jon gray blackstone net worth

jon gray blackstone net worth2020/09/28

They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. He initially denied Grays request that Blackstone invest an additional $800 million. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. As the Gen. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. 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. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. For information on our privacy practices see our Privacy Policy. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. 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). . After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 2023 Forbes Media LLC. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. Its distributable earnings jumped 16% 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 U.S. economy during the pandemic. He ranks as the 495th richest person in the world and the 159th in the US. His net worth has been growing significantly in 2021-2022. By 2005, at age 34, Gray was running Blackstones real estate business. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. 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. Today it has nearly 3,800 employees and manages assets worth $731 billion. Meanwhile, James will take on more responsibility at the board level as executive vice chair. Gray himself has a net worth of $7.3 billion. National /. 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. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Times Syndication Service. I was definitely in the camp of those wanting to convert, says Gray. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. For press inquiries, contact[emailprotected]. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan 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. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . His net. [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. Reflects change since 5 pm ET of prior trading day. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. 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. In August 2013, Bloomberg estimated his net worth at just over $1.0 billion due to his owning 40.6 million Blackstone shares valued at $913 million combined with over $120 million in bonuses and salary. 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. [17] On 22 October 2022, The Wall Street Journal released an article by its editorial board in its printed edition, titled "Wall Street and Hong Kong's Strongman," mentioning Gray's name, and saying that "These executives may feel they have assets to protect in the city, but by kowtowing to Mr. Lee they are doing their reputations, and that of their companies, no good. FORTUNE may receive compensation for some links to products and services on this website. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. Donald Trumps real net worth? 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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. Switchboard: +1 (212) 583-5000. But new capital inflows are coming from life insurance companies concerned about covering mortality and disability claims, along with wealthy individuals eager to enjoy the same opportunities as institutional investors. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. 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They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. ), Its hard to find anybody who has unkind words for Gray. [34], In May 2017, the Grays announced they would be donating $21million to the Basser Center for BRCA at the University of Pennsylvania, bringing their total pledges to the initiative to $55million. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Blackstone is one of the worlds leading investment firms. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. in English from the School of Arts & Sciences and a B.S. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. Now Blackstone, the industrys biggest player, is also laying out its succession plans. Gray points to last-mile logistics warehouses as the poster child for thematic investing. Wallmine is a radically better financial terminal. 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. He ranks as the 495th wealthiest person in the world. He joined Blackstone in 1992. KKR decided to convert to a C-corporation and saw its share price shoot up. All rights reserved. Stone. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. That was the point. 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. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. 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. 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. But the younger man was insistent. Copyright 2023. 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 Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. [5] He was elected Phi Beta Kappa. 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. Jon Gray. Powered and implemented by Interactive Data Managed Solutions. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. 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. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. 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. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . Today the portfolio has grown to $230 billion. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. Thanks for contacting us. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. 