This article is more than 4 years old.

Another billionaire is joining Team Blackstone.

Venture capitalist Jim Breyer was appointed to the alternative asset manager’s board Thursday, joining the firm’s quartet of in-house billionaires that already serve as directors: founder Stephen Schwarzman, Hamilton James, J. Tomilson Hill and Jonathan Gray.

“Jim’s stellar record as an investor and knack for identifying the winners of tomorrow make him a superb fit for our board of directors,” said Blackstone President James. “I look forward to working closely with him in the years ahead to move the firm forward in new ways.”

While at Accel Partners, Breyer led the first major funding round for Facebook in 2005 and served on Mark Zuckerberg’s board until 2013. At Breyer Capital, where he has made investments since leaving Accel in 2011, he’s put money into businesses like Chinese smartphone maker Xiaomi, online crafts marketplace Etsy and film studio Legendary Pictures.

The technology industry has been something of a challenge for buyout firms — the often-idealistic projections needed to justify startup valuations clash with the traditional private equity mindset of buying undervalued assets and improving them – and Blackstone’s activity in the space has been modest historically.

The firm turned a small profit on Freescale Semiconductor, the chipmaker it bought in a 2006 club deal with fellow private equity shops Carlyle Group and TPG, and then sold to rival NXP Semiconductor in 2015. While the deal ultimately made money, it was a tough road after one of Freescale’s primary growth avenues, supplying tech for Motorola’s popular Razr phones, was choked off not long after the initial buyout.

“The business thesis just wasn’t working out because Motorola’s phone business wasn’t working out,” former Freescale CEO Rich Beyer, brought in to right the ship in 2008, told Forbes earlier this year. “Freescale just didn’t foresee the iPhone.”

A much more successful series of deals came on the telecom side in the run-up of the dot-com bubble, when companies that provided Internet access were treated like goldmines. Blackstone had bought a few such businesses from Time Warner, and sold them to Paul Allen’s Charter Communications in 1999 and 2000 for more than $1 billion in profits, according to King Of Capital, a 2010 book on Blackstone’s history.

The firm was also a potential challenger to Michael Dell and Silver Lake’s 2013 buyout of Dell, but dropped out of the bidding at an early stage when its pitch to take a controlling position and maintain a publicly-traded stub failed to gain favor.

Blackstone’s current technology holdings include the likes of Vivint, a company emerging as the biggest player in so-called “smart homes” stocked with a bevy of Internet-connected devices from doorbells to thermostats, as well as Optiv, an provider of IT security software and services.

Adding Breyer to the Blackstone board might help the firm see around a few corners in the technology space. ”As the world changes in unexpected and dynamic ways, we are thrilled to welcome Jim and the immense insight he will bring to the firm,” said Chairman and CEO Schwarzman.

The appointment also fits with Schwarzman’s more positive view of the current tech boom than the last one. During the the dot-com bubble Blackstone’s solid performance was upstaged by hotshot venture capital firms showing eye-popping returns on tech startups. In May, Schwarzman told a conference crowd that if he were starting his career today he’d head for Silicon Valley, not Wall Street.

“I would have moved to California and done something in the Internet space. There’s so much disruption and so much amazing value creation,” Schwarzman said, according to Bloomberg.

For more on Steve Schwarzman and Blackstone Group, read Forbes’ May 31 cover story, “Wall Street’s Unstoppable Force.

Follow @SchaeferStreet

Get the best of Forbes to your inbox with the latest insights from experts across the globe.