David Blitzer, the head of Blackstone‘s $37bn Tactical Opportunities unit targeting non-traditional PE and debt deals, is stepping back from day-to-day management of the business arm.
Blitzer will transition to chairman of the business at the end of the year, with Tac Opps founding member and COO Chris James taking over as the unit’s global head.
Blackstone also announced the elevation of two long-time senior Tac Opps partners to expanded leadership roles for the business, with Jas Khaira becoming head of Tactical Opportunities Americas and Qasim Abbas head of Tactical Opportunities international.
Blackstone launched its Tactical Opportunities platform in 2012 to invest across private investment opportunities outside of traditional private equity and private credit.
A statement from Blackstone co-founder and CEO Steve Schwarzman and president and COO Jon Gray said, “Chris James is the ideal choice to lead Tac Opps. He helped found the business and has run it day-to-day alongside David since its inception – playing an integral role in its success.
“Tac Opps is thriving in the current environment and we are confident CJ, Jas, and Qasim will continue its strong momentum.
“We are also quite pleased that David – who has done a world-class job building the Tac Opps franchise from scratch – will continue as chairman of the business.”
Blitzer added, “We are pleased to have three of our senior partners take on these new positions to further the growth and success of the business – illustrating the breadth and strength of the talent on our team. CJ, Jas, and Qasim have been part of Tac Opps since the beginning and are perfectly positioned to continue moving it forward to even greater heights.”
Last year Blackstone announced the record $5.2bn final close of Blackstone Tactical Opportunities Fund IV – a figure expected to reach nearly $10bn for the fourth vintage including other single-investor vehicles pursuing the same strategy.
Recent investments from BTO IV include CoreWeave, a specialized provider of critical cloud infrastructure pioneering the AI revolution, and the music royalty platform Hipgnosis.
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