American private equity giant Blackstone has reportedly decided to withdraw from Russian market as it failed to find suitable investment opportunities in the past three years.
Blackstone has also decided not to renew the contracts of the consultants it employs in Russia, reported Financial Times.
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The firm, which does not have an office in the country, has failed in its efforts to find deals in Russia since its co-founder Stephen Schwarzman joined the international advisory board of the Russian Direct Investment Fund.
The publication reported that the US and European sanctions against Russian companies has led to freeze in Western investments in the country.
Peter Rose, a spokesman for Blackstone, declined to comment.
Blackstone currently manages $279 billion in assets including private-equity, real estate, credit and hedge-fund investments.
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