The Blackstone Group L.P. (NYSE:BX) has announced the hiring of former NATO Supreme Allied Commander as a senior adviser to its energy-focused fund, the private equity firm said in a press release. Gen. Wesley Clark made an unsuccessful attempt as a Democratic candidate for the 2004 U.S. presidential elections. The retired four-star Army general will help Blackstone in pursuing energy investments overseas.
Clark To Work for Blackstone Energy Partners and Fisterra
General Wesley Clark will join the $2.5 billion Blackstone Energy Partners, which focuses on energy investments. The Blackstone Group L.P. (NYSE:BX) said that Clark will also join the board of Fisterra Energy. The private equity firm formed Fisterra Energy in January to finance, develop and operate big power projects in countries that have transmission or capacity shortfalls, reports Mike Spector of the Wall Street Journal. Fisterra Energy hasn't done any deals yet. Blackstone said Lars Thunell, the former chief of International Finance Corp, a unit of World Bank, will also join Fisterra Energy board.
Sean Klimczak, a The Blackstone Group L.P. (NYSE:BX) partner, said in a statement that General Clark's breadth of knowledge and experience will be an invaluable asset to Blackstone and Fisterra. Wesley Clark is a graduate of Oxford University. He left the military in 2000.
Private Equity Firms Hiring High Ranking Officials
The Blackstone Group L.P. (NYSE:BX)'s decision to hire General Wesley Clark comes after KKR & Co. LP (NYSE:KKR) hired former Army general and CIA chief David Petraeus. KKR & Co. L.P. (NYSE:KKR) brought Petraeus on board to act as a consultant and help the private equity firm strategize on emerging market investments. Private equity firms have increasingly been hiring former officials and high-ranking executives to strengthen their relationships with governments and corporations. In another development, Bridgewater Associates' lead counsel James Comey is likely to be appointed as the new chief of Federal Bureau of Investigation.
In 2004, General Clark started a consulting firm Wesley K. Clark & Associates LLC, which focuses on alternative energy, investment banking and national security.
The Blackstone Group L.P. (NYSE:BX) shares were down 0.60 percent to $21.46 at 21:03 PM EDT.