Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. 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 In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. The unit navigated the crisis as other firms faltered. For information on our privacy practices see our Privacy Policy. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. His net worth has been growing significantly in 2021-2022. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Blackstone has also been able to expand its range of investors. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. 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. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. [1] He is also chairman of Hilton Worldwide.[2]. Terms & Conditions. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Although it wasnt possible to enter these homes, Blackstone employees were able to drive by them, get a sense of the neighborhoods, and determine the quality of their schools. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Both agreed that at the time there was only one possible candidate: Jon Gray. Real estate accounts for 45 percent of Blackstones earnings. Since then, its share price has risen 400 percent. 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. 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. See our 2016 cover story on Schwazman, titled The Master, Also see Schwarzmans comments for Forbes 100th anniversary issue, Jonathan D. Gray, global head of real estate at, Blackstone Group. Schwarzman refused to dilute his and his partners holdings. . It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . For the performance, Blackstone has been richly rewarded. Gray insists he is talking in generalities. Business Insider spoke with more than a dozen people who know Korngold to. 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. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. We've received your submission. 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. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . For press inquiries, contact[emailprotected]. He also serves on the board of Harlem Village Academies. 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. 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. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. 2023 Forbes Media LLC. 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. 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 Mr. Schwarzman complained that the market was undervaluing Blackstone though he would later concede that by remaining a listed partnership, the firm was excluding two-thirds of its potential investors. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Blackstone President Jonathan Gray, Schwarzmans No. Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. That is an increase from the prior year. That is an. Like Gray, Schwarzman got off to a fast career start. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. Mr Gray is 52, he's been the Gen. 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. Fink wanted to attract talented new hires by offering them equity. [43] He lives in Manhattan with his wife and their four daughters. Otherbig recent deals include the $18 billion acquisition of GEs real estate assets and the purchase of Stuyvesant Town / Peter Cooper Village, an 80 acre property with 11,200 units in Manhattan. Offers may be subject to change without notice. The first strong signal was Grays appointment to Blackstones management committee in 2006. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. . It does this by using extraordinary people and flexible capital to help companies solve problems. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. 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Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. Jon Gray (born November 5, 1991) is famous for being baseball player. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. McCormick left the firm of his own volition and stayed on for months after his desired departure date to help ensure a smooth transition, a Blackstone spokesperson said in a statement to Institutional Investor. He joined Blackstone in 1992. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. Thanks for contacting us. Today it has nearly 3,800 employees and manages assets worth $731 billion. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Beginning in 2012, Blackstone bought $125 million worth of houses a week. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. He is estimated by Forbes to be worth $3.9 billion. By Rich Bockmann. The firm like private equity rivals KKR & Co. and the Carlyle Group still acquires undervalued businesses, chops head count and other costs, and unloads them five to seven years later at handsome profits for Blackstone and its clients. He also serves on the board of Corebridge and Harlem Village Academies. 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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Jonathan Gray started at asset manager Blackstone Group fresh out of college in 1992 and later rose to head the firm's vaunted real estate group. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. 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. Both are generous philanthropists. 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. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. I was definitely in the camp of those wanting to convert, says Gray. His net worth is pegged at $8.5 billion, according to Forbes. 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. What is Jonathan D. Gray's salary? Gray himself has a net worth of $7.3 billion. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. 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. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. 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. 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. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. As of 2023, Jon Gray's net worth is $100,000 - $1M. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. 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. Mr. Gray previously served as the firms Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. Distributable earnings reached $3.9 billion for the first nine months of 2021, a whopping 108 percent jump from $1.9 billion for the same period last year. Blackstone Inc. , the biggest private equity group in the world, bought about $30 billion worth of REITs last year alone to take advantage of this opportunity. By contrast, the S&P 500 delivered 18% total losses. The only time Gray ever lost money on a deal was back in 2000. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. And so are real estate deals for laboratory space. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. All rights reserved.For reprint rights. The great success of Blackstones real estate foray has meant Wall Street believes Gray, whos spent 26 years at the firm after being hired out of University of Pennsylvania,will one day take its reins. It eventually yielded a profit of many multiples of Blackstones cost. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Global Financial Leaders' Investment Summit, "Jon Gray Skips Party, Afraid Record Buyout Will Fail", "Blackstone Reports Record Year: Jonathan Gray's Real Estate Group Chips In 60% Of The Profits Jewish Business News", "Jonathan Gray, Blackstone's Real Estate Wizard Behind the Curtain" By Matt Chaban, "Jon Gray is the future of Blackstone. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Today the portfolio has grown to $230 billion. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. Gray was born in Highland Park, a Chicago suburb. 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. Jon Gray is the second most powerful man at private-equity giant Blackstone. Thank goodness I dont have to apply today, says Gray. ), Its hard to find anybody who has unkind words for Gray. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. 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. Neil Bluhm, who owns 900 North Michigan Avenue. There are no executives at Blackstone Inc getting paid more. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. 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