BOSTON (Reuters) – Blackstone Group stated on Friday that Scott Soussa, who co-heads the hedge fund and personal fairness stakes enterprise, has determined to go away the agency and that Mustafa Siddiqui, who co-heads the enterprise, would be the sole head of the Strategic Capital Holdings unit.
Soussa, a senior managing director within the firm’s Blackstone Various Asset Administration unit (BAAM), is leaving for one more alternative however has agreed to stay at Blackstone till the top of the 12 months.
Siddiqui, additionally a senior managing director in Blackstone’s BAAM unit, has served as co-head of the enterprise, referred to as the GP Stakes platform, alongside Soussa. Beforehand he labored in Blackstone’s Non-public Fairness Group, the place he led the agency’s non-public fairness funding actions throughout the power sector in Europe, the Center East and Africa.
“We’re extremely grateful to Scott for his important contributions in constructing our profitable stakes enterprise,” stated Blackstone President Jon Grey, including that he was selling Siddiqui and naming agency veteran Mike Nash to a brand new function. “Our stakes enterprise has great momentum partnering with world-class GPs and we’re fairly enthusiastic about what’s to come back,” Grey informed Reuters forward of an announcement of the modifications.
Nash, who co-founded Blackstone Actual Property Debt Methods, will turn into chairman of the GP Stakes platform. The enterprise oversees $7.4 billion in property.
The unit makes minority investments in a normal companion’s underlying administration firm. A few of its most outstanding successes embrace Senator Funding Group, New Mountain Capital, Francisco Companions and Leonard Inexperienced.
Blackstone is the world’s largest investor in hedge funds and its BAAM unit manages $79 billion in property. It has been increasing this 12 months.
In January it employed former Brown College endowment chief Joe Dowling to hitch John McCormick at BAAM’s co-head. Earlier this month BAAM employed former hedge fund supervisor Scott Bommer to run the newly launched Blackstone Horizon platform, which is able to put money into cash managers focusing on fast-growing non-public and public firms.