Residential Links: www.bloomberg.com By: Xeba73 Advertisement The unit navigated the crisis as other firms faltered. Schwarzman has made it easy for Gray in other ways as well. Gray has made a personal commitment to life sciences. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. 2023 Forbes Media LLC. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. Gray, who joined New York-based Blackstone in 1992 after graduating from the University of Pennsylvania, owns 40.6 million shares of the alternative-asset manager, a stake valued at US$913-million as of Wednesday's close. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. 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. His mother ran a catering business, where the teenage Gray worked as a busboy. 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. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Even when the boss steps down gracefully, the successor is frequently chosen after an undignified bake-off between rival executives, with the talented losers being shown the door. He is a member. 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. 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. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Added James, also a billionaire, One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.. 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. Blackstone President Jonathan Gray, Schwarzman's No. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. 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. In return, investors allow Blackstone to lock up their capital for many years. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. 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. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. . 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. Im still somewhat mystified, he says about those queries. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. For the performance, Blackstone has been richly rewarded. 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 . This wasnt hard.. And Schwarzman has become a billionaire many times over. And so are real estate deals for laboratory space. . Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. 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. Like Gray, Schwarzman got off to a fast career start. 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[1] He is also chairman of Hilton Worldwide. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. 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. Today the portfolio has grown to $230 billion. 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 Blackstones earnings. 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. 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. It made it much easier for me, says Gray. Gray also shrewdly understood that companies anxious to unload their real estate holdings sometimes lacked the patience and resources to accurately value their individual properties and ended up selling them for less than the sum of their parts. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. 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. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. By 2005, at age 34, Gray was running Blackstones real estate business. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. 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 Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. All quotes delayed a minimum of 15 minutes. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. National /. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. [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. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. He also serves on the board of Harlem Village Academies. Reflects change since 5 pm ET of prior trading day. 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. 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. Forbes estimates his net worth at $2.5. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. 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 Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. 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. The move is part of a careful succession at Blackstone. 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. . He also serves on the board of Corebridge and Harlem Village Academies. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. 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. Gray says his most difficult management decisions involve personnel. Blackstone President Jonathan Gray, Schwarzmans No. He sits on its Management Committee and most of its investment committees. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. 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. He notoriously quipped that an Obama administration proposal to raise taxes on private equity investors reminded him of when Hitler invaded Poland in 1939. (The ensuing uproar caused him to apologize. What happens often in these transitions is a fight for power, he notes. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. When women dont get promoted or feel underutilized, these feelings of inadequacy make many women hide their true selves, and their fears become a self-fulfilling prophecy. Mr. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. All Rights Reserved. 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. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. As of 2023, Jon Gray's net worth is $100,000 - $1M. 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. Since 2012, he and his wife, Mindy, have donated more than $100 million to cancer research following the death of Mindys sister, Faith Basser, from ovarian cancer at age 44. 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. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. To accompany all these changes, Blackstone has adopted a new financial vocabulary. As the leader of the . These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. 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. Across Wall Street, succession planning has been a major story for the past 18-months. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Offers may be subject to change without notice. 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. Mr Gray is 52, he's been the Gen. Blackstone President Jonathan Gray, Schwarzman's No. Jonathan D. Gray is the Gen. 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. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. With that, Gray finally won over the reluctant partners. 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. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. Mr. Gray previously served as the firms Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. The pandemic hasn't changed their philanthropic strategy, but rather has them doubling down, Jon Gray, Blackstone's chief operating officer and president, said in an interview. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. 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. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. [1] He is also chairman of Hilton Worldwide.[2]. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. 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. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. 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. Corner Office. He initially denied Grays request that Blackstone invest an additional $800 million. 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. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. We've received your submission. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. 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. Blackstone is one of the worlds leading investment firms. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. Switchboard: +1 (212) 583-5000. Or Chuck Schwab, who tossed aside his first successor after less than a year and keeps his current CEO, Walt Bettinger, on a tight leash, expecting multipage, single-spaced memos from him every other Friday. See here for a complete list of exchanges and delays. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. He is estimated by Forbes to be worth $3.9 billion. 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. News coverage focused on the absence of women candidates. Jonathan D. Gray Net Worth. 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. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. By contrast, the S&P 500 delivered 18% total losses. At the time, it seemed to me a devastating loss, recalls Gray. Today the portfolio has grown to $230 billion. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. [26], As of 2018, Gray had donated $120 million in his lifetime. But Schwarzman prides himself on learning from past errors. [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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. But it kept those considered to be trophy buildings and thus less vulnerable to recession. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. To view recent press releases, click here. With Blackstones shuffle, theres been change atop most major financial institutions. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. 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. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Blackstone announced its conversion to a corporation in April 2019. For office-specific contact information, please visitour offices page. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. The main tenant was a technology startup called Gobash.com (for Go big or stay home). By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. 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. Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. 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. Thanks for contacting us. Both are generous philanthropists. To receive email alerts from Blackstone, sign up below. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. His net worth is currently pegged by Forbes at $22.3 billion. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. Both agreed that at the time there was only one possible candidate: Jon Gray. 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. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. 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. For press inquiries, contact[emailprotected]. 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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. $2.5 billion, according to our most recent tally. That is an. Guest speakers chosen from within Blackstone might include the chief economist, the head of government relations, or the leading executive of a business unit involved in a key deal. 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. 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. 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