Blackstone promotes Jonathan Gray, taps his top deputies to head real estate division

Kathleen McCarthy and Ken Caplan take the helm of private equity firm's most profitable business

TRD NEW YORK /
Feb.February 13, 2018 01:20 PM

From left: Jonathan Gray, Kenneth Caplan and Kathleen McCarthy

The Blackstone Group named Kathleen McCarthy and Kenneth Caplan co-heads of its real estate division, the company announced Tuesday.

The two are replacing Jonathan Gray, who was named president and chief operating officer of Blackstone.

Under Gray’s direction, Blackstone’s real estate business became the firm’s largest by assets and generated roughly half of its pretax profit last year.

McCarthy’s promotion marks a step forward for gender equality in an industry that’s notoriously male-dominated. An October survey by research firm Preqin found that a mere 5 percent of CEOs at private real estate fund managers were female.

McCarthy previously served as COO of Blackstone’s real estate division. She joined the company in 2010 from Goldman Sachs. In 2013, she was promoted to partner in the real estate group and oversees capital raising and investor relations.

Caplan, who joined Blackstone in 1997, most recently served as chief investment officer of the firm’s real estate division and played a key role in the Hilton Hotels and Equity Office Properties acquisitions, among other deals.

Gray’s promotion cements his status as heir apparent to Blackstone’s CEO Stephen Schwarzman. “The appointment of Jon as president and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership,” Schwarzman said in a statement. Gray replaces Tony James as President, who was named executive vice chairman.

Blackstone, one of New York’s largest private landlords, is reportedly in talks to buy Anbang Insurance Group’s real estate portfolio, which includes assets it owned as recently as two years ago.


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

250th Issue

The Real Deal celebrates 250 issues

arrow_forward_ios
Loading...