Former Lehman Brothers real estate private equity director John McCarthy has joined US group investment company Starwood Capital Group as its global head of asset management.

McCarthy was the global co-head of asset management at Lehman’s private equity managing more than $40bn of assets in five separate funds before the US bank’s collapse.

In his new role at Starwood he has been charged with managing its global property portfolio.

Starwood, which was founded in 1991, specialises in the creation of commingled investment vehicles for the purchase of property.

Its clients include public and private retirement programmes, university endowment funds, foundation and wealthy investors.

During the past 16 years Starwood said it and its affiliates have invested around $6bn of equity in property transactions valued at more than $30bn.

Following McCarthy’s appointment current head of asset management at Starwood Jeffrey Dishner will return to helping lead the acquisitions team at Starwood.

He will be based in Starwood’s Greenwich office in Connecticut, USA and will report directly to chairman and CEO Barry Sternlicht.

Sternlicht said: ‘Over the past 20 years, John has developed a strong reputation in the real estate management business, and his global expertise and management skills will be indispensable in protecting and enhancing the value of our assets around the world.

'I know he shares our belief that asset and portfolio management are particularly critical in these turbulent markets to maximise the value of each asset we own.’