Blackstone Group

Memo: Blackstone's Asia private equity boss is returning to New York

April 4, 2014: 11:04 AM ET

The Blackstone Group's head of Asia-Pacific investing is returning stateside.


FORTUNE -- Michael Chae, a senior managing director at The Blackstone Group (BX), will be returning to New York after having spent three years in Hong Kong as head of the firm's Asia private equity and investor relations efforts, according to an internal memo obtained by Fortune.  Chae will continue to oversee Asia-Pacific private equity and IRBD activity (although Chris Heady will take on half of the IRBD role), and also "reassume his sector responsibility for media and communications investments."

Inside of the region, Ed Huang and Yi Luo will lead China investing and Jan Nielsen and James Carnegie will lead non-China Asia-Pacific investing. Finally, Gautam Banerjee, who joined the firm 15 months ago as chairman of Singapore operations, will become a senior managing director and co-chairman of the firm's Asia operating committee.

Below is the full memo, sent this morning to Blackstone staffers by firm president Tony James:

I am pleased to announce that Michael Chae will be returning to the New York office in June after 3 years in the Hong Kong office leading our Private Equity business and IRBD organization in Asia.

Michael will continue to oversee our Private Equity activities in Asia-Pacific and will reassume his sector responsibility for media and communications investments. He will also be a member of the U.S. and Asian Investment Committees. In addition, Michael will help oversee the investment process for Tactical Opportunities, working closely with the group's deal teams.

In Asia, Ed Huang and Yi Luo will lead our private equity investing in China, and Jan Nielsen and James Carnegie outside of China. Ed and Jan will coordinate our PE operations day-to-day from the Hong Kong office, with Yi and James continuing to head our Shanghai/Beijing and Sydney offices respectively. Chris Heady, Head of BREP Asia, will assume shared oversight for the IRBD team in the region with Michael.

In addition, I am very pleased to announce that Gautam Banerjee, who joined the Firm in January 2013 as Chairman of Blackstone Singapore, will become a Senior Managing Director and co-Chairman of the Asia Operating Committee. Gautam will bring senior focus and oversight to risk, controls, and governance in Asia for the Firm, across offices, businesses, and functions. He will also continue to be a key external ambassador for the firm.

We are fortunate to have such strong, continuing leadership in this important region.

Steve and I are pleased to welcome Michael back to the New York office after he successfully embraced the leadership challenge we posed to him in 2011. He did an outstanding job rebuilding our private equity business, inculcating Blackstone culture in Asia, developing a terrific team, and providing strong leadership across our entire Asian platform. We are looking forward to his continuing leadership and contributions to the firm from New York.


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