New York-based private equity firm The Blackstone Group has named Chip Schorr, formerly a managing director at Citigroup Venture Capital (CVC) Equity Partners, a senior managing director with the firm.
“Chip is a superstar in his field,” noted Blackstone chairman and chief executive officer Stephen Schwarzman in a statement. “Technology investing is the basis on which whole firms have been established and will be a major initiative for Blackstone.”
During his nine-year tenure at CVC in New York, Schorr was a managing director primarily focused on investments in the technology and telecommunications industries. In 1997, Schorr led the leveraged buyout of Fairchild Semiconductor for $550 million (€445 million), one of the first private equity investments in the semiconductor industry. He has also led investments in AMI Semiconductors, Intersil Corporation and MagnaChip Semiconductors, among others.
Although reasons for Schorr’s departure from CVC are unclear, his old firm harbors no ill will toward their former colleague. In a statement released by Blackstone, David Thomas, managing partner at CVC noted: “All of us at CVC wish [Chip] every success at Blackstone and look forward to finding future opportunities to work together again.”
Blackstone’s push into the technology sector comes on the same day as