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Blackstone makes government adjustments in BAAM’s GP Stakes platform By Reuters 

© Reuters. FILE PHOTO: The ticker and buying and selling data for Blackstone Group is displayed on the put up the place it’s traded on the ground of the New York Inventory Trade

By Svea Herbst-Bayliss

BOSTON (Reuters) – Blackstone Group (NYSE:) mentioned on Friday that Scott Soussa, who co-heads the hedge fund and personal fairness stakes enterprise, has determined to depart 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, often called 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 vitality sector in Europe, the Center East and Africa.

“We’re extremely grateful to Scott for his important contributions in constructing our profitable stakes enterprise,” mentioned 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 super momentum partnering with world-class GPs and we’re fairly enthusiastic about what’s to return,” Grey informed Reuters forward of an announcement of the adjustments.

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 belongings.

The unit makes minority investments in a basic associate’s underlying administration firm. A few of its most distinguished successes embrace Senator Funding Group, New Mountain Capital, Francisco Companions and Leonard Inexperienced.

Blackstone is the world’s greatest investor in hedge funds and its BAAM unit manages $79 billion in belongings. It has been increasing this 12 months.

In January it employed former Brown College endowment chief Joe Dowling to hitch John McCormick (NYSE:) 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 corporations.

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