Blackstone Appoints McKinsey AI Leader to Head Portfolio Operations
Blackstone tapped Rodney Zemmel to lead its global portfolio operations. Zemmel spent nearly 30 years at McKinsey, where he was a senior partner and spearheaded their digital and AI transformation efforts globally. He’s stepping in to run Blackstone’s portfolio operations group, which includes talent, data science, AI overhauls, cybersecurity, procurement, and energy efficiency for their portfolio companies.
“We are pleased to welcome Rodney, who brings a wealth of experience across sectors and has proven to be a highly respected partner to CEOs in helping drive value in their businesses,” said Joe Baratta, global head of Blackstone private equity strategies.
Blackstone’s current portfolio includes 250 companies with $226 billion in annual revenue and approximately 700,000 employees, on par with some of the largest Fortune 500 employers.
Private equity was Blackstone’s second leading asset fundraising last year, ballooning to $352 billion in assets by the end of 2024, fueled by $41.3 billion in fresh inflows. It was the firm’s top-performing asset class for the year, with some big moves in the fourth quarter, including the still-closing deal for Jersey Mike’s. The corporate private equity slice did especially well, clocking annualized returns of 16.7%, per Blackstone’s latest earnings report.
