[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. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. Blackstone has also been able to expand its range of investors. Gray has made a personal commitment to life sciences. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. How do I contact Jonathan D. Gray? 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.. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Stone. I was definitely in the camp of those wanting to convert, says Gray. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. 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. . 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. Schwarzman has made it easy for Gray in other ways as well. Donald Trumps real net worth? 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. 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. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. But the younger man was insistent. That is an. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. [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. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. 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. By contrast, the S&P 500 delivered 18% total losses. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. Switchboard:+1 (212) 583-5000. This year, about 30,000 young grads applied for roughly 100 available jobs. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. He also serves on the board of Harlem Village Academies. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. Since then, its share price has risen 400 percent. But it was a valuable experience at a relatively young age as an investor.. 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. Gray has been a major Democratic donor, backing Hillary Clinton in 2016[21] and several Democratic presidential candidates in the 2020 election[22][23][24][25], The Gray Foundation was launched in 2014, focusing on inherited BRCA mutations and increasing access to education and healthcare for low-income youth in New York City. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. Investment giant recorded $3.4B net income in Q1. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. If the drug, inclisiran, gains the approval of regulatory agencies and proves to be a blockbuster, Blackstone will be paid back in royalties from sales. His net. Jonathan Gray was born in Manhattan, New York in February 1970. Real estate accounts for 45 percent of Blackstone's. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Both are generous philanthropists. But they remain in key respects an odd couple. 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. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group, and was offered a position in the company's newly formed real estate private equity group shortly . Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. 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 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. Blackstone President Jonathan Gray, Schwarzmans No. 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. 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. 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. 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. The bottled Grey Goose Classic Martini Cocktail features just three ingredients: Grey Goose vodka, dry French vermouth, and a dash of orange bitters. Terms & Conditions. His net worth nearly doubled from $3.9 billion last year. [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. 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. Now Blackstone, the industrys biggest player, is also laying out its succession plans. 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. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. His mother ran a catering business, where the teenage Gray worked as a busboy. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. There are no executives at Blackstone Inc getting paid more. ), Its hard to find anybody who has unkind words for Gray. 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. A drug to stave off heart failure is among those products. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. 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 Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. Schwarzman refused to dilute his and his partners holdings. 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. 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. He also serves on the board of Corebridge and Harlem Village Academies. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. Gray was hired by Blackstone in 1992 as an analyst in its private equity and M&A practice, but soon moved to real estate when the operation was formed in the early 1990s. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. 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 certain genetically caused cancers. To view recent press releases,click here. 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. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. Blackstone President Jonathan Gray, Schwarzman's No. 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. 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. 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. Mr. Gray previously served as the firm's Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. Im still somewhat mystified, he says about those queries. 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. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . He initially denied Grays request that Blackstone invest an additional $800 million. Blackstones fundraising machine slowed last year, and market swings hampered new deals. 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. 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. It made it much easier for me, says Gray. Hilton is a business that owns few properties. The first strong signal was Grays appointment to Blackstones management committee in 2006. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. For the performance, Blackstone has been richly rewarded. Meanwhile, James will take on more responsibility at the board level as executive vice chair. His net worth is currently pegged by Forbes at $22.3 billion. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. With that, Gray finally won over the reluctant partners. 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 Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. 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. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. And if Nick is looking at a company, he can ask our BioMed team about space for them.. 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. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. With Blackstones shuffle, theres been change atop most major financial institutions. He is a member. 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. Gray insists he is talking in generalities. There are 18 older and 7 younger executives at Blackstone Inc. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Gray himself has a net worth of $7.3 billion. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. [17] On 22 October 2022, The Wall Street Journal released an article by its editorial board in its printed edition, titled "Wall Street and Hong Kong's Strongman," mentioning Gray's name, and saying that "These executives may feel they have assets to protect in the city, but by kowtowing to Mr. Lee they are doing their reputations, and that of their companies, no good. And so are real estate deals for laboratory space. 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. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. 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. Individual Investors & Financial Advisors. 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. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. All rights reserved.For reprint rights. Business Insider spoke with more than a dozen people who know Korngold to. 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. This is where all major decisions for the firm are made, says Schwarzman. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. 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. Residential Links: www.bloomberg.com By: Xeba73 Advertisement BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. Mr. It does this by using extraordinary people and flexible capital to help companies solve problems. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. Times Internet Limited. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. 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). To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. 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. [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. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. 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. In 2013, Jonathan Gray helped conceive Invitation Homes, a . We've received your submission. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. For the performance, Blackstone has been richly rewarded. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. 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. 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. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. As the leader of the . At this point, Blackstone entered the picture. 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. Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Biography Timeline 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. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. 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. 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. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. Gray points to last-mile logistics warehouses as the poster child for thematic investing. 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 . Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. Washington, D.C-based Carlyle Group Inc 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. As the Gen. 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. It does this by using extraordinary people and flexible capital to help companies solve problems. 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. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. Partner, Pres, and COO & Director of Blackstone Inc since . He sits on its Management Committee and most of its investment committees. 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 Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. FORTUNE may receive compensation for some links to products and services on this website. So, how much is Jonathan D. Gray worth at the age of 52 years old? Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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.