Blackstone (NYSE: BX) announced on 28 April 2021 that it is continuing to expand its Environmental, Social, Governance (ESG) team, with five newly created senior positions across the U.S., Europe and Asia. The firm is adding new resources and capabilities within its business units and also building out a corporate ESG structure. Blackstone is committed to deepening ESG integration across its investment process and asset management.
The team will continue to advance Blackstone’s decade-long focus on ESG. With majority stakes in 200+ companies and 8,500+ real estate assets, Blackstone can create value through driving meaningful change for nearly half a million employees and countless communities. Last year, the firm announced a goal to reduce carbon emissions by 15 percent across all new investments globally where we control energy usage within the first three years of ownership; as well as two diversity initiatives starting in the U.S. and Europe – a target of at least one-third diverse representation on portfolio company boards for new control investments plus a program to support creating diverse hiring and career mobility.
Jon Gray, Blackstone President and COO, said, “We view ESG as central to our mission of delivering strong returns for clients. Blackstone is using its scale and expertise to help strengthen our companies, assets and the communities in which they operate. We are thrilled to have Elizabeth, James, Nina, Caroline and Rita joining our global ESG team. They each bring a wide spectrum of domain expertise as we continue to drive value for our investors and create impact across our portfolio.”
The new team members include five Managing Directors:
Elizabeth Lewis, Managing Director of ESG (Corporate) – Ms. Lewis will handle implementation of ESG policies across Blackstone’s businesses.She has two decades of experience at the intersection of climate change, business, and investment. Most recently, she led engagement on key ESG topics for the International Finance Corporation (IFC). Previously, Ms. Lewis held leadership roles at Global Environment Fund, where she developed the firm’s first ESG policies and practices, and Terra Alpha Investments. She serves as a Harvard Alumni Association Committee Member and is a Trustee of the Maryland/D.C. Chapter of The Nature Conservancy. She also serves on the Corporation of the Winsor School in Boston. Ms. Lewis holds an A.B. in Environmental Science and Public Policy from Harvard College and an MBA from Harvard Business School.
James Mandel, Ph.D., Managing Director of Sustainability (Portfolio Operations) – Dr. Mandel will support the work of Don Anderson, Blackstone’s Chief Sustainability Officer, in leading Blackstone’s carbon emissions reduction program. Since 2013, Dr. Mandel had been Managing Director of Global Carbon-Free Buildings Program for Rocky Mountain Institute (RMI). He led a team focused on cost-effectively decarbonizing buildings. Previously, he served as Engagement Manager and Associate at McKinsey & Company and as a consultant on market-based conservation for Advanced Conservation Strategies. Dr. Mandel is Board Chair of WattTime, an independent nonprofit startup focused on emissions analysis. He holds a Ph.D. in Ecology and Evolutionary Biology from Cornell University and a B.A. from Princeton University.
Nina James, Head of Real Estate ESG (Real Estate, Asia) – Ms. James will partner with the Global Head of Real Estate ESG, Eric Duchon, in building out our Asia-based capabilities in our Asset Management team. She was previously the General Manager of Responsible Investment and Corporate Sustainability for InvestaProperty Group. She sits on the Australian UNPRI Advisory Committee, the International WELL Building Institute WELL Portfolio Advisory Group, the ULI Australia Executive Counsel, and the Oceania GRESB Advisory Committee. Ms. James holds a B.A. Degree in Landscape Architecture, a Master’s Degree in Environmental Management from the University of New South Wales and a Certificate in Sustainable Finance from Columbia University.
Caroline Hill, Head of Real Estate ESG (Real Estate, Europe) – Ms. Hill will similarly partner with the Global Head of Real Estate ESG, Eric Duchon, in building out our ESG capabilities across Europe in Real Estate Asset Management. She was previously Head of Responsible Business for Lloyds Banking Group. Before that she was Director of Group Corporate Affairs and Sustainability at Landsec plc., developing one of the United Kingdom’s leading real estate sustainability programs and establishing Landsec’s net zero carbon strategy. She also held roles working on corporate responsibility and sustainability at PwC and Whitbread. Ms. Hill holds a B.A. in Economics from the University of Cambridge.
Rita Mangalick, Global Head of ESG for Blackstone Alternative Asset Management (BAAM) and Blackstone Credit – Ms. Mangalick will partner with both groups to lead ESG diligence, policy development, reporting and engagement. Prior to this role, Ms. Mangalick was instrumental in developing BAAM’s ESG program, along with a focus on BAAM’s Advisory Business. She was previously a member of the Business & Financial Evaluation team performing operational due diligence of BAAM’s hedge fund managers. Before joining Blackstone in 2013, Ms. Mangalick was a Director at UBS Asset Management. She was previously with Union Bancaire Privee and KPMG. Ms. Mangalick received her B.A. from The George Washington University.
Blackstone is one of the world’s leading investment firms. The firm seeks to create positive economic impact and long-term value for its investors. It has $649 billion in assets under management which include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Read more about Blackstone’s commitment to ESG here.
