N.Y., December 13th, 2010 – The Blackstone Group (NYSE:BX) today announced that Michael Chae, a Senior Managing Director in its Private Equity Group, has been named Head of Private Equity in Asia, based in Hong Kong. Michael will also assume responsibility for the firm’s limited partner marketing personnel in Asia/Pacific and will coordinate firm-wide relationships with the firm’s most important limited partners in the region. Ben Jenkins will continue in his key role of driving private equity transactions throughout the region. Antony Leung remains as Blackstone’s Chairman for Greater China on a firm-wide basis and will join the firm’s Executive Committee.
Commenting on the move, Stephen A. Schwarzman, Blackstone’s Chairman and CEO, said: “Michael is one of our leaders and most senior partners in our private equity business, and his move to lead our business in Asia reflects our growing commitment to the region. As our business continues to globalize, Asia is becoming ever more central to the firm. The region is of strategic importance to us in terms of both the extraordinary investment opportunities and the critical role that Asian institutions are playing in our funds. I am delighted that Michael will head our business there and, under his leadership, we will be better positioned than ever to capture an ever-growing number of opportunities.”
Since joining Blackstone in 1997, Mr. Chae has led some of Blackstone’s most significant investments, including Nielsen, Michaels Stores, The Weather Channel Companies, and Hilton Hotels. He graduated from Harvard University and received graduate degrees from Cambridge University and Yale Law School.
In 2009, Blackstone announced that it would raise in partnership with the Shanghai Pudong Government a renminbi denominated private equity fund. This is the first renminbi fund established by a major foreign private equity fund in China. Blackstone’s private equity investments in the region currently include Bluestar Chemical, Dili, eMobile and China Animal Healthcare.
Last month, Blackstone agreed to manage over $2 billion of real estate assets in Asia owned by former funds of Bank of America/Merrill Lynch. The firm currently has 157 employees in Asia, with offices in Hong Kong, Beijing, Shanghai, Tokyo and Mumbai.
About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.
Further information is available at china.blackstone.com.