Blackstone Group of New York announced Monday that it has hired Tom Kelly as a managing director in its corporate advisory group to head a new initiative to provide private capital fund-raising services to a variety of businesses and corporations.

These fund raisings will include private placements of equity and debt for privately held and publicly traded corporate clients. Kelly will be based in the investment and advisory firm's Menlo Park, N.J., office.

Kelly was a managing director at Kema Partners, which provides investment banking and advisory services to emerging growth companies.

Before that he headed the private capital group at Montgomery & Co., and before that he headed West Coast private-equity placements for Banc of America Securities, a San Francisco unit of Bank of America Corp.

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