Blackstone, a global investment firm and the world’s biggest manager of alternative assets, has announced the appointment of Peter Grauer to its Board of Directors.

Grauer has been the Chairman of Bloomberg, the global business and financial information company, since March 2001 and joined Bloomberg full time as President and CEO in March of 2002.

Stephen A. Schwarzman, Blackstone’s Chairman and CEO, said, “We could not be more pleased about the addition of Peter Grauer to our board of directors. He brings a deep knowledge of the financial industry as well as a broad perspective on global business that will be immensely valuable to Blackstone in the years ahead.”

Tony James, President of Blackstone, added: “Peter and I worked together for a number of years at DLJ, where he helped build one of the most successful private equity businesses in the world, developed an outstanding record and became one of the industry’s leaders. I have no doubt that Peter will add great value to the firm and I look forward to working with him again.”

Prior to joining Bloomberg, Grauer was a managing director of Donaldson, Lufkin & Jenrette from 1992 to 2000 when DLJ was acquired by Credit Suisse First Boston.

He is a founder of DLJ Merchant Banking Partners and DLJ Investment Partners and had also served as a managing director and senior partner of CSFB Private Equity.

Commenting on the appointment, Grauer said: “I am thrilled to be joining Blackstone’s board of directors. Blackstone has an unmatched reputation and leadership position in asset management, which I have seen first-hand through my long relationship with Tony and my deep respect for Steve and the firm. I look forward to working with Blackstone as they continue to innovate, launch new products, build and expand the firm globally.”

With addition of Grauer, Blackstone’s Board now comprises of 11 members.

The group includes internal directors: Steve Schwarzman, Tony James, Tom Hill, Jon Gray and Bennett Goodman, as well as external directors: Richard Jenrette, Shelly Lazarus, Jay Light, Brian Mulroney and William Parrett.