Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . It eventually yielded a profit of many multiples of Blackstones cost. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. [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. He sits on its Management Committee and most of its investment committees. Beginning in 2012, Blackstone bought $125 million worth of houses a week. 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. Now the question is, can he manage?. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. It does this by using extraordinary people and flexible capital to help companies solve problems. 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. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. This wasnt hard.. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Corner Office. [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. Across Wall Street, succession planning has been a major story for the past 18-months. 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. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. For the performance, Blackstone has been richly rewarded. Apollo Global Management Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to the late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. KKR decided to convert to a C-corporation and saw its share price shoot up. Today the portfolio has grown to $230 billion. Many bank CEOs took pay cuts in a tough year for financial markets. 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. 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But Schwarzman prides himself on learning from past errors. Gray's family owned a small auto parts manufacturer in Chicago named Blackstone Manufacturing -- no relation to Blackstone Group -- and sold it in the 1970s. Mr. Gray joined Blackstone in 1992. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. And Schwarzman has become a billionaire many times over. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Switchboard: +1 (212) 583-5000. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. The first strong signal was Grays appointment to Blackstones management committee in 2006. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. 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. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. Since then, its share price has risen 400 percent. Blackstone President Jonathan Gray, Schwarzman's No. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. Donald Trumps real net worth? 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. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. 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. 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. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Jon Gray is the second most powerful man at private-equity giant Blackstone. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. 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. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. 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. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. After two months of rest and recovery off the ice, Jonathan Toews is hoping he'll be well enough to make one last twirl with the Chicago Blackhawks before the end of this season. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. Hilton is a business that owns few properties. Even Schwarzman was nervous. He got his start working as a bus boy at his mother's catering company at age 14. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. Even executives who have engaged him in arduous negotiations volunteer their praise. Gray says his most difficult management decisions involve personnel. National /. All Rights Reserved. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. 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. Today, Blackstone is a financial behemoth with a range of businesses and investors far removed from the model created by Schwarzman and his cofounder, Pete Peterson, almost four decades ago. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. 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). But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. [29], In October 2022, the Grays announced a gift of $55 million[36] to establish the Basser Cancer Interception Institute as part of the Basser Center for BRCA. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. Ultimately it panned out, leading to an over $10 billion profit. His talent and self-confidence impressed executives many years his senior. Copyright 2023. Jonathan Gray was born in Manhattan, New York in February 1970. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. How do I contact Jonathan D. Gray? He also serves on the board of Harlem Village Academies. But were not resting on our laurels.. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. And if Nick is looking at a company, he can ask our BioMed team about space for them.. 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. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. 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