United States private equity firm Blackstone Group has appointed Stronger Super peak consultative group chairman Paul Costello as non-executive chairman for Australia and New Zealand.
Costello would help guide the firm's development in the region and represent the firm with its key constituencies there, the firm said.
The former Future Fund general manager will report to Blackstone president Tony James and Blackstone Asia-Pacific head of private equity Michael Chae.
"Australia is a market of long-term importance to Blackstone, both for the increasing number of institutions there that are choosing to invest with us and as a source of attractive investment opportunities for our funds," Chae said.
"Paul's background superbly positions him to guide us as we grow our business in Australia and New Zealand.
"My career to date has been focused on the development of business and investment strategies to maximise returns for the risk taken. I believe Blackstone is very well positioned to deliver on this objective to investors."
Blackstone has made two significant investments in Australia this year.
In March, the firm acquired 588 United States shopping malls from Centro Properties, for which it paid $9.2 billion.
In April, it also acquired Valad Property Group in a transaction that valued the property group at $207 million.
