<h1>Blackstone Continues to Build Global ESG Team</h1><div> </div><div>Rita Mangalick <a target="_blank" href="https://www.linkedin.com/in/rita-mangalick-a706632a/">(LinkedIn)</a>, Global Head of ESG for Blackstone Alternative Asset Management (BAAM) and Blackstone Credit – Ms. Mangalick will partner with both groups to lead ESG diligence, policy development, reporting and engagement. Prior to this role, Ms. Mangalick was instrumental in developing BAAM’s ESG program, along with a focus on BAAM’s Advisory Business. She was previously a member of the Business Financial Evaluation team performing operational due diligence of BAAM’s hedge fund managers. Before joining Blackstone in 2013, Ms. Mangalick was a Director at UBS Asset Management. She was previously with Union Bancaire Privee and KPMG. Ms. Mangalick received her B.A. from The George Washington University.</div>

Blackstone

Wealth & Asset Mgmt

Private Equity

Rita Mangalick | Global Head of ESG for Blackstone Alternative Asset Management | Americas

Blackstones head of European and APAC private credit Paulo Eapen is set to leave the firm. Eapen will depart by the end of the year after 17 years at the company, a Blackstone spokesperson confirmed. Eapen also confirmed his departure when contacted by Bloomberg. He has been instrumental in building the private credit markets outside of the United States over the past decade. Eapen first joined GSO Capital Partners in 2007, which was acquired by Blackstone and later rebranded to Blackstone Credit in 2020. He is stepping back for personal reasons, according to the Blackstone spokesperson. Eapens departure comes alongside the firm making broader changes to its credit business. It has been consolidating groups that invest in corporate credit and asset-based finance as well as a business that manages money for insurers under one chain of command, Bloomberg reported last week. "My last 17 years with Blackstone Credit have coincided with the establishment of private credit in Europe, and the platform is going from strength to strength," Eapen said in an emailed statement. "I look forward to watching the firm continue to scale and succeed." As part of the changes, insurance chief Gilles Dellaert, 44, was promoted to lead the combined unit overseeing almost $300 billion of assets -- and set a goal to grow total credit assets to $1 trillion within a decade. Credit head Dwight Scott, 60, will become chairman of the business and will focus on key clients and the strategy for the divisions operations in Europe. When approached by Bloomberg News, Scott said that Blackstone has an exceptionally strong leadership team and will continue to grow and scale the business in Europe. "Credit is a major area of opportunity for the firm, particularly in Europe," said Scott. Earlier this year, Blackstone Credit moved Michael Carruthers, a senior managing director, back to London from Toronto to strengthen the team in the region. The firm also hired Jane Bradshaw, formerly co-head of leveraged debt capital markets at Morgan Stanley, to become head of capital markets in the region.

Blackstones Head Of European And Apac Private Credit Paulo Eapen Is Set To Leave The Firm.

Departure

Finance

Credit

Head of Private Credit, Europe & APAC

Blackstone has combined its corporate credit, asset-based finance and insurance groups into its credit and insurance unit, the $1 trillion alternative investment manager said in a Sept. 13 news release. Blackstones credit and insurance business had $294.6 billion in assets under management as of June 30 and was the alternative investment firms second largest business by AUM, slightly behind its $295.3 billion private equity business. As part of the change, Blackstones asset-based credit business will be combined with its credit and insurance segment. Blackstone officials expect the new structure to accelerate the firms overall business by offering corporate and asset-based credit, as well as investment grade and noninvestment grade private credit in one business unit. "We see the opportunity for BXCI (Blackstone Credit & Insurance) along with real estate credit, to reach $1 trillion in the next ten years," said Steve Schwarzman, co-founder, chairman and CEO, in the release. As part of the change, Gilles Dellaert, global head of Blackstones insurance business, has been promoted to global head of BXCI. Dwight Scott, senior managing director and global head of Blackstone credit, will become chairman of BXCI and focus on client relationships, key growth initiatives and the further expansion of Blackstones European credit business. Mr. Scott joined Blackstone as part of its acquisition of credit manager GSO Capital Partners.

Blackstone Merges Credit, Insurance & Asset-Based Finance for $1 Trillion Unit

Promotion

Global Head of BXCI

Chairman, Credit & Insurance

Rita Mangalick | Global Head of ESG for Blackstone Alternative Asset Management | Americas

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