Joe Baratta continues his upward ascent through the ranks at The Blackstone Group. The latest promotion takes him back to New York, from where he will lead the firm's global private equity business, the firm announced in a statement.
Baratta’s appointment is effective immediately, a firm spokesman told Private Equity International. He had previously served as the head of Blackstone’s European private equity group, which he moved to London to help form in 2001.
The new position elevates Baratta to the firm’s management committee, which comprises firm chairman Stephen Schwarzman, president Tony James, J. Tomilson Hill, Bennett Goodman, Jonathan Gray, Joan Solotar, Laurence Tosi, John Finley, Richard Jenrette, Jay Light, Brian Mulroney and William Parrett.
Baratta’s September move back to New York comes less than two years after he was appointed to lead the European team, a role he stepped into after longtime-Europe head David Blitzer returned to New York.
Before joining Blackstone in 1998, Baratta had worked at Tinicum Incorporated, which manages private equity funds targeting the aerospace, HVAC components, magazine fulfillment, medical device, manufacturing and financial services sectors. He has also worked at Morgan Stanley and McCowen De Leeuw & Company.
While at Blackstone, Baratta led the acquisitions of SeaWorld Parks and Entertainment, Merlin Entertainments Group, Center Parcs and Spirit Group, as addition to other portfolio companies.
Schwarzman and Peter Peterson founded Blackstone in 1985. The firm has 22 offices worldwide and its private equity group manages around $47 billion in assets, according to its website.