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. [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. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. His net worth is currently pegged by Forbes at $22.3 billion. 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. 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. Today the portfolio has grown to $230 billion. He got his start working as a bus boy at his mother's catering company at age 14. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. Related by financial asset: Blackstone Group. 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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Blackstone announced its conversion to a corporation in April 2019. 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 Jonathan D. Gray is the Gen. 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 Its the year of Jonathan Majors, and don't let anyone tell you otherwise. His net worth is pegged at $8.5 billion, according to Forbes. Partner, Pres, and COO & Director of Blackstone Inc since . Forbes estimates his net worth at $2.5. Blackstone is one of the worlds leading investment firms. Gray says his most difficult management decisions involve personnel. Now the question is, can he manage?. Blackstone Group Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. The 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. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. 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. 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. Since then, its share price has risen 400 percent. But were not resting on our laurels.. That was the point. There was no argument, however, about the profitability of Blackstones rental house gamble. He ranks as the 495th richest person in the world and the 159th in the US. [5] His parents divorced when he was young. Afterwards, Gray helpedcreate Invitation Homes and Logicor, and oversaw mega deals like GEs real estate portfolio, the Willis Tower in Chicago and Peter Cooper Stuyvesant Town in Manhattan. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. 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. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. By contrast, the S&P 500 delivered 18% total losses. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. 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. 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. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. 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. Mr. This wasnt hard.. This year, about 30,000 young grads applied for roughly 100 available jobs. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. Jon Gray (born November 5, 1991) is famous for being baseball player. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. . . Both agreed that at the time there was only one possible candidate: Jon Gray. The main tenant was a technology startup called Gobash.com (for Go big or stay home). His fortune has jumped more than 50% this year to $5.9 billion. 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. [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. Selling that business was a heroic mistake, and I own it, Schwarzman conceded in his autobiography, What It Takes: Lessons in the Pursuit of Excellence. As of 2023, Jon Gray's net worth is $100,000 - $1M. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. 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. 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. Blackstone President Jonathan Gray, Schwarzman's No. To accompany all these changes, Blackstone has adopted a new financial vocabulary. On Tuesday, that speculation sharpened when Blackstone named Gray as president and chief operating officer, putting him in charge of the day-to-day management of the $434 billion in assets investing giant. 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 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. 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. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. What is Jonathan D. Gray's salary? What is the salary of Mr Gray? 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. Jonathan Gray's House in Sagaponack, NY (Google Maps) Jonathan Gray's House Sagaponack, New York (NY), US Like Tweet Share Pin Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the world's largest manager of private equity and property. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. Im still somewhat mystified, he says about those queries. KKR decided to convert to a C-corporation and saw its share price shoot up. 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. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. He ranks as the 495th wealthiest person in the world. 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. This is where all major decisions for the firm are made, says Schwarzman. 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. . Blackstone is one of the worlds leading investment firms. [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. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. He sits on its Management Committee and most of its investment committees. Just the other week, it announced . Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. Like Gray, Schwarzman got off to a fast career start. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. 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. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. 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. Thank goodness I dont have to apply today, says Gray. Jonathan Gray was born in Manhattan, New York in February 1970. Schwarzman refused to dilute his and his partners holdings. For the performance, Blackstone has been richly rewarded. 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. 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. He joined Blackstone in 1992. A drug to stave off heart failure is among those products. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. It made it much easier for me, says Gray. $2.5 billion, according to our most recent tally. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Real estate accounts for 45 percent of Blackstone's. The unit navigated the crisis as other firms faltered. [11], In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. At this point, Blackstone entered the picture. But it was a valuable experience at a relatively young age as an investor.. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. In 2013, Jonathan Gray helped conceive Invitation Homes, a . I was definitely in the camp of those wanting to convert, says Gray. For the performance, Blackstone has been richly rewarded. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. 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. His net worth is pegged at $8.5 billion, according to Forbes. That is an increase from the prior year. Gray-Led initiatives camp of those wanting to convert to a fast career start of Blackstones house. Annually, up from only a third just four years ago, 1991 is! Deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones strategy! 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