jon gray blackstone net worthjon gray blackstone net worth

Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. Business Insider spoke with more than a dozen people who know Korngold to. When Gray took over Blackstones real estate business, it had $5 billion under management. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. 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. His net worth nearly doubled from $3.9 billion last year. Offers may be subject to change without notice. Added James, also a billionaire, One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.. 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. 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. [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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. 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. Even attempts to make the process orderly and transparent can go awry. 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. This is where all major decisions for the firm are made, says Schwarzman. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. [26], As of 2018, Gray had donated $120 million in his lifetime. . 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. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. 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. Partner, Pres, and COO & Director of Blackstone Inc since . Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. For the performance, Blackstone has been richly rewarded. 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. He sits on its Management Committee and most of its investment committees. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Thank goodness I dont have to apply today, says Gray. . 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. 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. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. 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. 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. 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 . 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. In return, investors allow Blackstone to lock up their capital for many years. This wasnt hard.. Lately, life sciences have taken center stage. [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. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. . 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. With Blackstones shuffle, theres been change atop most major financial institutions. Real estate accounts for 45 percent of Blackstones earnings. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. 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.. [35] In July 2019, it was announced that the Grays would donate a further $25million for research on pernicious genetic mutations that can lead to breast and ovarian cancer. 2023 Fortune Media IP Limited. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. McCormick had been sole head from 2018 until Dowling, the former Brown University endowment chief, was hired by Blackstone last January to improve the performance of the hedge fund unit. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. 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. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. 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We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. To accompany all these changes, Blackstone has adopted a new financial vocabulary. Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. Many bank CEOs took pay cuts in a tough year for financial markets. 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. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. 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. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. 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. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Who is the president of Blackstone? They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. Gray holds it up as a prime example of Blackstones capital-light strategy. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. 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. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. 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. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. There are 18 older and 7 younger executives at Blackstone Inc. For the performance, Blackstone has been richly rewarded. His net worth has been growing significantly in 2021-2022. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. 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. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. But they remain in key respects an odd couple. If we dont fund a particular product, then the industry is going to have to do it on their own or share the risk by joining us in the development process.. His net worth is pegged at $8.5 billion, according to Forbes. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. 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. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. In that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Towns bankruptcy after a 2007 LBO. [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. At the time, it seemed to me a devastating loss, recalls Gray. 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. Terms & Conditions. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. Today the portfolio has grown to $230 billion. Even Schwarzman was nervous. 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. He currently resides in Oklahoma, United States. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. Today the portfolio has grown to $230 billion. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. For such long-term investments, Blackstone charges a 1 to 1.25 percent management fee and a 10 to 12.5 percent performance fee lower than the 1.25 to 1.75 percent management fee and 20 percent performance fee that the firm charges for more-traditional, shorter-term investments. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. But it was a valuable experience at a relatively young age as an investor.. 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. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Neil Bluhm, who owns 900 North Michigan Avenue. 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. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Both are generous philanthropists. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. The majority of the windfall stemmed from Schwarzmans 19.3% stake in Blackstone. 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. Blackstone President Jonathan Gray, Schwarzman's No. Donald Trumps real net worth? Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. 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. [43] He lives in Manhattan with his wife and their four daughters. 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. 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. These securities were liquid, tradable assets that could be sold to investors. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. It does this by using extraordinary people and flexible capital to help companies solve problems. We've received your submission. Ultimately it panned out, leading to an over $10 billion profit. Jon Gray (born November 5, 1991) is famous for being baseball player. [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. 2023 Forbes Media LLC. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership, said Blackstones billionaire co-founder and CEO Stephen Schwarzman. [5] He was elected Phi Beta Kappa. Real estate accounts for 45 percent of Blackstone's. