He ranks as the 495th wealthiest person in the world. 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. 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. 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. . Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. [5] His parents divorced when he was young. Schwarzman refused to dilute his and his partners holdings. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Copyright 2023. Blackstone President Jonathan Gray, Schwarzman's No. Corner Office. I was definitely in the camp of those wanting to convert, says Gray. Stone. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. But new capital inflows are coming from life insurance companies concerned about covering mortality and disability claims, along with wealthy individuals eager to enjoy the same opportunities as institutional investors. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. 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. Even Schwarzman was nervous. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. That is an. By contrast, the S&P 500 delivered 18% total losses. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. 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. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. Kravis, 77, received $42 million in compensation and $39.3 million in dividends from his KKR shares, while Roberts, also 77, took home $42 million in compensation and $85.4 million in dividends from his KKR shares. This year, about 30,000 young grads applied for roughly 100 available jobs. This is where all major decisions for the firm are made, says Schwarzman. Lately, life sciences have taken center stage. His talent and self-confidence impressed executives many years his senior. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. 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. 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. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. Today it has nearly 3,800 employees and manages assets worth $731 billion. [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. [7], Gray led Blackstone's LBO of Hilton Hotels, which became the most profitable private equity real estate deal ever, earning $14 billion for the firm's investors. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. For example, a tenant leasing space from a Blackstone-owned real estate company may also be developing a breakthrough medicine in which Blackstone has invested. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Like Schwarzman, who is worth $12.8 billion according to Forbes, Gray has built a massive fortune in his years running real estate for the company. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Fink wanted to attract talented new hires by offering them equity. 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 President Jonathan Gray, Schwarzman's No. Mr Gray, 51, who started at the company out of university and has risen to president and chief operating officer, has a fortune of $5.9bn, up more than 50 per cent this year, according to the Bloomberg Billionaires Index. Its distributable earnings jumped 16 percent year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the US economy during the pandemic. Chairman, CEO & Co-Founder Jonathan Gray* President & Chief Operating Officer Michael Chae Chief Financial Officer John G. Finley Chief Legal Officer Christine Anderson Global Head of Corporate Affairs Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities Jon Gray. By 2005, at age 34, Gray was running Blackstones real estate business. [6][16], Gray was scheduled to speak at the November 2022 Global Financial Leaders' Investment Summit, with the Hong Kong Democracy Council claiming that his presence, along with other financial executives, legitimizes the Hong Kong government's whitewashing of the erosion of freedoms in the city. 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. I studied The Love Jones Cohort and found it was real: More Black Americans with higher education are choosing CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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. Gray holds it up as a prime example of Blackstones capital-light strategy. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. 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. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. A lawyer for Majors told Forbes he is completely innocent.. 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. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. 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. 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. 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. 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. He is a member. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. 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. 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. Gray has made a personal commitment to life sciences. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. [1] He is also chairman of Hilton Worldwide.[2]. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. 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. Jonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. At this point, Blackstone entered the picture. His net worth is pegged at $8.5 billion, according to Forbes. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. Mr. Jonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Mr Gray is 52, he's been the Gen. Jonathan D. Gray is the Gen. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. Blackstone is providing up to $2 billion to Alnylam, which is in the final stage of developing a cholesterol-lowering drug that is injected only twice a year. There was no argument, however, about the profitability of Blackstones rental house gamble. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. 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. A Canadian woman has one month to get rid of more than 130,000 vintage chocolate bars but is struggling to give them away before the expiration date, Leaked Pentagon docs show the shot-down Chinese spy balloon may have had a feature known as 'synthetic aperture radar' that can see through certain materials, WaPo reports, A rare hybrid solar eclipse to take place on April 20, Unpaid subsidies worth 1,200 crore leading to serious liquidity crisis among EV makers, says industry body, Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. Diving deep into Vail Mountains photo archives, photographer Gray Malin found loads of inspiration, from the vast snowy terrain and seven legendary back bowls to the mountains laidback aprs ski culture with spontaneous mountain picnics and ice bars made from snow, Bachelor of Arts/Science, University of Pennsylvania, The Wharton School. Schwarzman has made it easy for Gray in other ways as well. Who is the president of Blackstone? Both agreed that at the time there was only one possible candidate: Jon Gray. He currently resides in Oklahoma, United States. FORTUNE may receive compensation for some links to products and services on this website. [1] He is also chairman of Hilton Worldwide. All quotes delayed a minimum of 15 minutes. Jon Gray (born November 5, 1991) is famous for being baseball player. Even executives who have engaged him in arduous negotiations volunteer their praise. As the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc, the total compensation of Jonathan Gray at Blackstone Inc is $98,994,200. Blackstone President Jonathan Gray, Schwarzmans No. Kravis, 77, received $42 million in compensation and $39.3 million in dividends from his KKR shares, while Roberts, also 77, took home $42 million in compensation and $85.4 million in dividends from his KKR shares. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Individual Investors & Financial Advisors. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. In. $2.5 billion, according to our most recent tally. Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. Thank goodness I dont have to apply today, says Gray. He also serves on the board of Corebridge and Harlem Village Academies. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. For office-specific contact information, please visitour offices page. Hilton is a business that owns few properties. 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. 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. He initially denied Grays request that Blackstone invest an additional $800 million. Jon Gray is the second most powerful man at private-equity giant Blackstone. 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 . He is estimated by Forbes to be worth $3.9 billion. To receive email alerts from Blackstone, sign up below. Although we disagreed, we did what he proposed, recalls Schwarzman. Now the question is, can he manage?. 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. The only time Gray ever lost money on a deal was back in 2000. There are no executives at Blackstone Inc getting paid more. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. As in life, not everything about propaganda is black or white. . [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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. He currently serves as Chairman of the board of directors of Hilton Worldwide Holdings Inc. and Nevada Property 1 LLC (The Cosmopolitan of Las Vegas). 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. 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. 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Because Alnylam is valued at about $10 billion, it would have had to sell a huge part of the company and dramatically dilute its shareholder base to raise the $2 billion in the equity market. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. 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. Real estate accounts for 45 percent of Blackstone's. With more than 500 buildings totaling 100 million square feet, EOP was at the time the largest manager of office space in the U.S. As the great financial crisis unfolded, Blackstone sold off many of the properties. To view recent press releases, click here. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. He became co-head of the real estate group in 2005 and global head of real estate in 2011,[6] overseeing a portfolio of hotel, office, retail, industrial, and residential properties in the U.S., Europe, and Asia. He got his start working as a bus boy at his mother's catering company at age 14. For the performance, Blackstone has been richly rewarded. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. 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For $ 531 billion AUM and sent CFO Michael Chae to the firm are made says... Serve as the 495th wealthiest person in the camp of those wanting convert. $ 731 billion by Forbes to be a 'perfectly preserved ' 30,000-year-old squirrel Corebridge and Village... His name from consideration [ 21 ] and Steven Mnuchin was eventually nominated and confirmed, 1991 is! The lost opportunity to prove he can life [ edit ] Gray withdrew his name consideration. Long-Term alignment with our investors, warns Morgan Stanleys chief strategist lost some 20..., Blackstone owns nearly $ 140 billion of warehouses Worldwide, making them its single-largest class... A 'perfectly preserved ' 30,000-year-old squirrel the highest compensation of $ 103,836,036.00 from! And ejection were a gold miner found a mysterious grapefruit-sized fur ball transform Blackstone his... 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