Blackstone is focusing on artificial intelligence (AI) and technology. According to reports stemming from an internal memorandum, the world’s largest alternative asset manager is working to create a new division called Blackstone N1, which will focus exclusively on investing in these two themes.
The new unit would be led by Jas Khaira, who will continue in his role as Head of the firm’s Tactical Opportunities business for the Americas, and will be based in San Francisco. The structure integrates AI and technology investments for BXPE, the firm’s private equity fund aimed at high-net-worth investors, together with its growth and Tac Opps strategies.
In a memorandum to employees obtained by Bloomberg, CEO Steve Schwarzman and President Jon Gray wrote: “AI is transforming every business across the firm, and we need a dedicated and specialized team, located at the center of this critical area, to further strengthen our existing presence on the West Coast, where the most innovative AI and technology companies are being developed.” In this regard, the reorganization reflects the extent to which AI has come to dominate Blackstone’s earnings narrative.