{
  "id": 10402772,
  "title": "Blackstone PE chief to leave firm after 28 years",
  "url": "https://urgent.news/2026/09/28/blackstone-pe-chief-to-leave-firm-after-28-years",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T08:29:49.000Z",
  "source": {
    "name": "Private Equity Wire",
    "slug": "private-equity-wire",
    "url": "https://www.privateequitywire.co.uk/blackstone-pe-chief-to-leave-firm-after-28-years/"
  },
  "original_language": "en",
  "account": "Joe Baratta, a veteran executive at Blackstone, will depart the firm by the end of the year, marking the conclusion of a 28-year career with the alternative asset manager, according to Bloomberg. The alternative asset manager made the announcement through an internal memo to employees, indicating that Baratta's current role as global head of private equity strategies will not be filled. Blackstone's CEO, Steve Schwarzman, and President, Jon Gray, stated that Baratta had spent years constructing a team of seasoned investors, capable of managing Blackstone's private equity strategies and funds. They expressed confidence in the existing leadership, deeming it unnecessary to appoint a direct replacement for his position.\n\nBaratta had led Blackstone's private equity business for over a decade prior to transitioning into a broader global role last year. His division oversees approximately $450 billion, encompassing private equity strategies, ranging from buyouts to other areas. His departure coincides with a series of management changes at Blackstone, including the recent exits of Nadeem Meghji, Real Estate Chief, and Jon Korngold, Growth Strategy Head.\n\nBaratta's tenure witnessed a substantial growth spurt in Blackstone's private equity platform, despite challenges faced by the industry due to rising interest rates. Blackstone's recent flagship private equity funds, which had concluded their investment periods, generated internal rates of return of 12% or less as of June. Notably, the latest flagship fund took longer than expected to raise capital, securing $21 billion, which was below the original $30 billion target.\n\nDespite these setbacks, Blackstone's private equity assets, comprising infrastructure, secondaries, and tactical opportunities, grew by 17% year-on-year during the second quarter. Baratta joined the firm in 1998, shortly after its third private equity fund was completed, moving to London three years later to establish the European private equity operation. Eventually, he became the global head of strategy in 2012. Throughout his career at Blackstone, Baratta was involved in significant investments, such as the acquisitions of Merlin Entertainments and Hilton Worldwide, which led to substantial returns for the firm. Today, Blackstone manages about $1.3 trillion across private equity, real estate, infrastructure, credit, and hedge funds.",
  "summary": "Joe Baratta, one of Blackstone's longest-serving senior executives and a key figure in the firm's private equity business, is set to leave the alternative asset manager by the end of the year after 28 years with the firm, according to a report by Bloomberg.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}