Blackstone Hires Paul Morrissey to Lead European Investing for Blackstone Growth (BXG)

Rhea-AI Summary

Blackstone (NYSE: BX) has appointed Paul Morrissey as Managing Director to lead investment efforts in Europe for Blackstone Growth (BXG). This newly established role comes after BXG secured a record-breaking $4.5 billion growth equity fund, its largest first-time vehicle. Morrissey, formerly with Battery Ventures, aims to enhance BXG's partnerships with fast-growing European companies.

Positive

• Appointment of Paul Morrissey as Managing Director for BXG in Europe, expected to enhance investment strategies.
• Blackstone Growth has raised a record $4.5 billion growth equity fund, indicating strong investor confidence and market demand.

Negative

• None.

Blackstone (NYSE: BX) today announced that it has hired Paul Morrissey, a seasoned investment professional with extensive private equity and venture capital experience, as a Managing Director to lead investing across Europe for Blackstone Growth (BXG).

This newly created role will see Mr. Morrissey manage the European deployment for BXG, which recently completed the final close of its oversubscribed, inaugural $4.5 billion growth equity fund – the largest first-time growth equity private vehicle ever raised. BXG has already made significant investments in fast-growing European companies, including Epidemic Sound, which delivers restriction-free music to internet content creators across the globe, and oat milk pioneer, Oatly.

Jon Korngold, Global Head of Blackstone Growth, said: “I’m delighted that Paul has joined us to lead BXG in Europe. Paul is a world-class growth equity investor and his appointment underlines Blackstone’s already-strong commitment to partnering with fast-growing European companies to help them become global industry leaders by providing them with access to a scale of resources not typically available to this market.”

Paul Morrissey said: “I’m excited to join Blackstone and look forward to working with the team to extend BXG’s leadership position as a highly strategic partner to growth-stage companies. Blackstone’s immense scale and operational expertise affords entrepreneurs the ability to pursue transformational growth opportunities that might not have been available to them in the past.”

Mr. Morrissey most recently served as a partner at the technology-focused investing firm, Battery Ventures, where he established Battery’s London office and led many successful investments in global growth businesses. Prior to Battery, Mr. Morrissey spent time at Goldman Sachs, where he focused on advising companies in the technology industry. He graduated from Stanford University with a B.A. in Economics and was featured in Forbes “30 under 30” earlier in his career.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005546/en/

FAQ

Who is Paul Morrissey and what is his role at Blackstone?

Paul Morrissey has been appointed as Managing Director for Blackstone Growth (BXG) to lead investments in Europe.

What is the significance of the $4.5 billion fund raised by Blackstone Growth?

The $4.5 billion fund is the largest first-time growth equity fund in history, showcasing strong investor interest in BXG's strategies.

How does Paul Morrissey's experience impact Blackstone's European investments?

Morrissey's extensive background in private equity and venture capital is expected to strengthen Blackstone's partnerships with growth-stage companies in Europe.

What companies has Blackstone Growth invested in recently?

BXG has invested in fast-growing companies like Epidemic Sound and Oatly, focusing on innovative sectors.