Blackstone’s advisory services business has officially spun out under the name PJT Partners.
Blackstone’s financial strategic advisory services, restructuring and reorganisation advisory services and Park Hill Group businesses have been combined with PJT Capital, a global independent, publicly-traded financial advisory firm founded by Paul Taubman.
Park Hill provides global alternative asset advisory and fundraising services in private equity, hedge funds, real estate and secondaries. It is an active participant in the secondaries market helping limited partners sell fund stakes as well as assisting general partners in restructuring funds among other services. Park Hill’s secondaries business is headed by co-founder Lawrence Thuet.
PJT Partners, which began operations as a global independent firm on Thursday, has a large team of industry veterans, including 46 partners.
Taubman founded PJT Capital in August 2013. Previously, he was co-president of Morgan Stanley’s institutional securities division.
“Thirty years ago, Blackstone was founded as an advisory firm,” said Stephen Schwarzman, chairman, chief executive and co-founder of Blackstone, in a statement announcing the spin-off. “We have every confidence that under Paul’s leadership, PJT Partners will quickly build upon its strong track record to further strengthen its position as one of the preeminent strategic financial advisory firms in the world. We look forward to working with them as clients and continuing the relationships that we have had as colleagues.”
Park Hill recently advised the California Public Employees’ Retirement System (CalPERS) on the sale of a $3 billion real estate portfolio. Last year, it advised on the restructuring process of Diamond Castle Holdings’ Fund IV and last year the firm was hired to work on restructuring JW Childs’ Fund III.