(Reuters) – Blackstone Inc (NYSE:) Inc announced Thursday to its employees that Hamilton James (Executive Vice Chairman) will be retiring. James was a crucial contributor to Blackstone’s rise as the world’s leading alternative asset manager.

James joined Blackstone as chief operating officer in 2002. He led its initial public offering, the purchase of $178 billion worth of credit businesses, and its acquisitions, including Strategic Partners, its secondary arm Strategic Partners, and its secondaries arm Strategic Partners. Blackstone’s $34 Billion tactical opportunities division was established by him.

Blackstone Chief Executive Stephen Schwarzman stated that he “helped fundamentally transform the firm” during his tenure in an email to employees.

James, age 70, gave his Blackstone presidency and chief operating officers to Jonathan Gray in 2018. Schwarzman’s heir apparent is Gray.

“Tony gave our the gift of the time,” Schwarzman wrote in the memo.

Prior to joining Blackstone, James spent more than two decades as an investment banker at Donaldson, Lufkin & Jenrette, which was later acquired by Credit Suisse (SIX,) First Boston in 2000.

James has been a major donor to Democratic candidates. Reuters reports that he declined an invitation to become commerce secretary in the U.S. president Barack Obama’s cabinet.

James is a board member of many charities, including the Metropolitan Museum of Art and Mount Sinai Hospital System. He also serves as the chairman of the Wildlife Conservation Society. Additionally, he serves as the chairman of Costco Wholesale Corporation (NASDAQ)