Gray Deputies Kathleen McCarthy, Kenneth Caplan to Co-Lead Global Real Estate System
From left, Blackstone senior executives Jonathan Gray, Kathleen McCarthy and Kenneth Caplan.
Blackstone Group LP (NYSE: BX) today revealed that Jonathan Gray, who built the private-equity firm’s property business into the world’s biggest real estate investor, will prosper Tony James as president and chief operating officer. Two of Gray’s top deputies, Kathleen McCarthy and Kenneth Caplan, will co-head the huge global real estate group Gray has actually led since 2005.
Although James will be turning over daily management of the company to the 48-year-old Gray, he will continue in a full-time function at the company and assume the title of executive vice chairman. Gray and James will both report to Blackstone co-founder, Chairman and CEO Stephen A. Schwarzman.
Caplan and McCarthy have comprehensive experience with every aspect of the real estate business and have assisted supervise its major functions. Caplan now works as a senior managing director and international primary financial investment officer of the property group and has invested almost all his whole career at the firm. He has been involved in over $100 billion of realty acquisitions globally because joining Blackstone in 1997 and invested several years in the business’s London office, working as head of real estate in Europe.
McCarthy also presently works as a senior handling director in addition to international COO of Blackstone Realty. She is accountable for the real estate business’s daily operations with a specific focus on financiers, capital raising, service development and new financial investment items. She signed up with Blackstone in 2010 after a years in real estate financial investments and mergers and acquisitions.
In a statement, Gray said he has “tremendous confidence” in the ability of McCarthy and Caplan to continue the realty group’s strong track record.
“They are outstanding financiers and operators with impressive judgment, efficient in driving the group to brand-new heights,” added Gray, who signed up with Blackstone straight out of college in 1992 and will remain chairman of Blackstone’s real estate investment committee.
Gray began in the private equity and mergers and acquisitions locations of the company prior to signing up with the real estate group at its inception. Because 2005, he has actually helped develop the world’s largest realty organisation with more than $115 billion of investor capital. He sits on Blackstone’s board of directors and management committee, playing an important function in management, strategy and decision-making.
“I’ve discovered over the last 26 years that Jon Gray has excellent judgment, huge energy and distinct personal charisma, which has actually enabled him to gather enormous respect within the worldwide monetary neighborhood,” Schwarzman said.
Schwarzman added that the consultation of Gray as president and COO “lays the structure for the next generation of senior management and positions the company well for future leadership.”
James signed up with Blackstone in 2002 as vice chairman and COO and assumed the title of president in 2006 when co-founder Peter G. Peterson retired. In his new role, James will continue to rest on the company’s financial investment committees, aid develop brand-new companies, act as a company representative and manage tactical external relationships. He will also continue to sit on the firm’s management committee and board directors.
“Tony James has actually had a bigger effect on Blackstone than anyone in the company’s history,” Schwarzman said.