A vast hole occupies the southern end of London’s Berkeley Square. It was once home to The Carlyle Group, but now the demolition site is being redeveloped into a trophy new office for one of its largest rivals, Blackstone.

Carlyle relocated away from the glitzy Mayfair hub nearly a decade ago, moving to a larger space tucked away in a nearby backstreet. It was seen as part of the private equity giant’s expansion plans in Europe, but today, its buyout team is facing questions over what its future will look like.