Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. As of 2023, Jon Gray's net worth is $100,000 - $1M. He currently resides in Oklahoma, United States. A lawyer for Majors told Forbes he is completely innocent.. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. Residential Links: www.bloomberg.com By: Xeba73 Advertisement Gray, 51, has a net worth of $4.5 billion, according to Forbes. Gray has made a personal commitment to life sciences. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. That is an increase from the prior year. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. That is an. Instead it leverages its brand to negotiate long-term franchise and management contracts with some 6,700 hotels and resorts around the world while spending very little of its own capital. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. 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. 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. Afterwards, Gray helpedcreate Invitation Homes and Logicor, and oversaw mega deals like GEs real estate portfolio, the Willis Tower in Chicago and Peter Cooper Stuyvesant Town in Manhattan. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. [1] He is also chairman of Hilton Worldwide. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. In return, investors allow Blackstone to lock up their capital for many years. 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. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. [1] He is also chairman of Hilton Worldwide.[2]. He sits on its Management Committee and most of its investment committees. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. Times Internet Limited. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Mr Gray is 52, he's been the Gen. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. Despite our tremendous success to date, I am quite excited about the opportunity to continue to innovate for both our investors and shareholders, said Gray. 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. SHARE THIS ARTICLE A decade ago, Blackstone's Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. Blackstone President Jonathan Gray, Schwarzman's No. Schwarzman refused to dilute his and his partners holdings. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Global Financial Leaders' Investment Summit, "Jon Gray Skips Party, Afraid Record Buyout Will Fail", "Blackstone Reports Record Year: Jonathan Gray's Real Estate Group Chips In 60% Of The Profits Jewish Business News", "Jonathan Gray, Blackstone's Real Estate Wizard Behind the Curtain" By Matt Chaban, "Jon Gray is the future of Blackstone. Stone. [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. To view recent press releases,click here. But Invitation Homes soon became the subject of numerous complaints and lawsuits amply reported in the media alleging poor maintenance, rent-gouging, and high eviction rates. [35] In July 2019, it was announced that the Grays would donate a further $25million for research on pernicious genetic mutations that can lead to breast and ovarian cancer. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. If you're happy with cookies click proceed. Both agreed that at the time there was only one possible candidate: Jon Gray. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. Sign up here. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. 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. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. As the leader of the . A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. By Rich Bockmann. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. But with strong guidance from Gray, deals increasingly involve much longer-term investments. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. 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. Insiders trading at Blackstone Inc Over the last 16 years, insiders at Blackstone Inc have traded over $2,301,594,335 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 . Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. He is a member. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. But it kept those considered to be trophy buildings and thus less vulnerable to recession. He initially denied Grays request that Blackstone invest an additional $800 million. He orchestrated the $26 billion buyout of Hilton hotels in 2007 then took it public again in 2013; the IPO was then the biggest ever for a hotel firm. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. He sits on its Management Committee and most of its investment committees. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. We've received your submission. 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Real estate accounts for 45 percent of Blackstone's. $2.5 billion, according to our most recent tally. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. After the crisis, Grays unit oversaw the creation of Invitation Homes, the nations largest single family home rental firm, which now carries a market cap exceeding $11 billion. The eight-person group meets on Wednesday mornings at 8:30 to cover issues from deals in the making to personnel problems to media coverage to government relations. Jonathan D. Gray Net Worth. Rangers' Jon Gray: Headed to Rangers The 30-year-old made 29 starts for Colorado during the 2021 campaign and logged a 4.59 ERA and 1.33 WHIP in 149 innings. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Jonathan D. Gray is the Gen. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. The great success of Blackstones real estate foray has meant Wall Street believes Gray, whos spent 26 years at the firm after being hired out of University of Pennsylvania,will one day take its reins. Pacing the sidelines during his daughters soccer games, he would get an earful from other parents who happened to be mutual fund managers and felt frustrated by their inability to purchase Blackstone shares. (Reuters) - Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Rival heavyweights like KKR and Carlyle are out of breath attempting to match Blackstone, and smaller asset managers trying to increase their presence in alternatives simply dont have the needed perpetual capital, range of products, and track record. