The Blackstone Group has hired Dmitry Kushaev as a senior advisor in Russia as part of its plans to seek real estate investment opportunities in the former Soviet nation.
According to a report from Bloomberg, Kushaev will assist the New York-based private equity giant in deciding how to invest in Russia. Prior to joining Blackstone, Kushaev was a managing partner of Marshall Capital Partners, a Moscow-based private equity firm.
To date, Blackstone has yet to invest in any real estate assets in Russia. However, that may change in the very-near future. In an interview at the St. Petersburg International Economic Forum earlier this month, Blackstone chairman and CEO Stephen Schwarzman said that the company may invest in a new $10 billion fund promoted by Russian President Dmitry Medvedev to attract foreign investment and diversify Russia’s economy.
Additionally, Schwarzman recently told CNBC that he was assessing the way the Russian economy works. “The government is forthright about encouraging foreign direct investment, but the question is, are they going to be effective about making change,” he said, adding that “they have quite a robust consumer economy in Russia so one doesn't have to be in resources and minerals to do well”.