Blackstone Inc. has appointed former Morgan Stanley rainmaker Franck Petitgas to a top role in Europe as it prepares to invest $500 billion there over the next 10 years.
Petitgas, who used to run Morgan Stanley’s investment bank and was once considered a candidate to lead the Wall Street firm, will join Blackstone as a senior managing director in January, according to a statement reviewed by Bloomberg News.
Taking up a newly created role of vice chairman, Europe, Petitgas will work with the private equity firm’s leadership on strategy, as well as top-level clients and business leaders in the region.
The appointment of one of London’s best-known dealmakers is another coup for Blackstone as it prepares to embark on a big spending spree in Europe, where it already manages more than $350 billion across private equity, real estate, credit and infrastructure.
In an interview with Bloomberg Television in June, Blackstone Chief Executive Officer Stephen Schwarzman said Europe was a major opportunity for the firm and outlined plans to pour as much as $500 billion into the region over the coming decade.
“Blackstone is the most consequential firm in investing today, deploying capital to address some of the region’s most critical investment needs,” Petitgas said in the statement.
Petitgas’ appointment comes just weeks after Blackstone hired Michele Raba as head of European corporate private equity. Raba, most recently with Apollo Global Management Inc., will arrive next year to take over that role from Lionel Assant, who in 2024 had been elevated to also serve as global co-chief investment officer.
