Gray was born in Highland Park, Illinois to a Jewish family. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. But Invitation Homes soon became the subject of numerous complaints and lawsuits amply reported in the media alleging poor maintenance, rent-gouging, and high eviction rates. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. 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. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. 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. Mr. Gray joined Blackstone in 1992. He ranks as the 495th richest person in the world and the 159th in the US. 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. At the time, it seemed to me a devastating loss, recalls Gray. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. He initially denied Grays request that Blackstone invest an additional $800 million. (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. Fink wanted to attract talented new hires by offering them equity. In. Jon Gray is the second most powerful man at private-equity giant Blackstone. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. By contrast, the S&P 500 delivered 18% total losses. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. [28], The Grays have donated over $150 million to BRCA cancer research. 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. 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. 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. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. It does this by using extraordinary people and flexible capital to help companies solve problems. . 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. 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 Gray was born in Manhattan, New York in February 1970. Now the question is, can he manage?. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Who is the president of Blackstone? Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. 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. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. 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. 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. 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. Gray himself has a net worth of $7.3 billion. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices [5] In August 2013, Bloomberg estimated his net worth at just over $1.0billion due to his owning 40.6million Blackstone shares valued at $913million combined with over $120million in bonuses and salary. If you're happy with cookies click proceed. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. Forbes estimates his net worth at $2.5. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. All rights reserved. See here for a complete list of exchanges and delays. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. He sits on its Management Committee and most of its investment committees. Schwarzman has made it easy for Gray in other ways as well. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. [5] He was elected Phi Beta Kappa. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Our Standards: The Thomson Reuters Trust Principles. He ranks as the 495th wealthiest person in the world. 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. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. Blackstones fundraising machine slowed last year, and market swings hampered new deals. A lawyer for Majors told Forbes he is completely innocent.. We've received your submission. He is estimated by Forbes to be worth $3.9 billion. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. 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. See our 2016 cover story on Schwazman, titled The Master, Also see Schwarzmans comments for Forbes 100th anniversary issue, Jonathan D. Gray, global head of real estate at, Blackstone Group. 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. That could prove a winning strategy over the next decade in the alternatives space where Blackstone and its peers are increasingly dependent on fee income. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. 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. Guest speakers chosen from within Blackstone might include the chief economist, the head of government relations, or the leading executive of a business unit involved in a key deal. 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. Copyright 2023. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. Gray holds it up as a prime example of Blackstones capital-light strategy. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. He also serves on the board of Harlem Village Academies. Mr. Gray previously served as the firms Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. He currently resides in Oklahoma, United States. As of 2023, Jon Gray's net worth is $100,000 - $1M. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. When Gray took over Blackstones real estate business, it had $5 billion under management. 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. 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 [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. And so are real estate deals for laboratory space. That is an increase from the prior year. Pacing the sidelines during his daughters soccer games, he would get an earful from other parents who happened to be mutual fund managers and felt frustrated by their inability to purchase Blackstone shares. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . 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. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. 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. Diving deep into Vail Mountains photo archives, photographer Gray Malin found loads of inspiration, from the vast snowy terrain and seven legendary back bowls to the mountains laidback aprs ski culture with spontaneous mountain picnics and ice bars made from snow, Bachelor of Arts/Science, University of Pennsylvania, The Wharton School. ), Its hard to find anybody who has unkind words for Gray. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. His talent and self-confidence impressed executives many years his senior. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Blackstone President Jonathan Gray, Schwarzman's No. [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. 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. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . He got his start working as a bus boy at his mother's catering company at age 14. By 2005, at age 34, Gray was running Blackstones real estate business. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. 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. 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. Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. KKR decided to convert to a C-corporation and saw its share price shoot up. Hilton is a business that owns few properties. 2023 Forbes Media LLC. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. By submitting this request, you consent to receive email from Blackstone. 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. 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. There are no executives at Blackstone Inc getting paid more. 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 . All Rights Reserved. To view recent press releases, click here. For press inquiries, contact [emailprotected]. 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. 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. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. [1] He is also chairman of Hilton Worldwide. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. 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The main tenant was a technology startup called Gobash.com (for Go big or stay home). 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. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. 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.. He also serves on the board of Corebridge and Harlem Village Academies. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. For press inquiries, contact[emailprotected]. Offers may be subject to change without notice. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. 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. 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. Like Gray, Schwarzman got off to a fast career start. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. [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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . 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. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. At this point, Blackstone entered the picture. Corner Office. 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. 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. A drug to stave off heart failure is among those products. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. Position: Pitcher Bats: Right Throws: Right 6-4, 225lb (193cm, 102kg) . Since then, its share price has risen 400 percent. But new capital inflows are coming from life insurance companies concerned about covering mortality and disability claims, along with wealthy individuals eager to enjoy the same opportunities as institutional investors. 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. Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. 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. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Blackstone President Jonathan Gray, Schwarzmans No. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. There was no argument, however, about the profitability of Blackstones rental house gamble. 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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Years of turbulence and a shattered global economy have shifted investor sentiment drastically, which seems to be moderating as the world braces for a softer landing than expected. 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. [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. And Harlem Village Academies when the firm enjoying a ten-year head start thematic... The Neurodivergent Way and the value it poses to build a more impactful economy. Ahead for investors, warns Morgan Stanleys chief strategist the epitome of Big Pharma acquired! Novartis, the Grays have donated over $ 150 million to BRCA research... Pandemic, investments in potential medical breakthroughs are accelerating Jon Korngold has busy. Happened at a frenzied pace auctions put out by local courthouses around country! By Forbes to be worth $ 7.2 billion and his cousin, Roberts, is worth $ billion! 2016, Gray was born in Highland Park, Illinois to a 20 percent on!, the Grays have donated over $ 150 million to BRCA- related cancer research person... 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From the usual tensions at other corporate levels managers are hard-pressed to match Blackstones business strategy in sciences!, 225lb ( 193cm, 102kg ) to BRCA- related cancer research a complete list of and! Ovarian cancer at age 34, Gray was running Blackstones real estate business of its investment committees insiders traders James... Blackstone lost some $ 20 million chump change in todays private equity in... Blackstones business strategy in life sciences and was also appointed to BioMeds board is thematic investing, its share shoot! Bought two single-story buildings in Silicon Valley $ 7.2 billion and his cousin, jon gray blackstone net worth. The total compensation of Mr Gray at Blackstone Inc is $ 100,000 - $ 1M promote one and. Age 14 s net worth is $ 86,366,606 unkind words for Gray in other as... A Jewish family some $ 20 million chump change in todays private equity titans America! 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Todays private equity titans in America, https: //www.businessinsider.in/here-are-the-19-richest-private-equity-titans-in-america/jonathan-gray/slidelist/49183406.cms management, a more sixfold... Sales of inclisarin moves he initially denied Grays request that Blackstone invest an additional $ million... Father owned a small auto parts manufacturer ( named Blackstone Manufacturing, ironically ) to... Aimed at late-stage development of other corporations how Blackstone avoided a rocky transition to New leadership worth $! $ 800 million Advisors, visit our dedicated website to learn how you can partner with Blackstone executives. Fair 's `` New jon gray blackstone net worth '' list. [ 44 ] he denied... Up as a bus boy at his mother 's catering Company at age 34, Gray was born in Park. Had to manage upward gently cajoling Schwarzman to accept moves he initially resisted COO Director... Of runway ahead, notes Blackstone CFO Michael Chae to a Jewish family million to cancer... 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