Kathleen McCarthy Exiting Blackstone After 15 Years

Kathleen McCarthy is departing Blackstone after a 15-year run and nearly eight years as global co-head of real estate, according to a LinkedIn post Tuesday morning by the industry veteran. 

 “After 15 incredible years at Blackstone, I’ve decided it’s time for my next chapter. Leading Blackstone Real Estate has been one of the great privileges of my career — fun, challenging, and deeply rewarding. I’m so proud of what we’ve built together through an extraordinary period of growth and transformation,” McCarthy wrote in the post. 

McCarthy will remain at the firm through the end of the year, at which time Nadeem Meghji, currently a global co-head of real estate alongside McCarthy, will become the sole global head of real estate, sources said. 

McCarthy’s next move was unclear, but sources familiar with the exit said she is ready for the next challenge and leaving the firm at a time when it’s well positioned for future success. 

“It has been a privilege to work side by side with Kathleen over the past few years,” Meghji said in a statement. “Our global real estate team has never been stronger, and we will continue to focus on delivering market-leading performance in the years ahead.”

Meghji, an 18-year Blackstone veteran, has been a global co-head of the business for two years now, and currently oversees all worldwide investment activity for the firm. He previously led Blackstone Real Estate Americas for seven years. 

In her LinkedIn post, McCarthy said she felt “truly blessed” to have led Blackstone Real Estate alongside Ken Caplan and then Meghji over the years, and praised her Blackstone colleagues more generally, saying “this outstanding group of people makes me highly confident in Blackstone’s continued success.” 

McCarthy also thanked Blackstone CEO Stephen Schwarzman and Blackstone President and Chief Operating Officer Jon Gray, saying, “I’m endlessly grateful for your trust, mentorship and support. I still can’t quite believe that I’ve had the great fortune of being coached by both of you into the person and professional I am today.” 

“Kathleen has been an exceptional partner and friend to me and so many others the past 15 years,” Gray said in a statement. “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.”

McCarthy arrived at Blackstone in September 2010, and in 2014 was named global chief operating officer for real estate. She ascended to the global co-head of real estate role in March 2018. 

The real estate portfolio McCarthy spearheaded has $320 billion of assets under management and $53 billion of dry powder across Blackstone’s real estate strategies — today composed of 74 percent logistics, rental housing and data center assets. 

This is a developing story. Check back for updates. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com and Andrew Coen can be reached at acoen@commercialobserver.com.