Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. [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. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: 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. He kept a very steady hand on the wheel.. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. See here for a complete list of exchanges and delays. All rights reserved.For reprint rights. Stone. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. Blackstone is one of the worlds leading investment firms. 50 insiders reveal how the superinvestor consolidated power, elbowed out rivals, and is remaking the firm in his golden-boy image", "Investment strategy: The new property barons", "Blackstone to Check Out of Hilton Investment", "Blackstone's Hilton Deal: Best Leveraged Buyout Ever - Bloomberg", "40 under 40 - Jonathan Gray (7) - FORTUNE", "Blackstone Exits Single-Family Rental Bet Slammed by Warren", "Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes", "Warren Calls Out Blackstone for "Shameless" Profies From Housing", "Blackstone's Homegrown Dealmaker Finally Makes It to the Top", "Opinion | Wall Street Courts Hong Kong Strongman John Lee", "Three Top Bankers Pull Out of Hong Kong's Global Finance Summit", "Trump Said to Discuss Treasury Post With Blackstone's Gray", "Blackstone executive Jonathan Gray won't serve as Treasury secretary", "The Wallets of Wall Street Are With Joe Biden, if Not the Hearts", "Private-Equity Leaders Place Their Presidential Bets", "Joe Biden's fundraiser list includes more than 30 executives with Wall Street ties", "Joe Biden to host more than 250 donors from Wall Street, big business at NYC fundraisers here's the guest list", "Blackstone COO Jonathan Gray On Giving To Education, Cancer Research", "Blackstone President Jonathan Gray Donates $25 Million To Tackle Deadly Breast Cancer Gene", "Basser Center for BRCA Abramson Cancer Center", "Blackstone's Gray Becomes Billionaire Amid Property Wager", "The 2013 Basser Global Prize - Bassser Research Center for BRCA -Penn Medicine", "Penn Medicine's Basser Research Center for BRCA Announces Additional $5 Million Gift from Mindy and Jon Gray to Fund External Research Grant Program", "The T&C 50: The Top Philanthropists of 2016", "Blackstone's Gray Gives $21 Million to Hit Cancer Close to Home", "$55 million gift to Penn is aimed at stopping breast cancer before it starts", "University Of Pennsylvania Receives $55 Million Gift To Study, Treat Hereditary Cancers", "Blackstone's Gray Gives UPenn $55 Million for Cancer Prevention", "New York Seeks to Jump-Start College Savings by Giving Cash to Kindergartners' Parents", "Blackstone's Gray Donates $10 Million for Financial Aid at UPenn", "Money for Kindergartners, Spendable on College", "WEDDINGS - Mindy Basser, Jonathan D. Gray", https://en.wikipedia.org/w/index.php?title=Jonathan_D._Gray&oldid=1147945563, Wharton School of the University of Pennsylvania alumni, Articles with unsourced statements from April 2016, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 05:15. At the time, it seemed to me a devastating loss, recalls Gray. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. There are 21 older and 3 younger executives at Blackstone Inc. As the leader of the . [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. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. He was not about to give Gray any reason to be lured away from Blackstone. But were not resting on our laurels.. Gray was born in Highland Park, Illinois to a Jewish family. It made it much easier for me, says Gray. Wallmine is a radically better financial terminal. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. [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. 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. 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 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. 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. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. As the Gen. Jonathan D. Gray is the Gen. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. 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. There are 18 older and 7 younger executives at Blackstone Inc. He currently resides in Oklahoma, United States. Beginning in 2012, Blackstone bought $125 million worth of houses a week. Blackstone President Jonathan Gray, Schwarzmans No. The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership, said Blackstones billionaire co-founder and CEO Stephen Schwarzman. [43] He lives in Manhattan with his wife and their four daughters. 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 joined Blackstone in 1992. For press inquiries, contact [emailprotected]. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. [1] He is also chairman of Hilton Worldwide.[2]. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. Just the other week, it announced . 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. Blackstone is one of the worlds leading investment firms. Blackstone President Jonathan Gray, Schwarzman's No. His mother ran a catering business, where the teenage Gray worked as a busboy. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. His net worth is currently pegged by Forbes at $22.3 billion. Schwarzman has often said his greatest failure was the conflict that led to his 1994 breakup with Larry Fink and the precursor of his BlackRock, in which Blackstone had a 35 percent stake. Lately, life sciences have taken center stage. In 2018, Jonathan Gray, 50, the manager who built the real estate business, was named president and COO, and he's slated to eventually succeed longtime CEO and cofounder Steve Schwarzman. Blackstone President Jonathan Gray, Schwarzman's No. 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. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. [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. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. Jon Gray. With no other heirs apparent in sight, nobody was forced to depart. 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. Donald Trumps real net worth? Said Schwarzman, Tony James has had a bigger impact on Blackstone than anyone in the firms history He has put in place the internal processes that are the bedrock of the institutionalization of our firm.. 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. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Today, Blackstone is a financial behemoth with a range of businesses and investors far removed from the model created by Schwarzman and his cofounder, Pete Peterson, almost four decades ago. Today it has nearly 3,800 employees and manages assets worth $731 billion. Individual Investors & Financial Advisors. Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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. 