The Blackstone Group has hired former Magnum Capital partner Inaki Echave as a managing director for its Iberian Peninsula business, the firm announced in a statement.
Echave will work alongside the firm’s chairman for Iberia, Claudio Boada, according to Blackstone.
“Blackstone sees great opportunity in Spain. We have faith that Spain’s leaders are taking actions to put the economy on sounder footing, and we believe in the long-term potential of that economy,” said Blackstone’s global head of private equity Joe Baratta in a statement.
Blackstone has been active in the region in the past, having acquired Spanish packaging company Mivisa in 2010.
Echave has a lengthy résumé in Spanish private equity. Before joining Iberian-focused Magnum in 2006, he worked as a director of 3i’s Spanish/Portuguese team, according to Blackstone’s statement. He also participated in the re-launch of JP Morgan Partners’ Spanish business.
A spokesperson for Blackstone could not be reached for comment.
Blackstone’s private equity business has approximately $51 billion in assets under management. The firm’s latest flagship private equity fund, Blackstone Capital Partners VI, closed on more than $16 billion earlier this year.