It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. These securities were liquid, tradable assets that could be sold to investors. Jonathan ("Jon") Gray, president and COO of the Blackstone Group, vaulted into the ranks of the world's 500 richest people after shares of the investment giant have soared amid a flurry of dealmaking and strong earnings. There are 18 older and 7 younger executives at Blackstone Inc. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. He sits on its Management Committee and most of its investment committees. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. Corner Office. Meanwhile, James will take on more responsibility at the board level as executive vice chair. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. Jonathan Gray's take-home compensation package was one of Blackstone's biggest at $275 million, but Gray still pocketed far less than the group's CEO Stephen Schwarzman. He was not about to give Gray any reason to be lured away from Blackstone. Apollo Global Management Inc Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. [34], In May 2017, the Grays announced they would be donating $21million to the Basser Center for BRCA at the University of Pennsylvania, bringing their total pledges to the initiative to $55million. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. Jon Gray is the second most powerful man at private-equity giant Blackstone. [1] He is also chairman of Hilton Worldwide. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. Lately, life sciences have taken center stage. . In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. Although it wasnt possible to enter these homes, Blackstone employees were able to drive by them, get a sense of the neighborhoods, and determine the quality of their schools. For press inquiries, contact [emailprotected]. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. This wasnt hard.. By submitting this request, you consent to receive email from Blackstone. For press inquiries, contact[emailprotected]. Just recently, Gray had the unpleasant task of replacing a longtime colleague who ran Blackstones large hedge fund business with an executive he recently hired. Jonathan Gray's House in Sagaponack, NY (Google Maps) Jonathan Gray's House Sagaponack, New York (NY), US Like Tweet Share Pin Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the world's largest manager of private equity and property. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. But Schwarzman prides himself on learning from past errors. Switchboard:+1 (212) 583-5000. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. Blackstone is one of the worlds leading investment firms. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Like Gray, Schwarzman got off to a fast career start. FORTUNE may receive compensation for some links to products and services on this website. In that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Towns bankruptcy after a 2007 LBO. Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. Blackstone Inc. , the biggest private equity group in the world, bought about $30 billion worth of REITs last year alone to take advantage of this opportunity. He also serves on the board of Harlem Village Academies. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. KKR co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. Powered and implemented by Interactive Data Managed Solutions. Jon Gray. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. To view recent press releases,click here. When Gray took over Blackstones real estate business, it had $5 billion under management. His net worth is pegged at $8.5 billion, according to Forbes. Switchboard: +1 (212) 583-5000. [29], In October 2022, the Grays announced a gift of $55 million[36] to establish the Basser Cancer Interception Institute as part of the Basser Center for BRCA. He ranks as the 495th wealthiest person in the world. News coverage focused on the absence of women candidates. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Neil Bluhm, who owns 900 North Michigan Avenue. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Executive compensation at Blackstone is directly tied to investor and shareholder performance, a Blackstone spokesman said in a statement, adding that most of it reflected realized performance fees from investments and long-dated stock grants. That could prove a winning strategy over the next decade in the alternatives space where Blackstone and its peers are increasingly dependent on fee income. Jonathan Gray started at asset manager Blackstone Group fresh out of college in 1992 and later rose to head the firm's vaunted real estate group. KKR & Co Inc co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. If you're happy with cookies click proceed. If we dont fund a particular product, then the industry is going to have to do it on their own or share the risk by joining us in the development process.. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. Thanks for contacting us. Mr Gray is 52, he's been the Gen. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. Times Internet Limited. Jonathan Gray led Blackstone global real estate from 2011, in 2018 he was promoted to President and COO of Blackstone General Partners while continuing to act as chairman of the board for Hilton Hotels. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: [12][13] The Wall Street Journal reported that Gray went on the biggest home buying spree in history after the foreclosure crisis, spending $10billion in the company's first four years. And Schwarzman has become a billionaire many times over. Terms & Conditions. Is there a more compelling business plot for a Netflix melodrama than the clash between the founder of a financial services giant and the anointed successor? He also sits on the firms Management Committee and previously served as Global Head of Real Estate, which he helped build into the largest real estate platform in the world. