen, who has joined the firm’s Corporate Private Equity group as a Senior Managing Director. Prior to joining Blackstone, Mr. Kiggen was a Senior Vice President at AllianceBernstein L.P where he created and managed a research team focused on emerging sciences and technologies. He extended that research effort into building a latestage venture capital/growth equity business, investing in innovative cleantech companies such as A123Systems, Powerspan and Targeted Growth. Previously he was a Managing Director at Donaldson, Lufkin & Jenrette and then CSFB, where he was a top-ranked equities analyst covering public and private technology companies. He was also a consultant at McKinsey & Co.
Also joining as Principals from AllianceBernstein are Walter C. Vester and Richard L. Troyer. Mr. Vester has seven years’ operating experience in communication and energy technology companies and was a project leader at the Boston Consulting Group. Mr. Troyer was a sell-side research analyst in biotechnology at Credit Suisse First Boston and Piper Jaffray and a consultant at Marakon Associates.
Tony James, President and Chief Operating Officer of The Blackstone Group, said, “This team’s experience and record of investment success will position us as a leading investor in the cleantech space and will provide a valuable resource for our other business groups advising on the introduction of sustainable energy strategies. Jamie, Walt and Rich are a great team and we are excited to welcome them to our platform."
Garrett Moran, Senior Managing Director of The Blackstone Group, added: “Jamie and his team’s understanding of rapidly evolving technology applications in solar and wind power generation, carbon sequestration, next generation ethanol, and other renewables will be a key input in Blackstone’s investment decisions. We look forward to working with the new team across both conventional energy investments and new developments, including those at our portfolio company Sithe Global Power, as well as several other sizeable investments that we are currently evaluating.”
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