According to the US wealth manager, Baratta will also join the firm’s management committee and will be based in New York from September.
Blackstone president Tony James said, Joe Baratta embodies the best of Blackstone high integrity, strong investment acumen, a focus on the needs of the firm’s limited partners and a great developer of talent.
"He has been a key part of the leadership team at Blackstone and I look forward to having him broaden his role within the private equity group," James added.
In 1998, Joe joined Blackstone’s private equity business and successfully executed some of Blackstone’s largest and most successful investments, both in Europe and the US, the firm said.
Blackstone had $47bn in assets under management and offers asset management services to individuals and corporate in New York, London, Germany, Mumbai, Singapore, Hong Kong, Shanghai and Beijing.
