jon gray blackstone net worth

[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. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Ice expert Jonathan Baker makes the case that, thanks to modern technology and boundless creativity, modern ice is much more than just a thing that chills your drink. Hilton is a business that owns few properties. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. But Alnylam still needed to incur onerous development costs of $2 billion before inclisarin could receive the go-ahead from regulators and begin to be mass-marketed. 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. 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. Ive learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community, he further said. 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. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Gray has made a personal commitment to life sciences. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group 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. But it was a valuable experience at a relatively young age as an investor.. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. Switchboard: +1 (212) 583-5000. Copyright 2023. 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. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. All rights reserved. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. Blackstone President Jonathan Gray, Schwarzman's No. This wasnt hard.. His mother ran a catering business, where the teenage Gray worked as a busboy. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. [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. [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. [1] He is also chairman of Hilton Worldwide.[2]. Now Blackstone, the industrys biggest player, is also laying out its succession plans. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. [20] Gray's boss and Trump's friend Stephen A. Schwarzman quickly dismissed the idea that a slot in a Republican cabinet would be offered to a Democratic supporter like Gray. Investment giant recorded $3.4B net income in Q1. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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). Chairman, CEO & Co-Founder Jonathan Gray* President & Chief Operating Officer Michael Chae Chief Financial Officer John G. Finley Chief Legal Officer Christine Anderson Global Head of Corporate Affairs Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . Thanks for contacting us. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. Fink wanted to attract talented new hires by offering them equity. He is a member. 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. But thematic investments are growing at a much faster pace, leaping by 70 percent to $200 billion AUM in the first three quarters of this year compared with the same period in 2020. 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. Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. As the Gen. He initially denied Grays request that Blackstone invest an additional $800 million. His net worth is currently pegged by Forbes at $22.3 billion. In return, investors allow Blackstone to lock up their capital for many years. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. 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 . After two months of rest and recovery off the ice, Jonathan Toews is hoping he'll be well enough to make one last twirl with the Chicago Blackhawks before the end of this season. Sign up here. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. 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. 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. As of 2023, Jon Gray's net worth is $100,000 - $1M. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. 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. 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. That is an. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. Terms & Conditions. Today the portfolio has grown to $230 billion. 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. Gray says his most difficult management decisions involve personnel. Our Standards: The Thomson Reuters Trust Principles. 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. 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. [28], The Grays have donated over $150 million to BRCA cancer research. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. On Tuesday, that speculation sharpened when Blackstone named Gray as president and chief operating officer, putting him in charge of the day-to-day management of the $434 billion in assets investing giant. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. Business Insider spoke with more than a dozen people who know Korngold to. In 2013, Jonathan Gray helped conceive Invitation Homes, a . For press inquiries, contact[emailprotected]. 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. Reflects change since 5 pm ET of prior trading day. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. It made it much easier for me, says Gray. 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. Across Wall Street, succession planning has been a major story for the past 18-months. 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. At this point, Blackstone entered the picture. 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 no other heirs apparent in sight, nobody was forced to depart. 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. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. It does this by using extraordinary people and flexible capital to help companies solve problems. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . It's unclear exactly how many millions of dollars someone will need to participate in the fund. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices So, how much is Jonathan D. Gray worth at the age of 52 years old? Neil Bluhm, who owns 900 North Michigan Avenue. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. 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. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. 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. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . His net. 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. The first strong signal was Grays appointment to Blackstones management committee in 2006. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. For information on our privacy practices see our Privacy Policy. 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. For him, the greatest comfort zone is overseeing investment strategy. 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 Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Jon Gray. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. National /. For office-specific contact information, please visitour offices page. Now the question is, can he manage?. Instead it leverages its brand to negotiate long-term franchise and management contracts with some 6,700 hotels and resorts around the world while spending very little of its own capital. Powered and implemented by Interactive Data Managed Solutions. 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. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. $2.5 billion, according to our most recent tally. But it kept those considered to be trophy buildings and thus less vulnerable to recession. Thank goodness I dont have to apply today, says 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. 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. (Reuters) - Blackstone Group Inc 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% from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. 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. 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. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. It does this by using extraordinary people and flexible capital to help companies solve problems. It also gave heft to a new core investing platform that has a longer duration. Times Syndication Service. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. To accelerate college savings for low income children mogul Sam Zell for $ 39.! Is overseeing investment strategy donor to Democrats industrys biggest player, is also chairman of the Board of.... Analyst earnings call on someone will need to participate in the years ahead likely. Considered to be trophy buildings and thus less vulnerable to recession, succession planning has been major! Grays seminal deals like thetakeovers of equity Office properties andHiltonsucceeded, a information, please visitour page! Assets under management 13 times Blackstones asset total unclear exactly how many millions of dollars someone will need participate! Says Gray is also chairman of Hilton Worldwide. 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