Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. Today it has nearly 3,800 employees and manages assets worth $731 billion. 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. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. Mr Gray is 52, he's been the Gen. All rights reserved.For reprint rights. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Even attempts to make the process orderly and transparent can go awry. He was not about to give Gray any reason to be lured away from Blackstone. 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. 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. 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. Both agreed that at the time there was only one possible candidate: Jon Gray. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. 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. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. Last updated: 1 March 2023 at 11:00am EST. 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. Blackstone President Jonathan Gray, Schwarzman's No. 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. 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. [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. He is estimated by Forbes to be worth $3.9 billion. Blackstone President Jonathan Gray, Schwarzmans No. Im still somewhat mystified, he says about those queries. 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. That is an increase from the prior year. Thanks for contacting us. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. See here for a complete list of exchanges and delays. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. [26], As of 2018, Gray had donated $120 million in his lifetime. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. 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. 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. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. 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. 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. National /. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. 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. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. 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. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. In 2013, Jonathan Gray helped conceive Invitation Homes, a . It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. How do I contact Jonathan D. Gray? 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. 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 . Across Wall Street, succession planning has been a major story for the past 18-months. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. For office-specific contact information, please visitour offices page. 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.. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. 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. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. 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. 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. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. 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. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. A lawyer for Majors told Forbes he is completely innocent.. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. Think of Sandy Weill, who as head of Citigroup created the greatest financial services conglomerate of his era and then defenestrated the young, very able Jamie Dimon for seeming too eager to replace him. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. $2.5 billion, according to our most recent tally. 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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. So, how much is Jonathan D. Gray worth at the age of 52 years old? Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. 'Tom & Jerry' movie is the biggest box office hit of 2 NYC restaurant grinds its own 'ancient grains' for pizza dough, breads, pastas, Golf simulation venue Golfzon Social eyeing fall opening in Downtown Brooklyn, Mulvaney controversy at Anheuser-Busch is giving the company a bitter sip of woke, How the US is subsidizing high-risk homebuyers -- at the cost of those with good credit, James Dolan sells Tao to PokerStars founder for $550M, Victoria Justice addresses longtime rumor that shes jealous of Ariana Grande, Billie Lee defends Tom Sandoval hangout, claps back at Kristen Doute, Jessie James Deckers sister trolls United after being humiliated on flight, Todays Iconic Moment in NY Sports: Wayne Gretzky plays final NHL game, 'Mike & Molly' star Billy Gardell details 150-pound weight loss: My diabetes is 'gone', Woman fatally shot by upstate NY homeowner after pulling into wrong driveway: sheriff. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. 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. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. 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. Terms & Conditions. 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. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. He is estimated by Forbes to be worth $3.9 billion. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. There was no argument, however, about the profitability of Blackstones rental house gamble. [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. 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. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. 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. Jonathan D. Gray Net Worth. It does this by using extraordinary people and flexible capital to help companies solve problems. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. 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. For the performance, Blackstone has been richly rewarded. What happens often in these transitions is a fight for power, he notes. Washington, D.C-based Carlyle Group 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. These securities were liquid, tradable assets that could be sold to investors. 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 rise of perpetual capital and thematic investing has been a boon for fee-related earnings. 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. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. 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. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. 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. 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. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. 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. His fortune has jumped more than 50% this year to $5.9 billion. 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 appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership, said Blackstones billionaire co-founder and CEO Stephen Schwarzman. 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? But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. There are 21 older and 3 younger executives at Blackstone Inc. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . We've received your submission. [17] On 22 October 2022, The Wall Street Journal released an article by its editorial board in its printed edition, titled "Wall Street and Hong Kong's Strongman," mentioning Gray's name, and saying that "These executives may feel they have assets to protect in the city, but by kowtowing to Mr. Lee they are doing their reputations, and that of their companies, no good. 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