Baratta currently heads the firm’s private equity team in Europe and is a member of the executive committee. In his new role - effective from September - he will also join the management committee, the firm said. He joined Blackstone’s private equity business in 1998, moving to London in 2001 to help open its office there and establish its European private equity business.

Blackstone's private equity group comprises 129 professionals throughout New York, London, Germany, Mumbai, Singapore, Hong Kong, Shanghai and Beijing. It currently has $47 billion in assets under management in private equity.

The firm yesterday announced it ended the second quarter with assets under management across its business lines of $190 billion, up 20 per cent year-over-year.