The co-head of Blackstone's hedge-fund unit plans to leave the firm as the private-equity giant seeks higher returns and faster growth for the business
Brown University
In the past several months, Mr. Schwarzman, who in recent years had pulled some of his personal money from BAAM funds, and Mr. Gray each invested $100 million into the unit’s products. The pace of change at BAAM has been rapid since Mr. Dowling joined, becoming the first outsider to run the business since its 1990 founding. Mr. Gray has said Mr. Dowling’s record at Brown, whose endowment under his oversight, drew his attention. Mr. Dowling made big bets at Brown, including on growth managers, and used his Rolodex to access exclusive funds and club deals.
There has been significant turnover at BAAM’s senior levels. About 70% of the BAAM team that buys stakes in alternative investment firms has left this year, said people familiar with the business.
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