Jun 15, 2006

Blackstone Strengthens Corporate Debt Team

New York, June 15, 2006: The Blackstone Group today announced that David Petrucco will be joining the firm’s Corporate Debt Group as Managing Director, Capital Markets, to aid the team’s interaction with underwriters seeking to arrange debt for mid-market companies. Mr. Petrucco was formerly with RBS Securities where he was Managing Director, Head of Loan Syndicate/Capital Markets for North America.

Howard Gellis, Senior Managing Director and Head of the Corporate Debt Group, said; “With the ongoing trend of convergence in the credit markets, each of our business lines needs to be increasingly well informed about activity across the debt spectrum. Dave has been at the center of these trends and brings his unique experience to our team’s $6.0 billion of debt assets under management. It is apparent that this type of role within a private investment manager will be commonplace in the years to come.” Mr. Gellis added; “The community is looking to work more closely with us as they arrange financings, which means they are asking us to consider financing terms much earlier in their process. Given Dave’s background as a capital markets professional, I feel we’ve positioned ourselves to react to the underwriters’ and issuers’ needs to make large commitments quickly.”

About the Blackstone Group
The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised over $59 billion for alternative asset investing since its formation. Blackstone’s Corporate Debt Group is currently investing its second mezzanine fund, which has commitments in excess of $1 billion, and manages seven CDO vehicles with total assets in excess of $4.1 billion. The Corporate Debt Group has approximately 30 investment professionals with many years of experience in the corporate debt markets through multiple cycles. In addition to Corporate Debt Investing, The Blackstone Group’s core businesses include Private Equity Investing, Private Real Estate Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at http://www.blackstone.com.