Blackstone has hired Jon Korngold, a former managing director at General Atlantic, as senior managing director and head of Blackstone’s growth equity investing platform. Mr. Korngold is tasked with building and running this new platform which will provide capital to companies during the critical phase between venture capital investments and traditional buyouts.
“We are very pleased to welcome Jon Korngold to Blackstone and announce the launch of our growth equity platform,” said Stephen Schwarzman, Blackstone’s chairman and chief executive officer. “This is a highly synergistic expansion area for the firm and a natural extension of our existing businesses. We are pleased to be growing in this area with a dynamic industry veteran like Jon, who has a successful track record investing in and building scale businesses.”
At General Atlantic, Mr. Korngold was a member of the firm’s management committee, chairman of the portfolio committee and global head of the firm’s financial services and healthcare sectors. In his 18 years at General Atlantic, he sourced and executed billions of dollars of growth equity investments across the technology services, enterprise software, healthcare, financial services and consumer sectors.
“I am pleased to join Blackstone as it expands into growth equity investing. The firm has a strong history of successfully innovating into new business areas and I am excited about the opportunity to build a world-class investing platform,” said Mr. Korngold. “The scale, geographic reach and global operating resources that Blackstone can provide fast-growing companies are unparalleled and will be a real competitive advantage.”
For each of the last three years, Mr. Korngold was ranked #1 among investors on Institutional Investor’s “Fintech Finance 40” list, which recognizes top dealmakers in the financial technology industry. Prior to General Atlantic, he worked in Goldman Sachs’ principal investing and M&A groups in London and New York.
“Expansion into growth equity investing represents a compelling opportunity for the firm and our limited partners,” said Jon Gray, Blackstone’s president and chief operating officer. “Jon is the ideal leader for this new platform. He will build upon Blackstone’s capabilities and strengthen all of our investing businesses through his deep expertise in the rapidly evolving technology sector.”
Blackstone’s investment activities include private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds. The firm also provides financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory, and fund placement services. Blackstone is headquartered in New York (www.blackstone.com).
© 2019 Private Equity Professional | January 18, 2019