Blackstone’s Chae Returns to New York After 3 Years in Asia

Apr 04, 2014 12:45 am ET

(Updates with Blackstone’s expansion in third paragraph, new hires in 4th, Pactera in 8th.)

April 4 (Bloomberg) -- Michael Chae, head of international private equity at Blackstone Group LP, will return to New York in June after spending more than three years building the firm’s business in Asia.

Chae, 45, will continue to oversee Blackstone’s private- equity activities in the Asia-Pacific region and will resume his responsibility for media and communications investments, according to an internal memo sent by President Tony James earlier today. Peter Rose, a New York-based spokesman for the firm, confirmed the contents of the note.

Blackstone named Chae, a senior managing director, as its Hong Kong-based head of private equity in Asia in December 2010. Since then, the firm more than doubled its Asian headcount to 225 and opened an office in Singapore last year with 30 people, Rose said in an e-mail.

Chae oversaw several senior hires in the past three years. Yi Luo joined Blackstone in January 2012 from Carlyle Group LP, followed by Ed Huang from Morgan Stanley’s private-equity business in March that year. Blackstone said in September 2012 it hired James Carnegie, a former partner at Archer Capital, to focus on Australian private equity.

Huang and Luo will now lead the firm’s private-equity investing in China, while Carnegie and Jan Nielsen will oversee the rest of Asia, according to the memo. Chris Heady, Asia head of real estate, will manage the investor relations and business development team in the region with Chae, the document showed.

Tactical Opportunities

His departure from Hong Kong comes less than five months after Blackstone said its Greater China Chairman Antony Leung was resigning. Leung later became Nan Fung Group Holdings Ltd.’s chief executive officer after seven years at Blackstone.

Chae will also be a member of the U.S. and Asian investment committees and will help oversee the investment of the firm’s $5 billion Tactical Opportunities fund, which was started in 2012.

Blackstone last month completed the purchase of Pactera Technology International Ltd., a Chinese information-technology services company. The transaction, valued at $645 million, was the firm’s third-biggest investment in China since 2007, data compiled by Bloomberg show.