Blackstone’s highest-ranking private equity executive is preparing to leave the private capital group as he explores the possibility of a career in the government sector. Joseph Baratta, who has worked for the company for almost three decades, is exploring a move into public service, said one person familiar with the matter. His plans after leaving Blackstone, which is expected by year-end, are not finalised and could change.

Baratta, who helped build Blackstone’s private equity business in Europe in the early 2000s, has led the group since 2012 and is among the firm’s best-paid executives. He took home $81.6mn last year, including dividend income from shares, amid record profits at the world’s largest alternative investment group. Blackstone does not plan to replace Baratta; instead, the private equity division will be led by current heads, including Martin Brand.

The company has had a wave of departures recently, including co-heads of real estate Nadeem Meghji and Kathleen Mc Carthy Baldwin. The private equity business has recorded muted performance, but Blackstone has recently taken companies public, including Jersey Mike’s and Medline Industries. Baratta was also an architect of Blackstone’s entertainment bets and has given to both Republican and Democratic campaigns.