Blackstone's
Joe Baratta is leaving the firm after 28 years leading the asset manager's private equity business, Bloomberg reported. Last year, Baratta was placed into a new role overseeing strategies within the private equity unit.
Blackstone manages approximately $450 billion in asstes.
Baratta's role will not be filled, Bloomberg noted, citing an internal memo sent to employees last week. His departure leaves Blackstone with just two executives on its board: CEO Steve Schwarzman and President Jon Gray.
"Joe has spent years empowering a team of experienced investors to oversee our individual private equity strategies and funds. Given the strength of the leaders for each of our dedicated PE verticals today, we do not intend to replace Joe's role," Schwarzman and Gray wrote in the memo.
Baratta joined Blackstone in 1998 and later moved to London to help build out the firm's European private equity business, eventually becoming global head of strategy in 2012. During his tenure, he helped lead investments including Merlin Entertainments and Hilton Worldwide Holdings Inc., both of which generated significant returns.
Beyond Buyouts
During Baratta's time at the firm, Blackstone expanded into a diversified alternative asset manager. Altogether, it oversees approximately $1.3 trillion in assets spanning private equity, real estate, infrastructure, credit and hedge funds.
Last year, Blackstone shifted Baratta into a broader private equity role. In his expanded role, Baratta helped develop the firm's AI investment strategy. He also secured golfer Tommy Fleetwood as the firm's first brand ambassador.
Baratta is reportedly interested in pursuing a career in politics.
The move comes after several high-profile leadership changes at the firm this year, with real estate chief Nadeem Meghji and growth strategy head Jon Korngold also stepping down.
In April, Blackstone launched a new division focused on alternative investments in AI and high-growth tech, including companies such as OpenAI and Anthropic. Jasvinder Khaira joined to lead that team, succeeding Korngold.
