[1] He is also chairman of Hilton Worldwide.[2]. KKR decided to convert to a C-corporation and saw its share price shoot up. Or Chuck Schwab, who tossed aside his first successor after less than a year and keeps his current CEO, Walt Bettinger, on a tight leash, expecting multipage, single-spaced memos from him every other Friday. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. His net worth is currently pegged by Forbes at $22.3 billion. 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. 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. . [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. This is where all major decisions for the firm are made, says Schwarzman. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. Now the question is, can he manage?. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. He really began to garner major attention on Wall Street during the LBO boom of the mid-2000s when, as co-head of the unit, he oversaw the joint takeover of Trizec and the LBOs of Equity Office Properties and Hilton. His net. 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. He orchestrated the $26 billion buyout of Hilton hotels in 2007 then took it public again in 2013; the IPO was then the biggest ever for a hotel firm. 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. The move is part of a careful succession at Blackstone. Afterwards, Gray helpedcreate Invitation Homes and Logicor, and oversaw mega deals like GEs real estate portfolio, the Willis Tower in Chicago and Peter Cooper Stuyvesant Town in Manhattan. Ultimately it panned out, leading to an over $10 billion profit. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. To view recent press releases,click here. 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 oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. 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. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. He is estimated by Forbes to be worth $3.9 billion. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. 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. 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. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. By submitting this request, you consent to receive email from Blackstone. [29], In October 2022, the Grays announced a gift of $55 million[36] to establish the Basser Cancer Interception Institute as part of the Basser Center for BRCA. 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 and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. His net worth is currently pegged by Forbes at $22.3 billion. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. 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. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. 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. Blackstone announced its conversion to a corporation in April 2019. 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. 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. So, how much is Jonathan D. Gray worth at the age of 52 years old? Jon Gray (born November 5, 1991) is famous for being baseball player. Individual Investors & Financial Advisors. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Gray says his most difficult management decisions involve personnel. Terms & Conditions. 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. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. 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. But with strong guidance from Gray, deals increasingly involve much longer-term investments. Thanks for contacting us. 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. Powered and implemented by Interactive Data Managed Solutions. 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. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. Both agreed that at the time there was only one possible candidate: Jon Gray. 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. 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. Both are generous philanthropists. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Blackstone President Jonathan Gray, Schwarzman's No. Blackstone President Jonathan Gray, Schwarzmans No. 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. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Many bank CEOs took pay cuts in a tough year for financial markets. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Reflects change since 5 pm ET of prior trading day. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. If you're happy with cookies click proceed. 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. Gray insists he is talking in generalities. Blackstone is one of the worlds leading investment firms. Meanwhile, James will take on more responsibility at the board level as executive vice chair. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. Lately, life sciences have taken center stage. [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. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. in English from the School of Arts & Sciences and a B.S. 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. (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. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. 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. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 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.. There are 18 older and 7 younger executives at Blackstone Inc. What is Jonathan D. Gray's salary? 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. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. . [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. . Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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. 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. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. It does this by using extraordinary people and flexible capital to help companies solve problems. See here for a complete list of exchanges and delays. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. 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. 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. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. 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. National /. 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. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. Switchboard: +1 (212) 583-5000. His net worth nearly doubled from $3.9 billion last year. With that, Gray finally won over the reluctant partners. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. 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. Blackstone is one of the worlds leading investment firms. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. At the time, it seemed to me a devastating loss, recalls Gray. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. 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 could prove a winning strategy over the next decade in the alternatives space where Blackstone and its peers are increasingly dependent on fee income. When Gray took over Blackstone's real estate business, it had $5 billion under management. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. In return, investors allow Blackstone to lock up their capital for many years. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. 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. Even attempts to make the process orderly and transparent can go awry. He is a member. 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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. He kept a very steady hand on the wheel.. Like Gray, Schwarzman got off to a fast career start. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. His talent and self-confidence impressed executives many years his senior. 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. 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. Gray, 51, has a net worth of $4.5 billion, according to Forbes. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. But it kept those considered to be trophy buildings and thus less vulnerable to recession. But the younger man was insistent. 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.. [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. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. [1] He is also chairman of Hilton Worldwide. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. 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.. This year, about 30,000 young grads applied for roughly 100 available jobs. [43] He lives in Manhattan with his wife and their four daughters. 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. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. Schwarzman has made it easy for Gray in other ways as well. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. 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. 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. Jon Gray is the second most powerful man at private-equity giant Blackstone. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. 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. 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.. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Schwarzman refused to dilute his and his partners holdings. Donald Trumps real net worth? President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. 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. [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. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. 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 advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. 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. Thank goodness I dont have to apply today, says Gray. Rowans compensation as an Apollo co-founder and senior managing director was not reported. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. He initially denied Grays request that Blackstone invest an additional $800 million. But it was a valuable experience at a relatively young age as an investor.. By contrast, the S&P 500 delivered 18% total losses. He joined Blackstone in 1992. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. 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. And so are real estate deals for laboratory space. Related by financial asset: Blackstone Group. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Now Blackstone, the industrys biggest player, is also laying out its succession plans. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. [5] His parents divorced when he was young. Im still somewhat mystified, he says about those queries. 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. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. At this point, Blackstone entered the picture. All rights reserved.For reprint rights. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. Jonathan D. 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