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. . There was no argument, however, about the profitability of Blackstones rental house gamble. His net worth is currently pegged by Forbes at $22.3 billion. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. 2023 Fortune Media IP Limited. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 Here are the 19 richest private equity titans in America, https://www.businessinsider.in/here-are-the-19-richest-private-equity-titans-in-america/jonathan-gray/slidelist/49183406.cms. 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Related by financial asset: Blackstone Group. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. But with strong guidance from Gray, deals increasingly involve much longer-term investments. A case in point: In 2019, when Blackstone raised an industry-record $26 billion private equity fund, Schwarzman didnt make a single presentation to investors. Today its $160 billion market cap is larger than the combined total of its three largest competitors: Brookfield Asset Management, KKR, and Apollo Global Management. 2023 Forbes Media LLC. It does this by using extraordinary people and flexible capital to help companies solve problems. Although Schwarzman has not given a hint about when he intends to step down as chief executive, he has left no doubt that Gray is next in line and already exerts almost equal authority at the firm. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Jon Gray has been a strong performer for many years, says Steven Kaplan, a University of Chicago business professor who does research on corporate successions. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. As the leader of the . . Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. Our Standards: The Thomson Reuters Trust Principles. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. But thematic investments are growing at a much faster pace, leaping by 70 percent to $200 billion AUM in the first three quarters of this year compared with the same period in 2020. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. In 2013, Jonathan Gray helped conceive Invitation Homes, a . Mr. Gray and his wife, Mindy, established the Basser Center for BRCA at the University of Pennsylvania School of Medicine focused on the prevention and treatment of BRCA related cancers. In August 2013, Bloomberg estimated his net worth at just over $1.0 billion due to his owning 40.6 million Blackstone shares valued at $913 million combined with over $120 million in bonuses and salary. It made it much easier for me, says Gray. McCormick left the firm of his own volition and stayed on for months after his desired departure date to help ensure a smooth transition, a Blackstone spokesperson said in a statement to Institutional Investor. in English from the School of Arts & Sciences and a B.S. We've received your submission. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. Business Insider spoke with more than a dozen people who know Korngold to. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Washington, D.C-based Carlyle Group has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. Blackstone countered that at a critical time in the economy, Invitation Homes had become a significant employer, helped restore derelict neighborhoods, and offered affordable housing to younger, middle-class families. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. Otherbig recent deals include the $18 billion acquisition of GEs real estate assets and the purchase of Stuyvesant Town / Peter Cooper Village, an 80 acre property with 11,200 units in Manhattan. As of 2023, Jon Gray's net worth is $100,000 - $1M. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. [11], In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. Jon Gray, the Highland Park native and billionaire who oversees global real estate for New York-based private equity giant Blackstone, and his wife, Mindy, earlier this month paid $3.7. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. It's unclear exactly how many millions of dollars someone will need to participate in the fund. It eventually yielded a profit of many multiples of Blackstones cost. For information on our privacy practices see our Privacy Policy. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the companys shares he owns, the filing showed. Blackstone partners who resisted the change feared a dilution of their holdings, a weakening of their control over the firm, and an increase in the firms taxes. Since 2012, he and his wife, Mindy, have donated more than $100 million to cancer research following the death of Mindys sister, Faith Basser, from ovarian cancer at age 44. Jonathan Gray was born in Manhattan, New York in February 1970. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. The pandemic hasn't changed their philanthropic strategy, but rather has them doubling down, Jon Gray, Blackstone's chief operating officer and president, said in an interview. Blackstone Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Both agreed that at the time there was only one possible candidate: Jon Gray. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Beginning in 2012, Blackstone bought $125 million worth of houses a week. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. By 2005, at age 34, Gray was running Blackstones real estate business. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. 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