Mar 06, 2001

Blackstone Signs Up Citigroup Hedge Fund Director

New York; March 06, 2001: The Blackstone Group has selected Stephen W. Sullens, a former Director with Citigroup’s hedge fund investment center, to join Blackstone Alternative Asset Management Group (BAAM) as Vice President within its investment team. BAAM is one of the world’s leading fund-of-funds with over $2 billion under management investing in select hedge fund managers.

Mr. Sullens will bring his many years of experience in alternative asset management to help BAAM identify new hedge fund managers for the group’s growing number of non-traditional, multi-manager funds. In addition to carrying out due diligence on potential new managers and overseeing the monitoring of existing managers, his role will also encompass senior level input into portfolio construction and risk management.

“We are very pleased to have Steve join BAAM,” said J. Tomilson Hill, Managing Partner of BAAM. “During 2000, we have experienced significant growth in our assets under management, our performance has been outstanding and Steve’s expertise will contribute immeasurably as we continue to expand.”

With more than a decade of extensive experience in both asset management and corporate finance, Mr. Sullens most recently served as a Director with Citi Alternative Investment Strategies, Citigroup’s hedge fund investment center. In that role, he oversaw more than $650 million of hedge fund investments and was responsible for manager selection and monitoring, as well as portfolio construction and ongoing portfolio management.

Previously, Mr. Sullens served as Manager of Alternative Investments for The Walt Disney Company, where he was instrumental in building and directing the company’s $500 million alternative investment program, including investments in private equity, real estate, venture capital and hedge funds. As a member of Disney’s Corporate Treasury group, he also worked on a number of large, highly structured corporate finance transactions, such as the financing associated with the recently opened Disney’s California Adventure. Prior to his six years at Disney, he was an analyst with Trammell Crow Ventures, a real estate investment advisory firm.

Steve holds a Master of Science in Industrial Engineering and a Bachelor of Arts in Economics and Political Science both from Stanford University.

Note to Editors

The Blackstone Group, a private investment bank with offices in New York and London, was founded in 1985. The Blackstone Group’s six core businesses are Mergers and Acquisitions Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Real Estate Investing, Private Mezzanine Investing, and Liquid Alternative Asset Management (BAAM). The firm manages or has raised a total of $14 billion for alternative asset investing.