The Blackstone Group has appointed Paul Costello as non-executive chairman for Australia and New Zealand. Costello was most recently general manager of Australia’s Future Fund. He will report to Tony James, Blackstone’s president and Michael Chae, who heads private equity for the firm in Asia-Pacific and is also responsible for the firm’s limited partner relationships in the region.
The Blackstone Group today announced that Paul Costello has joined the firm as non-executive Chairman for Australia and New Zealand. Mr. Costello will help guide the Firm’s development in the region and represent the Firm with its key constituencies there. Mr. Costello was most recently General Manager of Australia’s Future Fund. He will report to Tony James, Blackstone’s President and Michael Chae, who heads private equity for the firm in Asia-Pacific and is also responsible for the firm’s limited partner relationships in the region.
Commenting on the appointment, Mr. Chae said: “Australia is a market of long-term importance to Blackstone both for the increasing number of institutions there that are choosing to invest with us, and as a source of attractive investment opportunities for our funds. Paul’s background superbly positions him to guide us as we grow our business in Australia and New Zealand.”
Added Mr. Costello: “I am proud to be joining an organization of the calibre of Blackstone. My career to date has been focused on the development of business and investment strategies to maximize returns for the risk taken. I believe Blackstone is very well positioned to deliver on this objective to investors”.
Before his position with the Future Fund, Mr. Costello established the New Zealand Superannuation Fund, where he spent four years. Prior to that, he was Chief Executive Officer of the Superannuation Trust of Australia. He is a graduate of Canterbury and Massey Universities in New Zealand.
Blackstone’s most recent investments in the region include the acquisition of the Valad Property Group in Australia and the recently announced acquisition of the Antares Restaurant Group in New Zealand.
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SOURCE: The Blackstone Group L.P.