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Blackstone hires exec for new infrastructure business

Blackstone Group LP has hired Stephen Bolze as a senior managing director and head of portfolio operations and asset management for the firm's new infrastructure business.

Bolze is the former president and CEO of General Electric's power business, where he grew the business's revenue 70% over a 10-year period, according to Blackstone.

At Blackstone, he will work with the CEOs of portfolio companies involved in the infrastructure sector. The private equity firm announced its infrastructure investment vehicle in May with a planned investment from the Public Investment Fund of Saudi Arabia. Blackstone plans to invest more than $100 billion in infrastructure projects through the fund, primarily in the U.S.