Blackstone Looks To Australia

May 19 2010 | 11:35am ET

The Blackstone Group is setting up shop Down Under. The private equity giant today announced plans to establish a presence in Australia after postponing the opening of an office in Sydney last year.

“We are establishing a presence her to integrate the firm into the local business community, seeking opportunities to invest and to raise capital,” Blackstone’s Philip Levinson told a conference call. Levinson is managing director of Blackstone Group Australia.

Blackstone’s precise plans, including a timetable, remain unclear, Reuters reports.

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