Blackstone to Start Growth-Investing Business

Blackstone Group LP hired away a General Atlantic executive to launch a business that will invest in fast-growing companies.

Jon Korngold, an 18-year veteran of General Atlantic who served on the private-equity firm’s management committee and led its investments in financial services and health care, will lead Blackstone’s new platform. The unit will take stakes in companies in a phase of development falling between early-stage venture-capital investments and more mature traditional buyout targets.

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