Mustafa Siddiqui, a longtime Blackstone executive who has led the firm’s division that invests in other private equity firms since 2020, is to leave as part of a wider reorganisation of the business, according to a report by Bloomberg.
The report cites people familiar with the matter as confirming that staff have been informed of Siddiqui’s departure and that the division that he led is to move out of the hedge fund investing unit led by Joe Dowling, and will now operate as part of Verdun Perry’s secondaries arm, which buys and builds portfolios of fund assets.
According to Bloomberg’s sources, Siddiqui’s deputy, Ward Young, has been appointed as Chief Investment Officer of the group, which in the past made bets on the growth of other private equity firms, including GTCR, Sentinel Capital Partners and FTV Capital.
Blackstone’s latest stakes fund closed in 2021 at $5.6bn and the firm is now reportedly planning a new fund. Perry’s operation meanwhile raised $22.2bn last year for one of the largest secondaries funds on record.
