Blackstone hires ex-Archer partner for Australia

James Carnegie has joined The Blackstone Group to help source deals in Australia. The hire comes less than a year after the firm brought in Paul Costello as chairman in the country.

Former partner at Australian private equity firm Archer Capital, James Carnegie, has joined the Australia arm of US buyout firm The Blackstone Group as a senior advisor, according to a company statement. Carnegie will be based in Sydney. 

Carnegie was at Archer for seven years and sat on the investment committee for its A$450 million (€365 million; $467 million) Fund III and A$1.36 billion Fund IV. He left the firm in June 2011.  

At Blackstone, Carnegie will focus on the firm’s private equity activities in the country. The firm has only made one non-real estate investment in Australia and New Zealand: An October 2011 acquisition of Antares Restaurant Group in New Zealand from Anchorage Capital Partners for an undisclosed sum, PE Asia reported earlier. 

Michael Chae, senior managing director at Blackstone and head of private equity for the Asia-Pacific region, said in a statement: “Australia is a strategic market for Blackstone, and we remain highly committed to building top-notch local capabilities here.” 

Chae continued: “We have worked closely with James in the past, and are confident that his addition to our team in a senior role will strengthen our pursuit of attractive opportunities in Australia on behalf of our limited partners.”

Blackstone has been ramping up its capabilities in the Asia-Pacific region. Last year the firm hired a new non-executive chairman, Paul Costello, for Australia and New Zealand to help guide the firm’s development in the region. In February, Blackstone hired ex-Morgan Stanley Private Equity Asia executive Ed Huang as managing director in China.