Blackstone’s global co-head of real estate is set to leave following a 15-year stint at the world's largest property company.
Kathleen McCarthy said she would be stepping down from her role by the end of the year to explore new opportunities. The New York-based firm said that on her departure from Blackstone, co-head Nadeem Meghji will become sole global head of the private equity giant’s real estate practice.
McCarthy led the company’s $320 billion real estate business alongside Meghji for more than the past seven years, according to her LinkedIn profile. Prior to this she was global chief operating officer, real estate at the firm for just over four years.
Meghji has been global co-head for around two years, during which time he has been responsible for the business's global investment activity. Before that, he led Blackstone real estate Americas for seven years. He has been at the company for almost 18 years.
Jon Gray, president and COO of Blackstone, said in a statement: “Kathleen has been an exceptional partner and friend to me and so many others the past 15 years. Her leadership and relentless focus on our investors have been integral to the growth of our global real estate business. Nadeem is an extraordinary investor and leader, and our world-class real estate business and team is incredibly well positioned moving forward.”
Meghji said: “It has been a privilege to work side-by-side with Kathleen over the past few years. She will be missed by all of us. Our global real estate team has never been stronger and we will continue to focus on delivering market leading performance in the years ahead.”
McCarthy added: “It has been the honor of my career to lead Blackstone Real Estate for eight years. I am so proud of how we have scaled our business to serve more clients in a broader set of strategies while sustaining strong performance and an unmatched culture of excellence."
Blackstone's global portfolio spans sectors, including 74% in its favoured logistics, rental housing and data centers. The real estate business has $53 billion of dry powder alongside its assets under management.