$457 billion Blackstone has poached a growth equity veteran as it pushes into a new business area

• Blackstone, the world's biggest private equity firm, is expanding to invest in companies that are too big for venture capital, but not mature enough for traditional buyouts.
• Jon Korngold, who spent 18 years investing in growth equity at General Atlantic, was tapped to lead the effort.
• Blackstone's other recent expansion areas include infrastructure, life sciences, and insurance, as the firm looks to more than double its assets under management to $1 trillion over time.

Blackstone has hired a veteran who specializes in investing in fast growing companies to lead a new business.

The New York-based firm, which managed $457 billion as of September 30, is betting that a number of new businesses can shoot its assets under management to $1 trillion by 2026. Its latest expansion area is growth equity - investing in companies that are too big for venture capital, but not mature enough for its sizable private equity arm. Blackstone has done some growth investing from its tactical opportunities arm, which invests opportunistically across asset classes, but not through a standalone business.

Blackstone tapped Jon Korngold to lead the new strategy, the firm said Monday. Korngold spent 18 years at General Atlantic, a $28 billion firm focused on growth equity.

"The scale, geographic reach and global operating resources that Blackstone can provide fast-growing companies are unparalleled, and will be a real competitive advantage," Korngold said in Monday's statement.

See more: Blackstone raises $9.4 billion for Asia real estate, private equity funds

Blackstone, which was founded in 1985, has built its business on four areas: private equity, real estate, credit, and hedge funds. Newer growth areas include a lower-risk type of real estate; private equity secondaries; tactical opportunities; and retail and private wealth management.

Blackstone's latest areas of expansion are infrastructure, life sciences, insurance, and the 401(k) space.

The firm has to play catch-up to some peers who got into the space much earlier. TPG started its growth business, which now manages $13.2 billion in assets, in 2007, while KKR founded its $2 billion growth platform in 2012.