Stone. Jon Gray, the Highland Park native and billionaire who oversees global real estate for New York-based private equity giant Blackstone, and his wife, Mindy, earlier this month paid $3.7. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Blackstone Group 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 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. 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. Blackstone President Jonathan Gray, Schwarzmans No. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. 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. Forbes estimates his net worth at $2.5. There are no executives at Blackstone Inc getting paid more. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. [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. Meanwhile, James will take on more responsibility at the board level as executive vice chair. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. But were not resting on our laurels.. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . All rights reserved. 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. Jon Gray (born November 5, 1991) is famous for being baseball player. Blackstone has also been able to expand its range of investors. 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. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. 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. So, how much is Jonathan D. Gray worth at the age of 52 years old? Today the portfolio has grown to $230 billion. 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. 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. 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. To view recent press releases, click here. 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. But Alnylam still needed to incur onerous development costs of $2 billion before inclisarin could receive the go-ahead from regulators and begin to be mass-marketed. 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. Gray says his most difficult management decisions involve personnel. There are 21 older and 3 younger executives at Blackstone Inc. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. 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. Under Gray, Blackstone's real estate. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. KKR decided to convert to a C-corporation and saw its share price shoot up. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. Jonathan D. Gray Net Worth. 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. 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. 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. [5] His parents divorced when he was young. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. 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. It's unclear exactly how many millions of dollars someone will need to participate in the fund. 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. With that, Gray finally won over the reluctant partners. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. 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. It also gave heft to a new core investing platform that has a longer duration. This wasnt hard.. This is where all major decisions for the firm are made, says Schwarzman. Today it has nearly 3,800 employees and manages assets worth $731 billion. . Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. 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. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Blackstone President Jonathan Gray, Schwarzman's No. 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. 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. Offers may be subject to change without notice. [43] He lives in Manhattan with his wife and their four daughters. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. In 2013, Jonathan Gray helped conceive Invitation Homes, a . Since then, its share price has risen 400 percent. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. 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. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. He joined Blackstone in 1992. 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. 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. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. By 2005, at age 34, Gray was running Blackstones real estate business. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. 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. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental 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. Even executives who have engaged him in arduous negotiations volunteer their praise. But the younger man was insistent. His mother ran a catering business, where the teenage Gray worked as a busboy. 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Gray was born in Highland Park, a Chicago suburb. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. 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. Donald Trumps real net worth? Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. The main tenant was a technology startup called Gobash.com (for Go big or stay home). . Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. 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. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. It does this by using extraordinary people and flexible capital to help companies solve problems. 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? For office-specific contact information, please visitour offices page. 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