On the latest episode of The Deal’s Behind the Buyouts podcast, Blackstone Inc. (BX) managing directors Ann Chung and Kelley Morrell talk about the firm’s majority stake in Spanx Inc., its investment process and value-add initiatives as well as the private equity giant’s efforts to improve diversity in its ranks.

Chung and Morrell serve as the global head of consumer for Blackstone Growth and the global head of asset management in the Blackstone Tactical Opportunities group, respectively.

In addition to Spanx, Chung also led the firm’s investment in now-public Swedish oat milk company Oatly Group AB (OTLY). Morell, meanwhile, co-chairs the Blackstone Women’s Initiative and sits on the board of dating app Bumble Inc. (BMBL), another of the firm’s investments.

Here’s the podcast:

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