Joseph Baratta
Joseph Baratta, who oversees Blackstone’s $454 billion private-equity business, is preparing to leave the firm after nearly three decades. Blackstone confirmed the planned departure to The Wall Street Journal. The timing has not been set, though Baratta is expected to leave around year-end.
Baratta has led global private equity since 2012. The business has grown from roughly $50 billion in assets under management when he took the role to $454 billion as of June, or about a third of Blackstone’s $1.35 trillion firmwide total. He also serves on Blackstone’s board and management committee. Whether he will retain his board seat remains unclear.
Blackstone does not plan to name a direct replacement, according to the Journal. Leaders of the businesses reporting to Baratta, including regional private equity, growth investing, life sciences and Tactical Opportunities, are expected to remain in their roles.
Baratta joined Blackstone in 1998 and moved to London in 2001 to help build its European private-equity operation. He later helped lead investments in Medline, Jersey Mike’s and Copeland. His planned exit follows the recently reported departure of Nadeem Meghji, Blackstone’s global head of real estate.