Press Release

Blackstone Launches Defined Contribution Business Unit

Issued by Blackstone

Oct. 15, 2025

NEW YORK – Blackstone (NYSE: BX) today announced the launch of a dedicated business unit focused on broadening access to private markets for retirement savers via defined contribution plans. The business unit sits within Blackstone’s industry-leading Private Wealth business. Heather von Zuben was named Global Head of Retirement Solutions. Tom Nides will serve as the unit’s Chairman. Paul Quinlan has been appointed Head of U.S.

The launch builds on Blackstone’s 23-year history supporting individual investors. Blackstone began providing individuals with access to its investment strategies in 2002 and was the first major alternatives firm to build a dedicated Private Wealth team in 2011. Today, Blackstone manages nearly $280 billion of assets from the Private Wealth channel, it has an unmatched lineup of perpetual products, and dedicated scale strategies across private equity, real estate, private credit, and private infrastructure.

The Defined Contribution unit will focus on the significant opportunities that exist in the market through strategic partnerships, product innovation, and investor education.

Jon Gray, President and Chief Operating Officer of Blackstone, said: “For decades, the world’s biggest and most sophisticated institutional investors benefitted from the strong returns and diversification of investing in private markets. Blackstone is well positioned to be the partner of choice for retirement solution providers given our brand, track record and broad slate of perpetual products.”

Tom Nides, Chairman of the Defined Contribution Unit and Vice Chairman, Strategy and Client Relations at Blackstone, said: “From the launch of our Private Wealth business to today, Blackstone has been a pioneer in bringing private markets investing to individuals, with a strong track-record of performance and an excellent client experience. Today we are cementing that status with the industry’s first dedicated Defined Contribution Unit. I look forward to working with Heather, Paul, and teams across Blackstone to unlock investment opportunities for retirement savers.”

Ms Von Zuben was previously Global Head of Perpetual Capital Solutions for Blackstone Credit & Insurance, having joined the firm in 2022 after 15 years at Goldman Sachs, where she held a range of leadership roles in business development across alternative investment solutions, most recently as the Global Head of Wealth Management Alternatives.

Mr Nides joined Blackstone in 2024, previously serving as United States Ambassador to Israel from 2021 to 2023. Prior to that, he spent over a decade at Morgan Stanley in various capacities including Chief Operating Officer and Vice Chairman.

Mr Quinlan joined Blackstone in 2010 and was most recently Global Chief Financial Officer of Blackstone Real Estate. Before joining Blackstone, he worked at Bank of America Merrill Lynch, focusing on strategic corporate M&A and private equity investments.

About Blackstone Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.   

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