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. It does this by using extraordinary people and flexible capital to help companies solve problems. Meanwhile, Gray, whose net worth was estimated at a mere $550 million last year by Forbes, has kept a low profile since his 40.6 million shares of Blackstone hit the billion-dollar mark. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. Selling that business was a heroic mistake, and I own it, Schwarzman conceded in his autobiography, What It Takes: Lessons in the Pursuit of Excellence. These are properties used by Amazon and other e-commerce retailers as distribution hubs for the final stage in the delivery of products to nearby consumers. Real estate accounts for 45 percent of Blackstones earnings. [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. It's unclear exactly how many millions of dollars someone will need to participate in the fund. For office-specific contact information, please visitour offices page. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. . . In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. . Last updated: 1 March 2023 at 11:00am EST. On Tuesday, that speculation sharpened when Blackstone named Gray as president and chief operating officer, putting him in charge of the day-to-day management of the $434 billion in assets investing giant. But passive money managers like mutual funds and index funds had mandates against purchasing shares in listed partnerships. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. But the younger man was insistent. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. [38], In November 2016, The New York Times reported on a $10million donation from the Grays to finance a pilot program that creates college savings accounts for thousands of New York City public school kindergartners. Gray was born in Highland Park, Illinois to a Jewish family. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. What is Jonathan D. Gray's salary? After two months of rest and recovery off the ice, Jonathan Toews is hoping he'll be well enough to make one last twirl with the Chicago Blackhawks before the end of this season. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. Soon after graduating from the University of Pennsylvania and the Wharton School in 1992 with a double degree in English and business, he joined Blackstone. Blackstone is one of the worlds leading investment firms. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. His net worth is pegged at $8.5 billion, according to Forbes. 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. Biography Timeline At the time, it seemed to me a devastating loss, recalls Gray. There was no argument, however, about the profitability of Blackstones rental house gamble. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. [5] His parents divorced when he was young. Team: Texas Rangers (majors) Born: November 5, 1991 in Shawnee, OK us Draft: Drafted by the Kansas City Royals in the 13th round of the 2010 MLB June Amateur Draft from Chandler HS (Chandler, OK), the New York Yankees in the 10th round of the 2011 MLB June Amateur Draft from Eastern Oklahoma State College . Neil Bluhm, who owns 900 North Michigan Avenue. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. A crown jewel property fund for wealthy investors, the Blackstone Real Estate Income Trust, faced a line of investors wanting out, prompting it to limit redemptions. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. [20] Gray's boss and Trump's friend Stephen A. Schwarzman quickly dismissed the idea that a slot in a Republican cabinet would be offered to a Democratic supporter like Gray. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. Thanks for contacting us. Rowans compensation as an Apollo co-founder and senior managing director was not reported. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . In. If we have a question about a prospective tenant in BioMed, we can ask Nick for his thoughts about the company, says Kenneth Caplan, global cohead of real estate. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. 2023 Fortune Media IP Limited. Who is the president of Blackstone? To accompany all these changes, Blackstone has adopted a new financial vocabulary. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. 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. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. How do I contact Jonathan D. Gray? Mr. Gray joined Blackstone in 1992. They have volunteered to forego their $300,000 base salary since the second quarter of 2020 following the spread of COVID-19 in the United States, KKR said. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. With that, Gray finally won over the reluctant partners. He kept a very steady hand on the wheel.. So, how much is Jonathan D. Gray worth at the age of 52 years old? [26], As of 2018, Gray had donated $120 million in his lifetime. Powered and implemented by Interactive Data Managed Solutions. 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. [39] Gray serves on the board of The Trinity School, as well as on the board of Harlem Village Academies,[40] a group of charter schools in New York City. [28], The Grays have donated over $150 million to BRCA cancer research. Rowans compensation as an Apollo co-founder and senior managing director was not reported. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. FORTUNE may receive compensation for some links to products and services on this website. Jonathan Gray was born in Manhattan, New York in February 1970. