. 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. 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. 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. 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. The main tenant was a technology startup called Gobash.com (for Go big or stay home). We've received your submission. 2023 Fortune Media IP Limited. Blackstone President Jonathan Gray, Schwarzmans No. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. [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. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. What happens often in these transitions is a fight for power, he notes. [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. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. 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. Blackstone President Jonathan Gray, Schwarzmans No. 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. Beginning in 2012, Blackstone bought $125 million worth of houses a week. Forbes estimates his net worth at $2.5. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. 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. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. It's unclear exactly how many millions of dollars someone will need to participate in the fund. 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. So, how much is Jonathan D. Gray worth at the age of 52 years old? I studied The Love Jones Cohort and found it was real: More Black Americans with higher education are choosing CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. His fortune has jumped more than 50% this year to $5.9 billion. 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. Wallmine is a radically better financial terminal. 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. 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. Powered and implemented by Interactive Data Managed Solutions. Jonathan Gray led Blackstone global real estate from 2011, in 2018 he was promoted to President and COO of Blackstone General Partners while continuing to act as chairman of the board for Hilton Hotels. How do I contact Jonathan D. Gray? 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. The unit navigated the crisis as other firms faltered. 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. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. To view recent press releases, click here. He also serves on the board of Harlem Village Academies. When Gray took over Blackstone's real estate business, it had $5 billion under management. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. 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. He also serves on the board of Corebridge and Harlem Village Academies. He joined Blackstone in 1992. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. 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. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. 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. All rights reserved. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. 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. Gray says his most difficult management decisions involve personnel. Last updated: 1 March 2023 at 11:00am EST. 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. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. Gray points to last-mile logistics warehouses as the poster child for thematic investing. [5] His parents divorced when he was young. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Jonathan Gray was born in Manhattan, New York in February 1970. Now Blackstone, the industrys biggest player, is also laying out its succession plans. That is an. Jonathan D. Gray Net Worth. 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. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Im still somewhat mystified, he says about those queries. Jonathan Gray's take-home compensation package was one of Blackstone's biggest at $275 million, but Gray still pocketed far less than the group's CEO Stephen Schwarzman. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Today the portfolio has grown to $230 billion. SHARE THIS ARTICLE A decade ago, Blackstone's Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. His net worth is currently pegged by Forbes at $22.3 billion. 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. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. Schwarzman refused to dilute his and his partners holdings. National /. 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. 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. Hilton is a business that owns few properties. $2.5 billion, according to our most recent tally. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. As of 2023, Jon Gray's net worth is $100,000 - $1M. 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. Like Gray, Schwarzman got off to a fast career start. Rangers' Jon Gray: Headed to Rangers The 30-year-old made 29 starts for Colorado during the 2021 campaign and logged a 4.59 ERA and 1.33 WHIP in 149 innings. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Blackstone has also been able to expand its range of investors. Offers may be subject to change without notice. Who is the president of Blackstone? 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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 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. 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. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. To receive email alerts from Blackstone, sign up below. 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. Donald Trumps real net worth? 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. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. 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). 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. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. A prime example of this arrangement is Alnylam Pharmaceuticals, which is both a Blackstone business partner and a laboratory and office tenant in a Cambridge, Massachusetts, building owned by BioMed. Just recently, Gray had the unpleasant task of replacing a longtime colleague who ran Blackstones large hedge fund business with an executive he recently hired. Residential Links: www.bloomberg.com By: Xeba73 Advertisement Although Schwarzman has not given a hint about when he intends to step down as chief executive, he has left no doubt that Gray is next in line and already exerts almost equal authority at the firm. 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. As the Gen. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. His net worth has been growing significantly in 2021-2022. Real estate accounts for 45 percent of Blackstone's. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. Gray was born in Highland Park, Illinois to a Jewish family. [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. [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. This wasnt hard.. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. Even executives who have engaged him in arduous negotiations volunteer their praise. 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. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Switchboard:+1 (212) 583-5000. Gray was born in Highland Park, a Chicago suburb. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. Even when the boss steps down gracefully, the successor is frequently chosen after an undignified bake-off between rival executives, with the talented losers being shown the door. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. 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.. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Insiders trading at Blackstone Inc Over the last 16 years, insiders at Blackstone Inc have traded over $2,301,594,335 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 . Blackstones fundraising machine slowed last year, and market swings hampered new deals. Both are generous philanthropists. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. 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. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. This year, about 30,000 young grads applied for roughly 100 available jobs. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. 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. In 2018, Jonathan Gray, 50, the manager who built the real estate business, was named president and COO, and he's slated to eventually succeed longtime CEO and cofounder Steve Schwarzman. 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. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Today the portfolio has grown to $230 billion. Lately, life sciences have taken center stage. 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. Biography Timeline There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. [5] He was elected Phi Beta Kappa. His net worth is pegged at $8.5 billion, according to Forbes. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. 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. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . At this point, Blackstone entered the picture. He sits on its Management Committee and most of its investment committees. There are 18 older and 7 younger executives at Blackstone Inc. There was no argument, however, about the profitability of Blackstones rental house gamble. Mr Gray, 51, who started at the company out of university and has risen to president and chief operating officer, has a fortune of $5.9bn, up more than 50 per cent this year, according to the Bloomberg Billionaires Index. He kept a very steady hand on the wheel.. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. Since then, its share price has risen 400 percent. [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. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. Today its $160 billion market cap is larger than the combined total of its three largest competitors: Brookfield Asset Management, KKR, and Apollo Global Management. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. 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. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. With that, Gray finally won over the reluctant partners. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. 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. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. 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