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When Gray took over Blackstone's real estate business, it had $5 billion under management. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. Ultimately it panned out, leading to an over $10 billion profit. Jon Gray (born November 5, 1991) is famous for being baseball player. It eventually yielded a profit of many multiples of Blackstones cost. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. And so are real estate deals for laboratory space. Gray himself has a net worth of $7.3 billion. In 2013, Jonathan Gray helped conceive Invitation Homes, a . [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. National /. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. There was no argument, however, about the profitability of Blackstones rental house gamble. Jon Gray is the second most powerful man at private-equity giant Blackstone. His net worth is pegged at $8.5 billion, according to Forbes. For him, the greatest comfort zone is overseeing investment strategy. This year, about 30,000 young grads applied for roughly 100 available jobs. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. 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. He sits on its Management Committee and most of its investment committees. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. 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.. His net. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. His mother ran a catering business, where the teenage Gray worked as a busboy. All Rights Reserved. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Across Wall Street, succession planning has been a major story for the past 18-months. That was the point. Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. For the performance, Blackstone has been richly rewarded. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Or sometimes people get to a stage in their careers where they have had a lot of success and they are not as engaged as they were before.. Last updated: 1 March 2023 at 11:00am EST. 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. 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. 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. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. What is the salary of Mr Gray? Beginning in 2012, Blackstone bought $125 million worth of houses a week. There are 21 older and 3 younger executives at Blackstone Inc. Just the other week, it announced . He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. It also gave heft to a new core investing platform that has a longer duration. FORTUNE may receive compensation for some links to products and services on this website. Jonathan D. Gray is the Gen. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. The unit navigated the crisis as other firms faltered. Times Internet Limited. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. [20] Gray's boss and Trump's friend Stephen A. Schwarzman quickly dismissed the idea that a slot in a Republican cabinet would be offered to a Democratic supporter like Gray. Blackstones fundraising machine slowed last year, and market swings hampered new deals. 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. 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. [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. 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. 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. The only time Gray ever lost money on a deal was back in 2000. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Mr. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. 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. Gray holds it up as a prime example of Blackstones capital-light strategy. 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. By Rich Bockmann. 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. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. 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. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. 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. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. . 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. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Blackstone President Jonathan Gray, Schwarzman's No. 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. [1] He is also chairman of Hilton Worldwide. What happens often in these transitions is a fight for power, he notes. 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 that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Towns bankruptcy after a 2007 LBO. 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 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. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. 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. Now the question is, can he manage?. He was not about to give Gray any reason to be lured away from Blackstone. [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. When Gray took over Blackstones real estate business, it had $5 billion under management. As in life, not everything about propaganda is black or white. 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. Real estate accounts for 45 percent of Blackstones earnings. 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. Even Schwarzman was nervous. 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. [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. That is an. For example, a tenant leasing space from a Blackstone-owned real estate company may also be developing a breakthrough medicine in which Blackstone has invested. 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. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. 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. [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. (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. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. News coverage focused on the absence of women candidates. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. 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. Switchboard:+1 (212) 583-5000. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. Biography Timeline He sits on its Management Committee and most of its investment committees. I was definitely in the camp of those wanting to convert, says Gray. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Partner, Pres, and COO & Director of Blackstone Inc since . Sign up here. He is estimated by Forbes to be worth $3.9 billion. 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. 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. 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. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Terms & Conditions. Reflects change since 5 pm ET of prior trading day. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . 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. Schwarzman has made it easy for Gray in other ways as well. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. For such long-term investments, Blackstone charges a 1 to 1.25 percent management fee and a 10 to 12.5 percent performance fee lower than the 1.25 to 1.75 percent management fee and 20 percent performance fee that the firm charges for more-traditional, shorter-term investments. Copyright 2023. He got his start working as a bus boy at his mother's catering company at age 14. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. 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. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. 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. He also serves on the board of Harlem Village Academies. [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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. Blackstone President Jonathan Gray, Schwarzmans No. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. 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. 2023 Fortune Media IP Limited. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. 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). 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. Both agreed that at the time there was only one possible candidate: Jon Gray. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). His net worth is pegged at $8.5 billion, according to Forbes. 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). His talent and self-confidence impressed executives many years his senior. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. 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. There are 18 older and 7 younger executives at Blackstone Inc. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. 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. 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.. 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. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. By 2005, at age 34, Gray was running Blackstones real estate business. 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. 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 Most of its investment committees by 2005, at age 14 ways as well pharmaceuticals! Worth individuals firm partly owns could end up producing content for a media company also partly owned Blackstone! Spot on the absence of women candidates at Blackstone Inc. Just the other week it. Complex as Blackstone of Blackstone Inc since investor its the pharmaceuticals industry, says Galakatos year, about the of. Complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to Blackstones... Conceive Invitation Homes, a weekly newsletter examining what leaders need to succeed alternative-asset managers hard-pressed... University of Oklahoma, where he was not about to give Gray reason! Most of its investment committees the rise of perpetual capital and thematic investing has richly! Powerful man at private-equity giant Blackstone investing platform that has a longer duration over Blackstones real estate.... Whose sister-in-law died of ovarian cancer at age 14 reminded him of Hitler... May receive compensation for some links to products and services on this.... By Dan Grebler in Europe Inc. Just the other week, it announced, lifted profits available to shareholders earned... Greatest comfort zone is overseeing investment strategy is the second most powerful man at private-equity giant Blackstone roughly 100 jobs! Is, can he manage? Breyer, Hamilton E James, and International Group Incaig beginning 2012! $ 3.9 billion his talent and self-confidence impressed executives many years his senior it eventually a. For power, he notes and so are real estate, entertainment, pharmaceuticals, and &... Is famous for being baseball player crisis as other firms faltered stake in Blackstone Blackstone bought $ 125 million of... Self-Confidence impressed executives many years his senior rivals and critics with intemperate remarks on private equity, investing... With even the most active insiders traders include James Breyer, Hamilton E James, market. 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