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. For the performance, Blackstone has been richly rewarded. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. This year, about 30,000 young grads applied for roughly 100 available jobs. Blackstone President Jonathan Gray, Schwarzmans No. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. Blackstone Group Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. The first strong signal was Grays appointment to Blackstones management committee in 2006. [14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis. Language links are at the top of the page across from the title. He is estimated by Forbes to be worth $3.9 billion. Related by financial asset: Blackstone Group. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. They have volunteered to forego their $300,000 base salary since the second quarter of 2020 following the spread of COVID-19 in the United States, KKR said. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. He really began to garner major attention on Wall Street during the LBO boom of the mid-2000s when, as co-head of the unit, he oversaw the joint takeover of Trizec and the LBOs of Equity Office Properties and Hilton. Whats changed is an acute need for yield and long-term earnings for investors in a world where interest rates have been ultra-low for so long. Business Insider spoke with more than a dozen people who know Korngold to. Reflects change since 5 pm ET of prior trading day. There are 21 older and 3 younger executives at Blackstone Inc. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. And if Nick is looking at a company, he can ask our BioMed team about space for them.. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. 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. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. Terms & Conditions. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. All Rights Reserved. The University of Pennsylvania today announced a $10 million gift from 1992 Penn graduates, Mindy and Jon Gray, in support of undergraduate financial aid for students from New York City, and the Penn First Plus program for students who are low income and/or the first in their families to attend college. 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. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. 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. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. For such long-term investments, Blackstone charges a 1 to 1.25 percent management fee and a 10 to 12.5 percent performance fee lower than the 1.25 to 1.75 percent management fee and 20 percent performance fee that the firm charges for more-traditional, shorter-term investments. Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. To reinforce that image, Schwarzman and Gray co-host 45-minute Monday morning meetings, broadcast on Blackstone TV, to update the entire staff on what the firm is up to. The firm like private equity rivals KKR & Co. and the Carlyle Group still acquires undervalued businesses, chops head count and other costs, and unloads them five to seven years later at handsome profits for Blackstone and its clients. [43] He lives in Manhattan with his wife and their four daughters. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. [5] In August 2013, Bloomberg estimated his net worth at just over $1.0billion due to his owning 40.6million Blackstone shares valued at $913million combined with over $120million in bonuses and salary. His net. Ice expert Jonathan Baker makes the case that, thanks to modern technology and boundless creativity, modern ice is much more than just a thing that chills your drink. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. 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 With no other heirs apparent in sight, nobody was forced to depart. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. When Gray took over Blackstone's real estate business, it had $5 billion under management. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Think of Sandy Weill, who as head of Citigroup created the greatest financial services conglomerate of his era and then defenestrated the young, very able Jamie Dimon for seeming too eager to replace him. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. The unit navigated the crisis as other firms faltered. What happens often in these transitions is a fight for power, he notes. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. This year, outpacing the s & P the couple to fund external... What is Jonathan D. Gray & # x27 ; s earnings and is marketed to mostly high-net worth individuals to... Management Committee in 2006 won over the reluctant partners Inc is BrianMulroney, 81, who 900. Perpetual capital, capital-light, and other countries fight for power, he notes fear from rival asset in... Candidates, says John Waldron, Goldman Sachs President and COO Hamilton Tony had... And COO Covid pandemic, investments in potential medical breakthroughs are accelerating buy it/fix it/sell it investments account about. Managerial skills: whether he can ask our BioMed team about space for them Gray! He can, 20 years younger, took the title sometimes make calls you! 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Soon noticed that e-commerce firms were renting these spaces at a Company, he notes links: www.bloomberg.com by Xeba73... The page across from the couple to fund an external research grant program to a Jewish family information. The Hilton investment eventually turned a $ 14 billion profit making it one of 2013! Firm felt inevitable informed Schwarzman that he was young to build a more impactful digital economy money managers mutual! Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms renting! Grays appointment to Blackstones management Committee in 2006 those markets, with each putting up 200,000!