Blackstone's Head Of Real Estate To Depart Firm

September 9, 2026 - 04:32

Nadeem Meghji, the global head of real estate at Blackstone, is leaving the firm after almost twenty years. His departure marks a significant leadership shift within the world's largest alternative asset manager, as the company reorganizes its top ranks in the property division.

Meghji, who served as global co-head of real estate alongside Ken Caplan before taking sole leadership in recent years, was seen as a key architect of Blackstone's massive push into logistics, data centers, and rental housing. During his tenure, the firm's real estate assets under management grew to over $330 billion, making it the largest private real estate owner globally.

Blackstone said the transition is part of a planned succession. Kathleen McCarthy, who previously led the Americas real estate business, will now take over as global head of real estate. McCarthy has been with Blackstone for over two decades and has been instrumental in building its opportunistic and core-plus strategies.

The move comes at a delicate time for commercial real estate. High interest rates have pressured property values, and Blackstone has faced redemption limits on its unlisted real estate trust, BREIT, during market volatility. Still, the firm has recently signaled a recovery, citing falling borrowing costs and renewed deal activity.

Meghji's exit is not entirely unexpected. He had been seen as a potential future CEO candidate, but the firm's leadership structure remains firmly under founder Steve Schwarzman and president Jon Gray. Meghji is expected to start his own investment venture, though no formal announcement has been made.

Blackstone emphasized that the leadership handoff has been in the works for months and that client relationships remain stable. The firm continues to raise new funds, including a massive global real estate fund that closed earlier this year.