Friday, 12 February 2016
Last updated 1 hour ago
Dec 13 2010 | 11:28am ET
The Blackstone Group has tapped a senior managing director in its private equity group, Michael Chae, to oversee its Asian private equity business.
Chae, who will be based in Hong Kong, will also assume responsibility for the private equity giant’s limited partner marketing personnel in Asia/Pacific and coordinate firm-wide relationships with the firm’s most important limited partners in the region.
Chae has been with Blackstone since 1997 and has led some of the New York-based firm’s most significant investments including Nielsen, Michaels Stores, The Weather Channel Companies and Hilton Hotels.
Blackstone Chairman and CEO Stephen Schwarzman 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.”
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.