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. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. 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. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. 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. 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. For information on our privacy practices see our Privacy Policy. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. Business Insider spoke with more than a dozen people who know Korngold to. 2023 Fortune Media IP Limited. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. Even executives who have engaged him in arduous negotiations volunteer their praise. Copyright 2023. 2023 Forbes Media LLC. [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. 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.. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. He initially denied Grays request that Blackstone invest an additional $800 million. Because Alnylam is valued at about $10 billion, it would have had to sell a huge part of the company and dramatically dilute its shareholder base to raise the $2 billion in the equity market. Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. 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. . There are no executives at Blackstone Inc getting paid more. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. Schwarzman has made it easy for Gray in other ways as well. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 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. 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. All rights reserved. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. In 2013, Jonathan Gray helped conceive Invitation Homes, a . It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . But passive money managers like mutual funds and index funds had mandates against purchasing shares in listed partnerships. 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. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. Switchboard:+1 (212) 583-5000. [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. 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. All quotes delayed a minimum of 15 minutes. 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. 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. (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. Stone. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. 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. Even attempts to make the process orderly and transparent can go awry. 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). Sign up here. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. 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. 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 Times Syndication Service. 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. Jonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. 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.. Jonathan D. Gray is the Gen. Blackstone is one of the worlds leading investment firms. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. 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. . He kept a very steady hand on the wheel.. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Today the portfolio has grown to $230 billion. So, how much is Jonathan D. Gray worth at the age of 52 years old? Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. 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. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. 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. There are 21 older and 3 younger executives at Blackstone Inc. