US asset management giant Blackstone has promoted Ken Caplan, current global co-head of real estate, and Lionel Assant, European head of private equity, to the newly created roles of global co-chief investment officers (CIOs) ahead of what it expects to be an 'extremely active deployment period'.
Nadeem Meghji, head of real estate Americas, will succeed Caplan as global co-head of real estate alongside current global co-head, Kathleen McCarthy.
The three executives collectively bring more than 60 years of Blackstone investing experience and will help deploy Blackstone's over $200 bn of dry powder, the company said.
Steve Schwarzman, co-founder, chairman and CEO of Blackstone, said: 'We are delighted to elevate 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.'
Jon Gray, president & COO of Blackstone, added: 'The promotion of these highly talented executives will help the firm better identify compelling global investment themes while also enhancing our disciplined investment process.'
Assant joined Blackstone in 2003 and has run the firm’s European private equity business based in London since 2012. He will continue to serve in that capacity and, as co-CIO of Blackstone, work in conjunction with the business unit CIOs and group heads to provide additional firm-level investment oversight.
Caplan joined Blackstone in 1997, led the firm’s European real estate business from 2012-2015, served as real estate CIO from 2015-2017, 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 & Insurance (BXCI).
Meghji joined Blackstone Real Estate in 2008 and since 2017 has overseen the real estate business in the Americas. He has helped lead the enormous growth of Blackstone’s US and Canadian real estate business across its Opportunistic (BREP), institutional and private wealth Core+ (BPP & BREIT), with over $200 bn of AUM and total asset value of $400 bn.
The firm also announced the promotion of Gio Cutaia as 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 the over 12,000 assets in Blackstone’s real estate portfolio.
