Ken Caplan and Lionel Assant were appointed to the newly created roles of global co-CIOs at alternatives firm Blackstone.
The firm’s assets under management recently surpassed the $1 trillion mark, and the promotions underscore Blackstone’s increasing breadth of investment strategies and continued expansion, a news release said. The firm expects “an extremely active deployment period, with over $200 billion of dry powder,” the release added.
Caplan has been co-head of the global real estate business alongside Kathleen McCarthy since 2018. In his new role, he will work with the business unit CIOs and group heads to provide additional firm-level investment oversight, primarily for real estate and credit & insurance, the release said.
Nadeem Meghji, head of real estate Americas, will succeed Caplan as global co-head of real estate. Details on any replacement for Meghji could not immediately be learned.
Assant has been European head of private equity since 2012, a role he retains, the release said. He joined the firm in 2003.
As co-CIO, Assant will work with business unit CIOs and group heads across private equity, including across the corporate private equity, infrastructure, tactical opportunities, growth, and life sciences businesses.
Blackstone’s CIOs will continue to report into their respective business units. Further, Prakash Melwani, CIO of corporate private equity, will take on an expanded role as chair of Blackstone Capital Partners International.
“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,” Steve Schwarzman, co-founder, chair and CEO of Blackstone, said in the release. “They bring strong track records of delivering for our customers, considerable institutional knowledge, and exceptional investment acumen to these new roles.”
In their new roles, the three executives “will help the firm better identify compelling global investment themes while also enhancing our disciplined investment process,” added Jon Gray, president and chief operating officer, in the release.
Blackstone also said Gio Cutaia was promoted to global chief operating officer of real estate and will continue to lead global real estate asset management.
