The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. from the Wharton School. He ranks as the 495th richest person in the world and the 159th in the US. He also serves on the board of Corebridge and Harlem Village Academies. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Times Syndication Service. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. What happens often in these transitions is a fight for power, he notes. Both agreed that at the time there was only one possible candidate: Jon Gray. 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. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. Jonathan D. Gray Net Worth. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. 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. That was the point. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. 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. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. Even Schwarzman was nervous. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. A Canadian woman has one month to get rid of more than 130,000 vintage chocolate bars but is struggling to give them away before the expiration date, Leaked Pentagon docs show the shot-down Chinese spy balloon may have had a feature known as 'synthetic aperture radar' that can see through certain materials, WaPo reports, A rare hybrid solar eclipse to take place on April 20, Unpaid subsidies worth 1,200 crore leading to serious liquidity crisis among EV makers, says industry body, Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online. 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. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. If we have a question about a prospective tenant in BioMed, we can ask Nick for his thoughts about the company, says Kenneth Caplan, global cohead of real estate. 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. [43] He lives in Manhattan with his wife and their four daughters. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. Its distributable earnings jumped 16 percent year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the US economy during the pandemic. 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. He initially denied Grays request that Blackstone invest an additional $800 million. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. [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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. Jonathan Gray was born in Manhattan, New York in February 1970. But they remain in key respects an odd couple. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. 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. [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. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. With that, Gray finally won over the reluctant partners. 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. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. Said Schwarzman, Tony James has had a bigger impact on Blackstone than anyone in the firms history He has put in place the internal processes that are the bedrock of the institutionalization of our firm.. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Mr Gray is 52, he's been the Gen. 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. Blackstone President Jonathan Gray, Schwarzmans No. Many bank CEOs took pay cuts in a tough year for financial markets. 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. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. To receive email alerts from Blackstone, sign up below. Gray himself has a net worth of $7.3 billion. Today it has nearly 3,800 employees and manages assets worth $731 billion. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. All quotes delayed a minimum of 15 minutes. Thank goodness I dont have to apply today, says Gray. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Biography Timeline 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. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. Meanwhile, James will take on more responsibility at the board level as executive vice chair. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. For information on our privacy practices see our Privacy Policy. 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. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. Im still somewhat mystified, he says about those queries. 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. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. [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. When Gray took over Blackstone's real estate business, it had $5 billion under management. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . If you're happy with cookies click proceed. And Schwarzman has become a billionaire many times over. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. Since then, its share price has risen 400 percent. 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. What is Jonathan D. Gray's salary? Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. April 22, 2021 01:34 PM. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. Gray insists he is talking in generalities. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . He got his start working as a bus boy at his mother's catering company at age 14. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. 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. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. Jon Gray has been a strong performer for many years, says Steven Kaplan, a University of Chicago business professor who does research on corporate successions. Hilton is a business that owns few properties. But Schwarzman prides himself on learning from past errors. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. 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. He currently serves as Chairman of the board of directors of Hilton Worldwide Holdings Inc. and Nevada Property 1 LLC (The Cosmopolitan of Las Vegas). With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. . To view recent press releases,click here. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. It also gave heft to a new core investing platform that has a longer duration. 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See here for a complete list of exchanges and delays. 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. His talent and self-confidence impressed executives many years his senior. [6][16], Gray was scheduled to speak at the November 2022 Global Financial Leaders' Investment Summit, with the Hong Kong Democracy Council claiming that his presence, along with other financial executives, legitimizes the Hong Kong government's whitewashing of the erosion of freedoms in the city. 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. 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. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. 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. His net worth nearly doubled from $3.9 billion last year. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. Now Blackstone, the industrys biggest player, is also laying out its succession plans. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. Blackstone President Jonathan Gray, Schwarzman's No. 2023 Forbes Media LLC. National /. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. Thanks for contacting us. 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. 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. These securities were liquid, tradable assets that could be sold to investors. As the leader of the . At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. Even executives who have engaged him in arduous negotiations volunteer their praise. 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. Although we disagreed, we did what he proposed, recalls Schwarzman. Jon Gray (born November 5, 1991) is famous for being baseball player. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. This is where all major decisions for the firm are made, says Schwarzman. Reflects change since 5 pm ET of prior trading day. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Mr. Gray joined Blackstone in 1992. 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. 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.. Jonathan D. Gray is the Gen. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. Corner Office. For office-specific contact information, please visitour offices page. The most significant was the long-postponed decision to have Blackstone convert from a listed partnership to a C-corporation, the legal structure used by most publicly listed companies. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. He sits on its Management Committee and most of its investment committees. Just the other week, it announced . Under 74-year-old cofounder, chairman, and CEO Stephen Schwarzman, there has been a slow-motion, drama-free passing of the baton to Jonathan Gray, 51, now the president and COO, without ruffling feathers among colleagues. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Even attempts to make the process orderly and transparent can go awry. 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. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. If the drug, inclisiran, gains the approval of regulatory agencies and proves to be a blockbuster, Blackstone will be paid back in royalties from sales. 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. 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 Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Language links are at the top of the page across from the title. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. As the Gen. 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. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. The first strong signal was Grays appointment to Blackstones management committee in 2006. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . There are 18 older and 7 younger executives at Blackstone Inc. Across Wall Street, succession planning has been a major story for the past 18-months. As the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc, the total compensation of Jonathan Gray at Blackstone Inc is $98,994,200. [14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. 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. 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? Gray, 51, has a net worth of $4.5 billion, according to Forbes. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. I was definitely in the camp of those wanting to convert, says Gray. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. His mother ran a catering business, where the teenage Gray worked as a busboy. Terms & Conditions. 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. For press inquiries, contact [emailprotected]. 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. 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. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. 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. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Ny, 10154 raise taxes on private equity investors reminded him of Hitler. By watching Tony and myself doing our jobs, explains Schwarzman the of... Real estate mogul Sam Zell for $ 39 billion Realty, an owner of buildings to! Gray continues to act as Chairman of the page across from the title with the City of York! 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