Blackstone taps five senior staff for strategic ESG roles

Blackstone has expanded its ESG investment team in creating five senior positions across the U.S., Europe and Asia, in addition to tacking on new resources and capabilities within the $649 billion firm’s business units. Officials said that the firm is committed to deepening ESG integration across its investment process and asset management. Hired were: Elizabeth Lewis, managing director of ESG (corporate); James Mandel, managing director of sustainability (portfolio operations); Nina James, head of real estate ESG (real estate, Asia); Caroline Hill, head of real estate ESG (real estate, Europe); and Rita Mangalick, global head of ESG for Blackstone Alternative Asset Management (BAAM) and Blackstone Credit. Lewis will handle ESG implementation across all of Blackstone’s businesses. She has two decades of experience working on climate change, business and investment, most recently she led engagement on key ESG topics for International Finance Corporation. Mandel will support the work of Don Anderson, Blackstone’s chief sustainability officer, in leading Blackstone’s carbon emissions reduction program. Since 2013, Mandel had been managing director of global carbon-free buildings program for Rocky Mountain Institute. He led a team focused on cost-effectively decarbonizing buildings. James will partner with Blackstone’s Global Head of Real Estate ESG Eric Duchon, in building out the firm’s Asia-based capabilities within the asset management team. She had been the general manager of responsible investment and corporate sustainability for InvestaProperty Group. She also sits currently on the Australian UNPRI Advisory Committee, among other organizations. Hill will also partner with Duchon and will build out Blackstone’s capabilities across Europe in real estate asset management. She had been head of responsible business for Lloyds Banking Group. Meanwhile, Mangalick will partner with both the hedge fund solutions and credit groups at Blackstone in order to lead ESG diligence, policy development, reporting and engagement. Prior to this role she was involved in developing BAAM’s ESG program, along with a focus on BAAM’s Advisory business. She previously a member of the business financial evaluation team performing operational due diligence of BAAM’s hedge fund managers. “We view ESG as central to our mission of delivering strong returns for clients,” said Blackstone President and COO Jon Gray. “Blackstone is using its scale and expertise to help strengthen our companies, assets and the communities in which they operate.” Officials said that the team will continue to advance the firm’s decade-long focus on ESG. Blackstone’s sway stems from majority stakes in over 200 companies and 8,500-plus real estate assets. Last year the firm announced a plan to reduce carbon emissions by 15% across all new investments where Blackstone can control energy usage within the first three years of ownership. In addition, the firm last year announced diversity initiatives on portfolio company boards.