Blackstone has appointed Joseph Cassanelli, former co-head of Lazard’s U.S. Financial Institutions Group, as senior managing director within its Tactical Opportunities (Tac Opps) platform. Based in New York, Cassanelli will focus on investment opportunities in the financial services sector. 

Cassanelli brings more than 20 years of advisory experience, having guided over $500 billion in transactions during his tenure at Lazard. Notably, he advised on Blackstone’s IPO, its C-Corp conversion, and numerous financial services and insurance-related transactions across Tac Opps and Blackstone Credit & Insurance. He also served as Chair of Lazard’s U.S. Fairness Opinion Committee. Prior to Lazard, he held positions at Wasserstein Perella & Co. and Deloitte.  

“Joe’s deep expertise and relationships in the financial services sector make him an ideal addition to Tac Opps – as we continue to seek to deliver differentiated performance for our investors,” said Chris James, global head of Tac Opps. 

“I am thrilled to join Blackstone Tactical Opportunities, which has built a well-deserved reputation for creativity and innovation as a pioneer in hybrid capital with exceptional investment professionals,” Cassanelli added. 

Blackstone launched Tactical Opportunities in 2012 to invest in non-traditional private equity and private credit opportunities. Today, Tac Opps oversees $34 billion in AUM. In 2023, Blackstone closed its record-sized Tactical Opportunities Fund IV, part of a platform expected to deploy nearly $10 billion in new capital across its fourth vintage.