NEW YORK (HedgeWorld.com)–The Blackstone Group has hired John Dionne as a senior managing director and chief investment officer of Blackstone Distressed Debt Advisors LP.
His role will be to lead the development of a new investment focus on distressed debt with an emphasis on smaller, less efficiently traded issues. Mr. Dionne will have access to the information resources in Blackstone's private equity, corporate debt and real estate groups, according to the firm.
Mr. Dionne was a partner with Bennett Restructuring Fund LP, a US$1 billion hedge fund, where he specialized in public and private investments focused on distressed debt securities of companies in or near bankruptcy. Prior to that he was with Saugatuck Capital, where he managed investments in middle-market buyouts and recapitalizations.
Stephen A. Schwarzman, president and chief executive of the Blackstone Group, said in a statement, "Blackstone has always been committed to being a preeminent player in the areas in which it chooses to compete. John is a proven leader in the distressed investing space and brings with him a superb track record from Bennett. With our established platform, utilizing the shared knowledge of our various alternative asset businesses, I am confident that John will achieve a leading position for Blackstone in this asset class."
