Blackstone's real estate business gets two chiefs

New York

THERE are two new sheriffs in town at the helm of one of the world's largest property investors.

Blackstone Group LP named Ken Caplan and Kathleen McCarthy to lead the private equity giant's real estate business as Jon Gray takes on the role of president and chief operating officer. The real estate business Mr Gray built, after joining Blackstone straight out of college, is the firm's largest by assets and accounted for about half of its pretax profit last year.

The new chiefs will lead an operation that spans the globe and touches all corners of the real estate world, from New York skyscrapers and Hawaiian resorts to warehouses and rental housing. Mr Caplan, who has been with Blackstone for 21 years, was previously the global chief investment officer. Ms McCarthy, who joined the firm in 2010, focused on investors, capital raising and business development in her role as chief operating officer of Blac…