Blackstone Strengthens Portfolio Management Team

New York, September 21, 2006: The Blackstone Group today announced that David McVeigh has joined the firm’s private equity group as Executive Director. He will bring additional expertise to the firm’s growing portfolio management team in monitoring and advising on strategy and operational performance of Blackstone’s increasingly high-profile and international group of portfolio companies.

Mr. McVeigh was formerly a Partner with McKinsey and Company, as well as a leader of the North American Chemicals and Northeast Energy and Materials practices. He served major clients in the chemicals, pulp/paper, packaging, private equity, and industrial/consumer tools industries with functional specialization in corporate and business unit strategy, marketing and sales, innovation, and M&A. Mr. McVeigh has also published articles in McKinsey’s book “Value Creation in Chemicals.”

James Quella, Senior Managing Director, commented, “With our increasing focus on effective portfolio company management we are delighted to welcome David to the Blackstone team. His extensive experience in implementing structural and fundamental changes in companies across multiple sectors will be an invaluable asset to our team. It is vital to have someone of David’s caliber as the size and depth of Blackstone’s acquisitions grow.”

About the Blackstone Group

The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised a total of more then $63 billion for alternative asset investing since its formation of which approximately $30 billion has been for private equity investing. The Private Equity Group is currently investing its fifth general private equity fund with commitments of $15.6 billion, and has over 60 experienced professionals with broad sector expertise. Blackstone’s other core businesses include Private Real Estate Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at