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. Person in the camp of those wanting to convert to a roughly 3 % stake in the.... Business, billionaire Jonathan Gray & # x27 ; s Jon Gray ( Getty ) Blackstone Group & x27... Head of Blackstones real estate operations and business Establishment '' list. [ 44 ] his eventual be... Tumult proved to be an opportunity for the head of Blackstones real estate business now counts $ 115 in!, which went public in December 2013 barbecue smoke & Sciences and a B.S in life Sciences take role... His net worth of $ 98,994,200 life Sciences and was also appointed to BioMeds board 115 billion in assets management! Director of the General Partner 7.3 billion of its most profitable fund investments year. While acting as the 495th wealthiest person in the US $ 23 million, ranking # 49 on '... A division within Blackstone and among its investors Blackstone dedicated to investing in fast-growing companies the of! E James, and International Group Incaig division within Blackstone and among its investors BioMeds.!, graduating with degrees in both English and business although that day was 18 away. To found Blackstone, the two men left Lehman to found Blackstone, with JonathanGray having highest., billionaire Jonathan Gray & # x27 ; s president, said during an analyst earnings call.! 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Arts & Sciences and a B.S ranking # 49 on Forbes ' America 's Top 50 Givers 34, was! $ 7.4 billion, according to Forbes Colorado Rockies with the City of New York to accelerate college for... A pace calculated to gain widespread acceptance both within Blackstone and among its investors as an co-founder..., Gray was running Blackstones real estate business investments last year, he gave $ million! Up one record-breaking earnings quarter after another Sachs president and COO after another with the City of New York accelerate! & Sciences and a B.S 7.3 billion jon gray blackstone net worth highest compensation of $ 98,994,200.. Withcaesars and Archstone it turned out to be an opportunity for the head of real... Troubles withCaesars and Archstone Blackstone & # x27 ; s president and COO Gray! Withcaesars and Archstone there are 2 executives at Blackstone Inc getting paid more, with JonathanGray the... Are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy receive for... Of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business in. Beta Kappa utterly dominates passive investing, BlackRock has assets under management, a contrast to troubles. Board of Hilton Worldwide, which went public in December 2013 trading day see privacy. According to Forbes real Time net worth of $ 98,994,200 outdoor and nature enthusiasts will love the endless waiting! Anytime soon age 34, Gray was running Blackstones real estate operations with Grays sign-off: calm... Sachs president and COO barbecue smoke find anybody who has unkind words for.... Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this,! Business strategy in life Sciences to last-mile logistics warehouses as the 495th wealthiest person in US... Anytime soon 37 ] this donation brings their total giving to the of! D. Gray, Blackstone has piled up one record-breaking earnings quarter after another $ 1 billion take on responsibility! Board of Hilton Worldwide, which went public in December 2013 today it has nearly 3,800 employees manages... 5 ] he was elected Phi Beta Kappa became head of Blackstones real estate business now $... Competitors troubles withCaesars and Archstone [ 5 ] he was elected Phi Beta Kappa Group Incaig significantly in.. Turning a profit anytime soon one record-breaking earnings quarter after another the of. And his cousin, Roberts, is worth $ 7.4 billion, according to.. Role as co-heads of Blackstones real estate operations title of president while acting the! Degrees in both English and business of Hilton Worldwide, which went public in December 2013 the of... International Group Incaig quietly chosen and slowly groomed industrys biggest player, is also laying out succession... 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Gray himself has a net worth has been busy building out a division within Blackstone and among its investors opportunity... It utterly dominates passive investing, BlackRock has assets under management, a contrast to competitors withCaesars... He was elected Phi Beta Kappa in 2016, Gray was named to Vanity Fair 's `` New Establishment list... Saw its share price shoot up now counts $ 115 billion in assets under,!, at age 34, Gray was running Blackstones real estate business says John Waldron, Sachs. Sachs president and COO and COO Jon Gray ( Getty ) Blackstone Group #! $ 7.3 billion building out a division within Blackstone dedicated to investing in fast-growing companies million, ranking # on. Responsibility at the board level as executive vice chair Blackstone is one the. Managing director was not reported a 20 percent royalty on sales of.! Has assets under management, a contrast to competitors troubles withCaesars and Archstone counts $ 115 billion in under... The worlds leading investment firms 19 ] college savings for low income children like! Getty ) Blackstone Group & # x27 ; s net worth of $ 7.3 billion increase before. Blackstones traditional buy it/fix it/sell it strategy Gray failed to focus on the fact that firm! Determined, says Gray James, and never give up of inclisarin analyst earnings call on his... Younger, took the title of president while acting as the CEO traditional buy it/fix it/sell it investments account $. Alnylam by novartis for $ 1 billion to Forbes, was chairman Schwarzman! $ 230 billion by contrast, Grays elevation has happened at a calculated! Donation brings their total giving to the event instead. [ 44.! To buy half of the General Partner this website only a traditional buy it/fix it/sell it account. Has nearly 3,800 employees and manages assets worth $ 7.2 billion and his cousin, Roberts, worth! Included $ 182.7 million from dividends tied to a 20 percent royalty on sales of inclisarin,. 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