Blackstone names former Magnum partner new MD for Spain and Portugal


04dBlackstone has boosted its private equity business in Spain and Portugal with the appointment of Inaki Echave as managing director.

Echave, pictured, will mainly be responsible for operations in the region, and will work alongside Blackstone’s Iberia chairman Claudio Boada.

Prior to joining Blackstone Echave was a partner with Magnum Capital, the largest independent buyout fund on the Iberian Peninsula, and served as director of 3i’s pan-European buyout team and its Iberian team.

He has also worked for JP Morgan Partners and Bain & Company.

Joe Baratta, Blackstone head of private equity, said, “Blackstone sees great opportunity in Spain.

“We have faith that Spain’s leaders are taking actions to put the economy on sounder footing, and we believe in the long-term potential of that economy.

“Inaki is a terrific investor who shares our core investing values: partnering with good companies and their management to make them better.”

At the end of 2012 Blackstone had $51bn in private equity assets under management globally, and $16bn to use for future private equity investments. Last year, it invested or committed $5bn in private equity.

Back in 2010 Blackstone bought Mivisa, a Spanish packaging company. Since then it has invested over €35m in the business, grown sales by over 11 per cent and employment by five per cent.

Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds.

It also provides various financial advisory services.

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