Bolze, who worked at GE for 25 years and previously served as CEO of its $US28 billion power business, joins Blackstone as the head of portfolio operations and asset management for the new business, where he’ll help global head Sean Klimczak manage as much as $US100 billion in investing firepower for infrastructure projects.
The new unit raised an eye-popping $US20 billion in commitments from Saudi Arabia’s Public Investment Fund in May and expects to attract another $US20 billion from other investors. The remainder would come from additional debt financing, Blackstone said.
Blackstone teased Bolze’s hiring during its 2nd-quarter earnings call in July.
When asked about hiring for the new business, Steve Schwarzman, founder and CEO of the $US371 billion asset manager, said the firm would be adding some outside hires, including “a world-class operating partner that I think will just knock the people’s socks off.”
At GE, Bolze managed global infrastructure investments, helping boost overall revenues 70% from $US16.5 billion to $US28 billion over the course of a decade, Blackstone said in a statement.
“We are delighted to welcome Steve to Blackstone as we build out our team of best-in-class infrastructure professionals,” Schwarzman, who is an adviser to President Donald Trump, said in the statement. He added, “We believe that these investments will play a vital role in helping the United States rebuild its ageing infrastructure and know Steve’s extensive expertise will contribute greatly to that effort.”