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Laxman Pai, Opalesque Asia:

Private equity giant Blackstone has promoted Vik Sawhney, the chief operating officer of its PE business, as its first chief administrative officer (CAO), and the global head of its investor relations and business development arm, a newly created role.

The New York-headquartered global alternative asset manager said the appointment will be effective from January next year.

The $545bn asset manager announced that Sawhney will continue to oversee the firm's capital markets business while partnering with its business groups, regional offices, and support teams to further integrate the firm. He will also oversee Blackstone's limited partner relationships.

Jon Gray, President, and COO of Blackstone said: "I am thrilled to have Vik stepping into this new role. He has earned the strong trust of our Limited Partners and is widely respected throughout Blackstone for the strength of his relationships as well as his judgment and integrity. In this new role, he'll help us continue to deepen the integration of our firm across business lines and continually do more for our investors."

Mr. Sawhney joined Blackstone in 2007 and currently serves as COO of Blackstone's private equity business, where he oversees LP relationships, fundraising, and other day-to-day management responsibilities for the group.

Robert Ramsauer, a Senior Managing Director in Blackstone's private equity group in London, will move to New York and succeed Sawhney as......................

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