Steve Lessar, Konnin Tam and Veena Isaac worked for BlackRock's Private Equity Partners business.
both served as managing directors and the co-heads of secondaries and liquidity solutions for BlackRock's Private Equity Partners business. Prior to joining BlackRock in 2018, Lessar and Tam served as managing directors and the global co-heads of the Vintage Funds business for Goldman Sachs' Alternative Investments & Manager Selection Group.
BlackRock has dismissed three managing directors in its private equity division for engaging in a"coordinated" effort to leave the investment management firm. "The action we took reflects how seriously we take our commitment to putting the interests of our clients first and how the actions of these individuals fell short of what we expect of our employees," Edwin Conway, global head of BlackRock Alternative Investors, and Russell Steenberg, global head of BlackRock Private Equity Partners, reportedly wrote in a memo obtained by Bloomberg confirming the departures.
The memo reportedly states that Lynn Baranski, global head of investments at the private equity partners unit, will lead Blackrock's secondaries fund moving forward. A representative for BlackRock declined to comment. "We will soon welcome Konnin, Steve and Veena to Apollo, and are pleased by the caliber of talent that we continue to attract to the firm as we expand into new growth opportunities such as secondary solutions," an Apollo spokesperson told FOX Business.
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