Blackstone has promoted global co-head of real estate Ken Caplan and European head of private equity Lionel Assant to newly created roles as global co-chief investment officers.
Nadeem Meghji, head of real estate Americas, will succeed Caplan (pictured) as global co-head of real estate alongside current global co-head Kathleen McCarthy.
The private equity giant said Caplan and Assant will “enhance the coordination and oversight of the firm’s already rigorous investment process”.
Blackstone added that the three executives will collectively bring more than 60 years of Blackstone investing experience to what is “expected to be an extremely active” deployment period, with more than $200bn (£157bn) of dry powder. The alternatives asset manager recently surpassed $1tn in assets under management.
Steve Schwarzman, co-founder, chairman and chief executive of Blackstone, said the firm is elevating “three of our longest-tenured investors into these critical positions, as the firm readies itself for an active investment period”.
“They bring strong track records of delivering for our customers, considerable institutional knowledge and exceptional investment acumen to these new roles,” he added.
Jon Gray, president and chief operating officer of Blackstone, said: “The promotion of these highly talented executives will help the firm better identify compelling global investment themes while also enhancing our disciplined investment process.”
The firm has also promoted Giovanni Cutaia to the role of global chief operating officer of real estate. He will continue to lead global real estate asset management, a role he has held since 2018, and in that capacity help manage Blackstone’s real estate portfolio, which comprises more than 12,000 assets.
Caplan joined Blackstone in 1997, led the firm’s European real estate business from 2012 to 2015, served as real estate chief investment officer from 2015 to 2017 and has co-headed the global real estate business alongside McCarthy since 2018.
As co-CIO, he will work in conjunction with the business unit CIOs and group heads to provide additional firm-level investment oversight, primarily across real estate and credit and insurance.
Assant joined Blackstone in 2003 and has run the firm’s European private equity business, based in London, since 2012.
McCarthy said: “Ken is a remarkable leader who I have loved partnering with. We look forward to his continued impact on our business as co-CIO of the firm. Nadeem is the perfect leader to succeed Ken, given his tremendous investment acumen and operational experience. I am excited to partner with him in the years ahead. Nadeem and I are thrilled to elevate Giovanni, who will play a critical role in helping us oversee this world-class business.”
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