Kathleen McCarthy Leaving BX
What happened? It's one thing for Tyler Henritze, Alan Miyasaki, other SMDs to leave - but she was Co-Head and should've been making more than most RE founders, no? Anyone have the inside scoop?
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Have you ever worked somewhere for 15 years? I need a change of scenery in half that time and none of my closest lieutenants have ever been gunned down in my office.
Money isn't everything, especially when you've probably made in the 9 figures over your career to date.
Not everyone optimizes for the last penny (can we even say that anymore?). WSO's obsession with maximizing their pay package in their late 20s is pretty unique, I think.
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Damn, a human wrote this. Crazy.
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Now I'm curious to know what they said...
Don’t worry about it. It’s not going to affect you.
Her job at BX was/is incredibly demanding. She’s made so much money and is getting older what’s the point of going through that if you’ve already accumulated so much
Taxing role and there for a while but my gut feel also because she got snubbed for the co-CIO role a couple years ago when the other co-head of RE got the gig with Lionel Assant on top of having recently lost one of her best friends/colleagues in such a terrible fashion.
I’m just an observer and don’t know shit truly. But she had a very public profile with Gray hyping her up. To the point o wondered where Kaplan stood. Then he got put in another “Co” role and I assumed that was so she could take the mantle of the practice. Then they promoted Nadeem. Think you can read between the lines.
She came up as an IR person to COO to Co-Head. She wasn't an investment person, so CIO wasn't in the cards.
I remember hearing her as the keynote of a conference where all she did was complain about being a woman and a woman in real estate etc etc etc
Literally the co head of Blackstone was complaining
I was so unimpressed as I wanted to hear her takes on the market etc
My sense is she was probably let go as when you get to that level you don’t leave unless you are told to
Why is this surprising? This is all most people do when they speak at conferences - complain about whatever it is that is forcing them to do their job, take a risk, or otherwise not sit on their ass and get handed money.
Not sure why "being a woman" is a ridiculous thing to complain about, versus interest rates or politics or whatever else
Because he had nothing to do with real estate
She wasn’t giving her thoughts on the market, where the next opportunities were, what her advice was etc
It was just her complaining about being a woman in this business…even though she literally made it
My gut tells me she was only promoted because she was a woman and eventually her salary got to high and they realized she wasn’t worth the cost.
It has nothing to do with your experience in real estate. That doesn't mean it isn't valid or useful commentary for others. Complaining about interest rates or whatever is literally no different.
And this is why maybe it makes sense to think logically, instead of using your gut. Your honest to god theory is that she was promoted based on her gender, back in 2018, and that Blackstone stuck with her as global co-head of real estate for nearly 8 years, through several massive market dislocations, only to decide right now that she isn't worth the cost? That makes more sense to you than her deciding that after a stressful and probably extremely lucrative run at the top of the business, she was ready for something new?
If she was a man, you wouldn't even consider your explanation.
Buddy, go touch some grass.
What are Blackstone's thoughts on the market? No, not plural. They only have one thought, it will go up.
Where the next opportunities are? Did you live under a cave or something last 10-15 years? They went all in on industrial, rental housing, and data centre.
Her advice is to invest with Blackstone or buy BX stock.
Tell me you are seriously going to these conference and events and expect to learn or discover some groundbreaking shit. If not 100%, the majority of speakers have one mission: marketing their products. I am male but have seen how difficult it is for women to advance in this business. I started after GFC but still saw how people treated women in the business, let alone for someone like her who probably started late 90s early 2000s, it was probably worse.
Anyways, at the end of the day, who cares, she has probably banked low to mid 9 figures. No better time to enjoy life. Setting a side half of her wealth to put in index ETF and she will become a billionaire by the time she hits 65. That compared to you, have fun being a hardo to go to conference to learn where opporunities are. Hope you crack 8 figures when you hit 65.
Say “as” one more time
She made a lot of money, she also lost a lot of money these past few years. In conclusion, I don’t know.
From what’s out there, it looks like Kathleen McCarthy is leaving voluntarily—no scandals, just moving on after 15 years to focus on family and travel. Nadeem Meghji will take over as sole RE head, so it seems more like a leadership shuffle than any trouble at BX. Solid exit, nothing to worry about for the firm.
I'm not saying this happened to Kathleen (IDK at all). But speaking generally, situations where someone leaves INvoluntarily are almost always smoothed over and made to look like the departing individual left voluntarily. For ex: when Chad Pike left BX RE to help start up TacOpps, it was made to look like he left voluntarily and a perfectly sensible career move. It was only years later that we found out he was pushed out by his RE co-head Jon Gray (widely reported by several media outlets).
who gives a f, not sure why this is a headline
Because the co-Head of the biggest player in commercial real estate is stepping down? If Warren Buffett had announced 20 years ago that he was kinda tired, it would make huge headlines.
did u cpmare her to warren buffet? thts rtrded
RE no longer makes money. That's why.
I talked to a couple people I know at Blackstone and I was dead on with my assessment
She was the Peter principle personified
He Co-Head who is way more legit effectively pushed her out.
This has nothing to do with her being a woman, she made some bad calls and was just not that great at her job but was great at sucking up to her bosses.
In the end you have to be good at what you do though and she was easily expendable
Let this be a lesson for anyone who works to climb the corporate ladder in real estate.
My advice, don’t do it. Because if you are actually good at real estate you should go do it on your own so you don’t put your fate into someone else’s hands.
Pushing out your fellow co-head, that's the Blackstone way (the Jon Gray playbook)
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