At a glance
- Levine previously led the firm's Americas real estate business, and Cutaia was president of Blackstone Real Estate.
- Limited partners weighing a re-up will be pricing a division whose real estate assets are $30 billion below their peak and whose opportunistic strategies lost 3.2% in the quarter, according to Bloomberg.
- Private equity overtook real estate as the firm's most profitable business in the third quarter, Bloomberg reported.
Blackstone named David Levine and Giovanni Cutaia global co-heads of Blackstone Real Estate, a division whose third-quarter earnings fell 10% from a year earlier, according to Bloomberg.
Levine previously led the firm's Americas real estate business, and Cutaia was president of Blackstone Real Estate. They succeed Nadeem Meghji, who said in September he would leave the firm by year-end. The division returns to a co-head structure after Meghji ran it alone from January, when former co-head Kathleen McCarthy departed. The brief for the new co-heads is to deploy capital, improve investment performance and prepare for the next major fundraising cycle.
Limited partners weighing a re-up will be pricing a division whose real estate assets are $30 billion below their peak and whose opportunistic strategies lost 3.2% in the quarter, according to Bloomberg.
Private equity overtook real estate as the firm's most profitable business in the third quarter, Bloomberg reported.
BREIT recorded $496.7 million in impairments while meeting all repurchase requests, as Private Wealth Daily previously reported. The charges do not feed directly into the fair-value NAV used to price share purchases and repurchases.
Reported by the Fundraising desk from Institutional Real Estate, Inc., citing Bloomberg and Private Wealth Daily archive. Published . Corrections