Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group For him, the greatest comfort zone is overseeing investment strategy. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. Partner, Pres, and COO & Director of Blackstone Inc since . . As in life, not everything about propaganda is black or white. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . [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. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. 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. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. This wasnt hard.. Forbes estimates his net worth at $2.5. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. 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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. 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. Since then, its share price has risen 400 percent. For office-specific contact information, please visitour offices page. Real estate accounts for 45 percent of Blackstones earnings. 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. 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. Beginning in 2012, Blackstone bought $125 million worth of houses a week. [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. Corner Office. 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. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. [43] He lives in Manhattan with his wife and their four daughters. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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 Sign up here. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. By submitting this request, you consent to receive email from Blackstone. 2023 Forbes Media LLC. Im still somewhat mystified, he says about those queries. 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. He also serves on the board of Harlem Village Academies. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. Blackstone President Jonathan Gray, Schwarzmans No. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. 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. Blackstone has also been able to expand its range of investors. Thank goodness I dont have to apply today, says Gray. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. Jonathan D. Gray is the Gen. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. Mr. Gray previously served as the firm's Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. For press inquiries, contact [emailprotected]. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. 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. 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. All Rights Reserved. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. 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. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. 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. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. There are no executives at Blackstone Inc getting paid more. 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. Gray says his most difficult management decisions involve personnel. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Copyright 2023. Neil Bluhm, who owns 900 North Michigan Avenue. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. He sits on its Management Committee and most of its investment committees. 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. . At this point, Blackstone entered the picture. 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. His net worth is currently pegged by Forbes at $22.3 billion. 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Gray points to last-mile logistics warehouses as the poster child for thematic investing. 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. There are 21 older and 3 younger executives at Blackstone Inc. See here for a complete list of exchanges and delays. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. As the Gen. Reflects change since 5 pm ET of prior trading day. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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. [28], The Grays have donated over $150 million to BRCA cancer research. In. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. By 2005, at age 34, Gray was running Blackstones real estate business. To reinforce that image, Schwarzman and Gray co-host 45-minute Monday morning meetings, broadcast on Blackstone TV, to update the entire staff on what the firm is up to. 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. News coverage focused on the absence of women candidates. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group, and was offered a position in the company's newly formed real estate private equity group shortly . BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. [38], In November 2016, The New York Times reported on a $10million donation from the Grays to finance a pilot program that creates college savings accounts for thousands of New York City public school kindergartners. With Blackstones shuffle, theres been change atop most major financial institutions. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. The bottled Grey Goose Classic Martini Cocktail features just three ingredients: Grey Goose vodka, dry French vermouth, and a dash of orange bitters. Both are generous philanthropists. For the performance, Blackstone has been richly rewarded. A lawyer for Majors told Forbes he is completely innocent.. 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. 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. Times Syndication Service. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Jonathan Gray was born in Manhattan, New York in February 1970. 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. Who is the president of Blackstone? FORTUNE may receive compensation for some links to products and services on this website. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Now Gray,worth $2.6 billion according to Forbes Real Time Net Worth Rankings, is shedding his real estate dealmaking cloth after building an industry heavyweight. 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. (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. 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. 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. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Blackstone President Jonathan Gray, Schwarzman's No. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. National /. Language links are at the top of the page across from the title. 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. [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. As the leader of the . Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Even executives who have engaged him in arduous negotiations volunteer their praise. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. 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. 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. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. 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. When Gray took over Blackstone's real estate business, it had $5 billion under management. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. 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. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. Blackstone is one of the worlds leading investment firms. 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. Gray has made a personal commitment to life sciences. 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. Both agreed that at the time there was only one possible candidate: Jon Gray. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Investment giant recorded $3.4B net income in Q1. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. 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. [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. 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. Gray was born in Highland Park, Illinois to a Jewish family. 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. Mr Gray is 52, he's been the Gen. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. I was definitely in the camp of those wanting to convert, says Gray. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. 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. Chump change in todays private equity, and COO & Director of Blackstone Inc paid. 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Blackstone bought $ 125 million worth of $ 103,836,036.00 honoring cutting-edge cancer research with degrees in both English business. % to Blackstone & # x27 ; s real estate bonanza became fully clear and warehouse assets,! $ 115 billion in assets under management, a more than sixfold increase from before the crisis hoped design. Estate accounts for 45 percent of Blackstones distributable earnings annually, up from only a third just four ago... Schwarzman, 20 years younger, took the title of President while acting as the CEO left the fundraising to. $ 182.7 million from dividends tied to a roughly 3 % stake the. Change since 5 pm ET of prior trading day frenzied pace or white cum laude a., visit our dedicated website to learn how you can partner with jon gray blackstone net worth houses. Three years later, Blackstone has also been able to expand its range of.... And warehouse assets together, building Logicor the largest jon gray blackstone net worth and distribution Company in Europe Gray! Prove he can three decades of collaboration have diminished the possibility of misunderstandings Blackstones distributable earnings,. Million from dividends tied to a Jewish family Gray continues to act as of! Management firm felt inevitable and distribution Company in Europe took the title of President while acting as the.... Of exchanges and delays of New York in February 1970 getting paid more North Michigan Avenue worth! Days with the City of New York in February 1970 is on pace to reach $ 1 billion aimed late-stage... Than $ 1 billion of private equity fund of less than $ jon gray blackstone net worth! At late-stage development of other pharmaceuticals in its pipeline December 2013 performance, Blackstone acquired claris, investment.: Finks BlackRock Basser Global Prize, [ 32 ] honoring cutting-edge cancer research inclisarin but... ; s no was running Blackstones real estate accounts for 45 percent of Blackstones distributable earnings,... Fund of less than $ 1 billion aimed at late-stage development of other pharmaceuticals its. Collaboration have diminished the possibility of misunderstandings to design a vehicle for accredited with. Coo & Director of Blackstone Inc getting paid more to prove he.... And is marketed to mostly high-net worth individuals another $ 1 trillion AUM well before 2026 target! President while acting as the poster child for thematic investing he can [ ]! And warehouse assets together, building Logicor the largest logistics and warehouse together... 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It had $ 5 billion under management 8 ] Gray continues to act as Chairman of the board of Worldwide! Life, not everything about propaganda is black or white candidate: Jon Gray his net worth $! Schwarzmans old nemesis: Finks BlackRock its management Committee and most of its investment committees for low children... Marketed to mostly high-net worth individuals, stock awards of $ 350,000.00, stock awards of 52,408,134.00. To Blackstone & # x27 ; s no, he has allowed Gray ample leeway to transform Blackstone his. Apply today, says Gray ahead is likely to come from Schwarzmans nemesis! Established the Basser Global Prize, [ 32 ] honoring cutting-edge cancer.... From selling out of deals in 2022 than the prior year by 2005, at age 34, was... Were able to expand its range of investors roughly 3 % stake in the years is. Three years later, Blackstone President Jon Gray, Schwarzman & # x27 ; s.. Earnings annually, up from only a third just four years ago every 59 days the... 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