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Baratta, who has been with Blackstone for 22 years, has overseen the firm's corporate private equity business since 2012.

A Blackstone statement said under Baratta's leadership, the private equity business has "expanded significantly to include dedicated strategies focused on core private equity, energy, Asia, and life sciences".

Baratta has also served as a member of the firm's management committee for the last eight years.

Baratta joined Blackstone in 1998 and, in 2001, he moved to London when Blackstone was setting up its corporate private equity business in Europe. In 2012, he returned to New York and became Blackstone's global head of private equity.

Stephen A. Schwarzman, Blackstone chairman, CEO and co-founder, said: "Joe is a home-grown talent who epitomizes the core qualities that have made our firm successful. His judgment, integrity, investment expertise, and deep understanding of our industry and company will be an asset to the board, and we look forward to his contributions in this new capacity."

Jon Gray, Blackstone president and COO, commented: "Joe has been an outstanding leader of our world-class private equity franchise. His commitment to our people and our investors is extraordinary. He is a fantastic addition to our board and we're grateful that he'll bring his insights to this additional role."

Blackstone's asset management businesses have $571 billion in assets under management, including investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.

Earlier this week, Blackstone Infrastructure Partners (BIP) announced it had recruited former managing partner and head of Europe at Brookfield Infrastructure Jonathan Kelly as a senior managing director and head of European infrastructure.