Blackstone Expands China Beachhead
Steve Schwarzman raked in $3 billion from the Chinese when he took Blackstone public. The stock has been “inflicting pain” on those same investors, who have watched the stock underperform nearly every Chinese security known to man.
Blackstone is in for the long haul however, and is building out their practice in China:
Andrew Kuo will be responsible for developing private equity deals and other aspects of Blackstone’s business in China.
Kuo previously was head of greater China for private equity firm H&Q Asia Pacific. Prior to H&Q, he worked for JP Morgan’s Hong Kong office as a senior country officer. Kuo also worked for Citibank Taipei from 1989 to 1998, most recently as head of its corporate banking group.
Blackstone is growing its merger and acquisition efforts in China. In January, it expanded its Hong Kong satellite office to source and manage private equity deals, and assist existing portfolio companies in developing their operations in the region. As part of the expansion, Antony Leung joined the firm as a senior managing director and chairman of Blackstone greater China. Leung is the co-head of the unit with Ben Jenkins, a senior managing director who was transfered from New York.
Blackstone initially opened the Hong Kong unit in in 2006 to support its fund of hedge fund operations.
Blackstone adds managing director for China
Financial News
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