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Blackstone’s Blitzer Hunts Goldman’s Lost Opportunities

David Blitzer had his eye on Addy Loudiadis’s business at Goldman Sachs Group Inc. for years.

By the middle of 2013, the Blackstone Group LP dealmaker had his shot. Pressured by regulators to boost capital under new rules, the bank started looking for investors to take pieces of Rothesay Life Ltd., the insurer that Loudiadis heads in London. Blitzer, whose private-equity firm historically has to control companies it buys, was fine taking a minority stake in a Goldman cash cow. In October, he struck a $297 million deal to buy 28.5 percent of Rothesay, with Singapore’s sovereign fund taking an equal share.