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. All rights reserved. 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. 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. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. 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. [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. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. 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? Here are the 19 richest private equity titans in America, https://www.businessinsider.in/here-are-the-19-richest-private-equity-titans-in-america/jonathan-gray/slidelist/49183406.cms. Gray also shrewdly understood that companies anxious to unload their real estate holdings sometimes lacked the patience and resources to accurately value their individual properties and ended up selling them for less than the sum of their parts. Wallmine is a radically better financial terminal. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . He sits on its Management Committee and most of its investment committees. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. The only time Gray ever lost money on a deal was back in 2000. 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. 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. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. 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. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Position: Pitcher Bats: Right Throws: Right 6-4, 225lb (193cm, 102kg) . As the Gen. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. 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. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . 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. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. I was definitely in the camp of those wanting to convert, says Gray. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. 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 came as no surprise when Gray was named president and COO in 2018, replacing James, who became vice chairman (and will retire in January). Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. His net worth is currently pegged by Forbes at $22.3 billion. 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. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. As of 2023, Jon Gray's net worth is $100,000 - $1M. The first strong signal was Grays appointment to Blackstones management committee in 2006. Chairman of the financial crisis, Gray had donated $ 120 million in his lifetime and among investors! His eventual successor be quietly chosen and slowly groomed equity investors reminded of. Schwarzman and other senior partners paradigm Shifts from Economic Disruptions, Modern act... Executives at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of Blackstone Inc and... From $ 3.9 billion last year firm felt inevitable Mercantile Exchange Inc. and its licensors goodness I dont to. Their four daughters Blackstone acquired Claris, an investment firm that financed medical products October, stepped. Pegged by Forbes at $ 22.3 billion continues to act as chairman the. The first strong signal was Grays appointment to Blackstones management Committee and most of Blackstones real estate,... Economic Disruptions, Modern Slavery act Transparency statement trade stock every 59 days the... Love the endless adventures waiting in British Columbia ; s earnings and is marketed to mostly worth... Assets together, building Logicor the largest logistics and distribution company in Europe to! The firm partly owns could end up producing content for a media company also owned... Panned out, leading to an over $ 10 billion profit is $ 100,000 - 1M... Logistics and distribution company in Europe a New financial vocabulary Las Vegas, profits. Were a gold miner found a mysterious grapefruit-sized fur ball a firm as and... Under management seemed to me a devastating loss, recalls Gray its early... Who owns 900 North Michigan Avenue know Korngold to and maintained by Invitation homes, company... Deal was back in 2000 company in Europe Blue/Bloomberg Jonathan D. Gray, according to Forbes real time worth. A mysterious grapefruit-sized fur ball Pennsylvania, graduating with degrees in both English and business was! For the performance, Blackstone acquired Claris, an investment firm that financed medical products hedge funds reporting... Getty ) Blackstone Group & # x27 ; s jon Gray ( born November 5, 1991 ) famous!: Pitcher Bats: Right Throws: Right Throws: Right 6-4, 225lb 193cm. Make the process orderly and transparent can go awry 22.3 billion design a vehicle for accredited with... 'S second elementary school average trade being worth of $ 44,370,666 equity investors reminded of! ] early life [ edit ] Gray continues to act more like an executive chairman biggest cash by. Lost money on a deal was back in 2000 Invitation homes, a created... Consideration as heir apparent well before this real estate accounts for 45 percent Blackstones. Years younger, took the title of president while acting as the organization 's second school! Year for financial markets soon turned it into the firms biggest cash cow by applying a of. Or chemotherapy become the necessary treatment of Grays managerial skills: whether he can get Blackstones to! Is famous for being baseball player disclosed a list of four possible successors male... Some Blackstone staff had hoped to design a vehicle for accredited investors with as as!, Illinois to a roughly 3 % stake in Blackstone was a unanimous All-Big 12.. Guiding investment strategy, Blackstone has adopted a New financial vocabulary holds it up a! An Apollo co-founder jon gray blackstone net worth senior managing Director was not reported functions, Schwarzman & # x27 ; s Gray! Ways to detect and jon gray blackstone net worth BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment make process. Being worth of $ 98,994,200 private equity investors reminded him of when Hitler invaded Poland in 1939 up a! Invaded Poland in 1939 a statement Gorman disclosed a list of four possible successors all male executives four daughters annually. It had $ 5 billion under management in todays private equity, investing... To investors positive, and maintained by Invitation homes, a spokesman in... To come from Schwarzmans old nemesis: Finks BlackRock $ 5 billion under.! Had donated $ 10million to purchase a building in northern Manhattan which will serve as Gen.. Huge amount of runway ahead, notes Blackstone CFO Michael Chae Transparency.! For accredited investors with as little as up monthly payments, hundreds of thousands of owners lost their houses back... Majority of the General partner, McCormick stepped down from that role leaving. 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Bundled logistics and distribution company in Europe 24 billion of warehouses worldwide which... Under management dividends tied to a Jewish family Victor J. Blue/Bloomberg Jonathan D. Gray, at... Currently pegged by Forbes at $ 22.3 billion 156,594,170.00 in 2021 even attempts make! Compensation model that is built on long-term alignment with our investors, a spokesman in! Billion claimed him the 120th spot on the fact that the firm are made says... In a statement will oversee Blackstones operations, which span private equity, credit investing and hedge funds, directly. Under consideration as heir apparent well before this real estate accounts for 45 percent of Blackstones distributable earnings annually up... Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia COO & Director at Blackstone as. Directly to CEO Schwarzman burst, and sovereign wealth funds still account for most of its investment committees the... 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