Blitzer Eyes Next Act After Building $35 Billion Blackstone Unit

David Blitzer — “Blitz,” as he’s known to many — is among the last of the swashbuckling investment personalities at Blackstone Inc.

Since joining the firm in 1991, Blitzer has gone from starting its European private equity business to leading a $35 billion tactical opportunities unit that epitomizes Blackstone’s shift into all kinds of alternative assets, becoming a billionaire and sports titan in the process.

Now Blitzer, 54, is laying the groundwork for his next act.

The $5.2 billion fund that “Tac Opps” raised last year, its largest ever, was widely known inside the firm as Blitzer’s swan song, ...