New York, – The Blackstone Group today announced the appointment of Chip Schorr as a Senior Managing Director in the firm’s Private Equity Group. Mr. Schorr will be based in New York and will oversee technology related investments for the firm. Prior to joining Blackstone, Mr. Schorr was with Citigroup Venture Capital Equity Partners in New York for nine years where his responsibility as a managing partner was primarily technology and telecommunications investments.

Mr. Schorr has led a number of very successful investments in a broad range of technology companies including the buyout of Fairchild Semiconductor from National Semiconductor, the first buyout in that sector. His investments in other technology companies include AMI Semiconductors, Intersil Corporation and MagnaChip Semiconductors. He has also successfully invested in services, software and telecommunications businesses.

Stephen A. Schwarzman, Chairman and CEO, said; “We are absolutely delighted Chip is joining Blackstone. We believe strongly in industry sector expertise, and Chip is a superstar in his field. His great insight and proven track record in technology investing opens a large and dynamic sector of the world’s economy to us. Technology investing is the basis on which whole firms have been established and will be a major initiative for Blackstone.”

David Thomas, Managing Partner at CVC, said; “During his time with us, Chip helped build an exceptional technology team that will continue to execute deals in the middle market space for us.” Mr. Thomas added, “Chip remains our close friend and respected colleague. All of us at CVC wish him every success at Blackstone and look forward to finding future opportunities to work together again.”

Chip Schorr continued, “My experience at CVC was both personally and professionally rewarding. CVC’s team has built a long and successful track record and I am confident this will continue. On technology investing, Mr. Schorr said, “Fundamental shifts in the technology cycle have created enormous opportunities for large cap technology buyouts. Blackstone is the ideal platform to pursue these opportunities and I am delighted to be part of such a world class organization.”

Mr. Schorr is a graduate of Harvard Business School, receiving his MBA with distinction, and a Bachelor of Science of Foreign Service from Georgetown University’s School of Foreign Service. He has served on the boards of several technology companies and on the board of Jazz at Lincoln Center.

About The Blackstone Group

The Blackstone Group, a private investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Mumbai, and Paris, was founded in 1985. Since 1987 Blackstone has raised approximately $34 billion for alternative asset investing, including a $2 billion fund specializing in communications and technology investments. With co-investments from Blackstone Capital Partners, this is one of the largest pools of capital available for the sector. The Blackstone Group’s six core businesses are Private Equity Investing, Private Real Estate Investing, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory, and Restructuring and Reorganization Advisory. www.blackstone.com