John Dionne is stepping down as a senior executive in The Blackstone Group’s investor relations operations, but will retain his role as senior advisor, according to an internal memo from Blackstone seen by Private Equity International.
Fortune reported on the move earlier, and said Dionne will be pursuing a new project at his alma mater, Harvard Business School. Blackstone declined to comment on whether Dionne would be directly replaced.
Dionne’s resignation will go into effect on 30 June, according to the internal memo. Blackstone’s Global Head of Private Equity Joe Baratta wrote in the memo that Dionne has been a great leader for the firm’s investor relations and business development team and has built strong personal relationships with some of Blackstone’s key LPs including California State Teachers’ Retirement System, the Government of Singapore and the Teacher Retirement System of Texas. Baratta attributed much of Blackstone’s success in raising its sixth fund to Dionne. The $16.2 billion fund could be the largest post-recession private equity fund, according to the memo.
According to the firm’s website, Dionne was a partner at $1 billion hedge fund, Bennett Restructuring Funds, before he joined Blackstone in 2005. Prior to Bennett, Dionne managed investments in mid-market buyouts at Saugatuck Capital and before that he worked as director of corporate development at Fisher Scientific International.
Dionne is the second high-ranking IR executive to step back at Blackstone in recent months. Ken Whitney, who retired in April from Blackstone after 25 years, remains a senior advisor at the firm too. Whitney was a senior managing director and oversaw the firm’s investor relations and business development group.
The IRBD team is gradually evolving, according to a person with knowledge of the firm. Recently, Blackstone moved Erik Lisher to the team from its restructuring business.