Blackstone charges Michael Chae with leading PE practice in Asia

According to the firm, Chae will manage Blackstone's relationships with limited partners, while Senior Managing Director Ben Jenkins will continue managing region-wide transactions and Chairman for Greater China Antony Leung will remain in his role while additionally joining Blackstone's Executive Committee.

Chae's appointment is in line with Blackstone's efforts to bolster its practice out of Greater China and the region. In 2009, the firm, with the Shanghai Pudong Government, launched a renminbi private equity fund. Last month, it further took over Bank of America Merrill Lynch's $2.65 billion worth of real estate deals in Asia.

"As our business continues to globalize, Asia is becoming ever more central to the firm," Blackstone's Chairman and CEO Stephen A. Schwarzman publicly said. "The region is of strategic importance to us in terms of both the extraordinary investment opportunities and the critical role that Asian institutions are playing in our funds."

Chae has been with Blackstone since 1997 and has worked on cornerstone transactions including the Nielsen, The Weather Channel Companies and Hilton Hotels deals.

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