Blackstone Announces New Co-Chief Investment Officers and Co-Head of Real Estate

Ken Caplan & Lionel Assant Promoted to Co-Chief Investment Officers of Blackstone

Nadeem Meghji Promoted to Global Co-Head of Blackstone Real Estate

Blackstone (NYSE: BX) announced today that Ken Caplan, current Global Co-Head of Real Estate, and Lionel Assant, European Head of Private Equity, have been elevated to newly created roles as Global Co-Chief Investment Officers (CIOs) of Blackstone. They will enhance the coordination and oversight of the Firm’s already rigorous investment process. Nadeem Meghji, Head of Real Estate Americas, will succeed Mr. Caplan as Global Co-Head of Real Estate alongside current Global Co-Head, Kathleen McCarthy.

These promotions underscore the increasing breadth of the Firm’s investment strategies and continued expansion, having recently surpassed $1 Trillion in Assets Under Management (AUM). The three executives collectively bring more than 60 years of Blackstone investing experience to what is expected to be an extremely active deployment period, with over $200 billion of dry powder.

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, 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.”

Mr. 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 across our Private Equity (PE) complex, including our Corporate PE, Infrastructure, Tactical Opportunities, Growth, and Life Sciences businesses.

Mr. 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 Ms. 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).

CIOs across Blackstone will continue to report into their respective business units including Mike Zawadzki, CIO of Credit and Insurance (BXCI); David Ben-Ur, CIO of BAAM Portfolio Solutions (BPS); and Prakash Melwani, CIO of Corporate Private Equity, who will have an expanded role as Chairman of Blackstone Capital Partners (BCP) International.

Mr. Meghji joined Blackstone Real Estate in 2008 and since 2017 has overseen our Real Estate business in the Americas. He has helped lead the enormous growth of Blackstone’s U.S. and Canadian Real Estate business across its Opportunistic (BREP), institutional and private wealth Core+ (BPP & BREIT), with over $200 Billion of AUM and total asset value of approximately $400 Billion.

The firm also announced today the promotion of Gio Cutaia to be 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.

Kathleen McCarthy, Global Co-Head, Real Estate, 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 Gio Cutaia, who will play a critical role helping us oversee this world-class business.”

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

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