Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. 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. But passive money managers like mutual funds and index funds had mandates against purchasing shares in listed partnerships. These are properties used by Amazon and other e-commerce retailers as distribution hubs for the final stage in the delivery of products to nearby consumers. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. Forbes estimates his net worth at $2.5. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. But Schwarzman prides himself on learning from past errors. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. 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. 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. There are 21 older and 3 younger executives at Blackstone Inc. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. 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. What happens often in these transitions is a fight for power, he notes. Im still somewhat mystified, he says about those queries. Under 74-year-old cofounder, chairman, and CEO Stephen Schwarzman, there has been a slow-motion, drama-free passing of the baton to Jonathan Gray, 51, now the president and COO, without ruffling feathers among colleagues. What is Jonathan D. Gray's salary? 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. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. Both agreed that at the time there was only one possible candidate: Jon Gray. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. The main tenant was a technology startup called Gobash.com (for Go big or stay home). [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. That is an increase from the prior year. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. Jon Gray is the second most powerful man at private-equity giant Blackstone. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. He ranks as the 495th wealthiest person in the world. A crown jewel property fund for wealthy investors, the Blackstone Real Estate Income Trust, faced a line of investors wanting out, prompting it to limit redemptions. 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. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. 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.. 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. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. 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. 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. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Gray was born in Highland Park, Illinois to a Jewish family. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. 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. [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. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. It does this by using extraordinary people and flexible capital to help companies solve problems. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. But they remain in key respects an odd couple. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. Both are generous philanthropists. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. 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? Team: Texas Rangers (majors) Born: November 5, 1991 in Shawnee, OK us Draft: Drafted by the Kansas City Royals in the 13th round of the 2010 MLB June Amateur Draft from Chandler HS (Chandler, OK), the New York Yankees in the 10th round of the 2011 MLB June Amateur Draft from Eastern Oklahoma State College . Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. 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. To view recent press releases,click here. For office-specific contact information, please visit our our offices page. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. He also serves on the board of Corebridge and Harlem Village Academies. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. Times Internet Limited. 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. 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. 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. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. Offers may be subject to change without notice. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. 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. By contrast, the S&P 500 delivered 18% total losses. Times Syndication Service. His net worth has been growing significantly in 2021-2022. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. 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. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group 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. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. Ive learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community, he further said. 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. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. With that, Gray finally won over the reluctant partners. He is estimated by Forbes to be worth $3.9 billion. 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. His net. 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. There are no executives at Blackstone Inc getting paid more. 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. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. 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. Blackstone has also been able to expand its range of investors. 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 complained that the market was undervaluing Blackstone though he would later concede that by remaining a listed partnership, the firm was excluding two-thirds of its potential investors. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. 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. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Gray points to last-mile logistics warehouses as the poster child for thematic investing. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Jon Gray, the Highland Park native and billionaire who oversees global real estate for New York-based private equity giant Blackstone, and his wife, Mindy, earlier this month paid $3.7. If you're happy with cookies click proceed. His net worth is pegged at $8.5 billion, according to Forbes. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Switchboard:+1 (212) 583-5000. He was not about to give Gray any reason to be lured away from Blackstone. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. [26], As of 2018, Gray had donated $120 million in his lifetime. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. Mr. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. 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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. For the performance, Blackstone has been richly rewarded. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. It made it much easier for me, says Gray. The bottled Grey Goose Classic Martini Cocktail features just three ingredients: Grey Goose vodka, dry French vermouth, and a dash of orange bitters. 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. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. 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. Today the portfolio has grown to $230 billion. After the crisis, Grays unit oversaw the creation of Invitation Homes, the nations largest single family home rental firm, which now carries a market cap exceeding $11 billion. We've received your submission. By submitting this request, you consent to receive email from Blackstone. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. His net worth is currently pegged by Forbes at $22.3 billion. 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. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Partner, Pres, and COO & Director of Blackstone Inc since .