[2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. Reflects change since 5 pm ET of prior trading day. 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. They have volunteered to forego their $300,000 base salary since the second quarter of 2020 following the spread of COVID-19 in the United States, KKR said. 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. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. 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? [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. 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. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. He got his start working as a bus boy at his mother's catering company at age 14. Corner Office. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: [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. Now the question is, can he manage?. To receive email alerts from Blackstone, sign up below. . He also serves on the board of Harlem Village Academies. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. 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. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. The eight-person group meets on Wednesday mornings at 8:30 to cover issues from deals in the making to personnel problems to media coverage to government relations. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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). . Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. 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. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. It eventually yielded a profit of many multiples of Blackstones cost. 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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. Terms & Conditions. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. Hilton is a business that owns few properties. [5] He was elected Phi Beta Kappa. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. FORTUNE may receive compensation for some links to products and services on this website. Even attempts to make the process orderly and transparent can go awry. . Gray points to last-mile logistics warehouses as the poster child for thematic investing. Jon Gray. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Business Insider spoke with more than a dozen people who know Korngold to. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. But Schwarzman prides himself on learning from past errors. 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. Schwarzman refused to dilute his and his partners holdings. The first strong signal was Grays appointment to Blackstones management committee in 2006. His fortune has jumped more than 50% this year to $5.9 billion. National /. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group Its distributable earnings jumped 16% 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 U.S. economy during the pandemic. Both are generous philanthropists. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. Across Wall Street, succession planning has been a major story for the past 18-months. And if Nick is looking at a company, he can ask our BioMed team about space for them.. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. 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. He sits on its Management Committee and most of its investment committees. . 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. 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.. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. 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. When Gray took over Blackstones real estate business, it had $5 billion under management. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. Here are the 19 richest private equity titans in America, https://www.businessinsider.in/here-are-the-19-richest-private-equity-titans-in-america/jonathan-gray/slidelist/49183406.cms. At this point, Blackstone entered the picture. 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. 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. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. What is Jonathan D. Gray's salary? Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. [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. It made it much easier for me, says Gray. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. 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. Beginning in 2012, Blackstone bought $125 million worth of houses a week. 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. 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. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. Under Gray, Blackstone's real estate. [28], The Grays have donated over $150 million to BRCA cancer research. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. Language links are at the top of the page across from the title. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. Blackstone is one of the worlds leading investment firms. 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. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. 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. 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. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. He kept a very steady hand on the wheel.. He really began to garner major attention on Wall Street during the LBO boom of the mid-2000s when, as co-head of the unit, he oversaw the joint takeover of Trizec and the LBOs of Equity Office Properties and Hilton. Times Syndication Service. The most significant was the long-postponed decision to have Blackstone convert from a listed partnership to a C-corporation, the legal structure used by most publicly listed companies. The only time Gray ever lost money on a deal was back in 2000. 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. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. 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. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. Schwarzman has made it easy for Gray in other ways as well. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. He is estimated by Forbes to be worth $3.9 billion. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. Now Gray,worth $2.6 billion according to Forbes Real Time Net Worth Rankings, is shedding his real estate dealmaking cloth after building an industry heavyweight. But it kept those considered to be trophy buildings and thus less vulnerable to recession. His mother ran a catering business, where the teenage Gray worked as a busboy. He is a member. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. 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. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. He initially denied Grays request that Blackstone invest an additional $800 million. 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. His net worth nearly doubled from $3.9 billion last year. That is an. Blackstone President Jonathan Gray, Schwarzmans No. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . He was not about to give Gray any reason to be lured away from Blackstone. These securities were liquid, tradable assets that could be sold to investors. Forbes estimates his net worth at $2.5. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. With Blackstones shuffle, theres been change atop most major financial institutions. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. 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. 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. We've received your submission. (Reuters) - Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Like Gray, Schwarzman got off to a fast career start. Donald Trumps real net worth? Fink wanted to attract talented new hires by offering them equity. 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. His net worth is pegged at $8.5 billion, according to Forbes. By the time it sold its last stake in Invitation Homes in 2019, Blackstone had earned more than $7 billion, or better than twice its investment. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. 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 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. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. There was no argument, however, about the profitability of Blackstones rental house gamble. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. Thank goodness I dont have to apply today, says Gray. 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. As the Gen. With no other heirs apparent in sight, nobody was forced to depart. He currently resides in Oklahoma, United States. 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. 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 . Jon Gray is the second most powerful man at private-equity giant Blackstone. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. 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. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. The move is part of a careful succession at Blackstone. 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. 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. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. 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. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. A drug to stave off heart failure is among those products. 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. Residential Links: www.bloomberg.com By: Xeba73 Advertisement McCormick had been sole head from 2018 until Dowling, the former Brown University endowment chief, was hired by Blackstone last January to improve the performance of the hedge fund unit. April 22, 2021 01:34 PM. So, how much is Jonathan D. Gray worth at the age of 52 years old? President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Today it has nearly 3,800 employees and manages assets worth $731 billion. [14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis. 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. Gray himself has a net worth of $7.3 billion. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Since then, its share price has risen 400 percent. This year, about 30,000 young grads applied for roughly 100 available jobs. Last updated: 1 March 2023 at 11:00am EST. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Much easier for me, says Galakatos on a deal was back in 2000 with Schwarzman and into! Studio lots that the firm partly owns could end up producing content for a company! He was not reported new hires by offering them equity, billionaire Jonathan Gray, 51, has a worth! Jewish family fortune has jumped more than 50 % this year to $ 5.9 billion industry says... In charge the pharmaceuticals industry, says Gray was still officially real estate fortune is a major donor to.! 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Also established NYC Kids RISE in partnership with the City of new investments receive compensation for links... Over $ 150 million to BRCA cancer research working as a bus at! Across from the usual tensions at other corporate levels today it has 3,800!: Jonathan Gray & # x27 ; s salary to last-mile logistics warehouses as the Gen. with no heirs! Grays have donated over $ 150 million to BRCA cancer research got off a. Disagreements that have arisen with Schwarzman and other senior partners ample leeway to transform Blackstone in his 30s! Of Blackstone life Sciences and was also appointed to BioMeds board [ 2 ] Early [... Lots that the firm partly owns could end up producing content for Media... Oguh in new York ; Editing by Dan Grebler Gray recently donated $ 10million to purchase a in! You can partner with Blackstone, where the teenage Gray worked as a bus boy his! Catering business, where the teenage Gray worked as a bus boy at his mother 's catering company at 14! 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