Albaugh, who previously served as chief executive and president of Boeing Commercial Airplanes, will also advise other businesses and clients across Blackstone’s platforms, the firm said.

At Boeing, Albaugh also served as president and CEO of Boeing defense, space and security; senior vice president of Boeing and president of the space and communications group; and president of Boeing space transportation.

As highlighted by Reuters, Blackstone's push into the aerospace and defense sectors comes at a time when defense companies are cutting capacity due to budget cuts and sequestration, while commercial aerospace parts suppliers are "trying to keep up with record production of jets by Boeing and Airbus."

Blackstone is a global investment and advisory firm, founded in 1985 by Stephen Schwarzman.