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. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Times Syndication Service. 2023 NYP Holdings, Inc. All Rights Reserved, Justin Bieber nears $200M deal to sell music rights: report, Hochuls insane green power scheme may raise New Yorkers power costs, Chuck Schumers son-in-law lands lucrative gig at private equity giant Blackstone, Blackstones decision to give up 1740 Broadway shocks real-estate observers. [5] His parents divorced when he was young. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. But Alnylam still needed to incur onerous development costs of $2 billion before inclisarin could receive the go-ahead from regulators and begin to be mass-marketed. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. Even Schwarzman was nervous. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. All Rights Reserved. For the performance, Blackstone has been richly rewarded. Under Gray, Blackstone's real estate. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. How do I contact Jonathan D. Gray? On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. April 22, 2021 01:34 PM. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. Alternatives are only a small portion of its business today, but with $9.4 trillion AUM more than twice the size of Germanys GDP BlackRock has deeper pockets than any other financial entity. 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. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. Mr. 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. His net worth is pegged at $8.5 billion, according to Forbes. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. A prime example of this arrangement is Alnylam Pharmaceuticals, which is both a Blackstone business partner and a laboratory and office tenant in a Cambridge, Massachusetts, building owned by BioMed. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. 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. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. 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. The main tenant was a technology startup called Gobash.com (for Go big or stay home). Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. He ranks as the 495th richest person in the world and the 159th in the US. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. He also serves on the board of Harlem Village Academies. With Blackstones shuffle, theres been change atop most major financial institutions. Ultimately it panned out, leading to an over $10 billion profit. Mr. Gray joined Blackstone in 1992. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. It came as no surprise when Gray was named president and COO in 2018, replacing James, who became vice chairman (and will retire in January). The only time Gray ever lost money on a deal was back in 2000. For the performance, Blackstone has been richly rewarded. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. A lawyer for Majors told Forbes he is completely innocent.. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. Gray, 51, has a net worth of $4.5 billion, according to Forbes. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. In 2013, Jonathan Gray helped conceive Invitation Homes, a . It eventually yielded a profit of many multiples of Blackstones cost. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. 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. [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. 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. Thank goodness I dont have to apply today, says Gray. 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That included $182.7 million from dividends tied to a roughly 3% stake in the firm. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. To view recent press releases, click here. Though neither is paid an annual cash bonus, they still collect more than the CEOs of Wall Streets biggest investment banks, where compensation packages for the top brass usually tally into the tens of millions. Distributable earnings reached $3.9 billion for the first nine months of 2021, a whopping 108 percent jump from $1.9 billion for the same period last year. Gray himself has a net worth of $7.3 billion. in English from the School of Arts & Sciences and a B.S. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. 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. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. Since Blackstones conversion, Schwarzman has almost tripled his personal worth, to $37 billion, elevating him to the 19th-wealthiest person in the world, according to Forbes. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Apollo Global Management Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to the late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. 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. When Gray took over Blackstone's real estate business, it had $5 billion under management. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. He is estimated by Forbes to be worth $3.9 billion. We've received your submission. Years of turbulence and a shattered global economy have shifted investor sentiment drastically, which seems to be moderating as the world braces for a softer landing than expected. 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. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. His net worth is currently pegged by Forbes at $22.3 billion. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. 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. 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. 2023 Forbes Media LLC. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. With that, Gray finally won over the reluctant partners. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. There was no argument, however, about the profitability of Blackstones rental house gamble. 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. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. By contrast, the S&P 500 delivered 18% total losses. 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. . But with strong guidance from Gray, deals increasingly involve much longer-term investments. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. Gray insists he is talking in generalities. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. Gray has made a personal commitment to life sciences. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Who is the president of Blackstone? Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. 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. Gray met his wife, Mindy, at a romantic poetry class at UPenn and once worked a stint as a guard at a graduate student dorm. 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