Joseph Baratta, Blackstone’s top private-equity executive, is preparing to leave the firm, according to people familiar with the matter. Baratta would be the latest of several senior executives to depart the private-investment giant. His exit would mark a significant shift in leadership at Blackstone, which has been a dominant force in private equity.

Baratta, who has been with the firm for over two decades, played a key role in building its massive private-equity business. The departure comes as Blackstone continues to navigate a challenging environment for dealmaking, with high interest rates and uncertain markets. Baratta’s plans and timing for leaving are not yet clear.

Blackstone declined to comment. The news was first reported by the Wall Street Journal.