4 hours ago - Business

Blackstone's head of private equity is leaving

Dan Primack

Illustration of an exit sign with a person's silhouette forming the "I". — Illustration: Shoshana Gordon/Axios

Joe Baratta is stepping down as Blackstone's global head of private equity strategies, most likely at year-end.

Why it matters: Baratta is in charge of the private equity market's biggest book, helping to build it over three decades, and his departure seems to signal Blackstone's hierarchical shift away from star dealmakers.

Zoom in: Blackstone doesn't plan to fill Baratta's position. Instead, the private equity business will be run by the various unit heads who reported to him.

Go deeper, via Bloomberg: "Broader changes have been afoot at Blackstone, which [CEO Jon] Gray aims to transform into a money manager for the masses and a major player in the retirement market."

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Blackstone's head of private equity is leaving

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