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(Bloomberg) -- Peter Wallace, a Blackstone Inc. veteran of almost three decades, is joining Coatue Management as co-president and head of private investments.

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After a period of garden leave, he’ll start alongside Carlyle Group Inc. alumnus Nathan Urquhart, who will become co-president and head of strategy, a newly created role, Coatue co-founder Philippe Laffont wrote in an investor letter seen by Bloomberg.

Wallace, who will join the firm’s executive committee, will focus on Coatue’s private investments, according to the letter, including overseeing day-to-day operations of its tactical solutions business, which often makes investments that fall between equity and debt.

He’ll be based in New York and work with Lucas Swisher and David Schneider on growth equity, Sri Viswanath on ventures, and Colin Bryant on management of portfolio companies.

“Thanks to our deep understanding of AI, we made an early and significant bet on the data-center space in a number of transformative companies,” Laffont wrote. “We are excited for Peter to build on this momentum and further strengthen our position.”

Coatue oversaw about $54 billion at year-end. The firm filed with the US Securities and Exchange Commission to raise a tender offer fund designed to tap private wealth investors for bets on both public and private technology companies.

Wallace, 49, was most recently Blackstone’s global head of core private equity and a member of several of the firm’s investment committees. He has been involved in the alternative asset manager’s bets on Jersey Mike’s, SeaWorld Parks & Entertainment, crafts retailer Michaels, Tropical Smoothie Cafe and the Weather Channel. He’s a son of broadcast journalist Chris Wallace and grandson of the late 60 Minutes veteran Mike Wallace.

“We thank Peter for his significant contributions to the firm over many years at Blackstone,” a Blackstone representative said. “We wish him well in his future pursuits.”

A Coatue representative confirmed the memo’s contents and declined to comment further.

Coatue returned 4.4% in January after gaining 18.7% last year.

The firm’s roughly $3 billion tactical solutions fund is about 50% deployed, said a person with knowledge of the matter. That fund, which returned 14% after fees as of Dec. 31, has partially realized its position in ServiceTitan Inc., which went public in December, the person said.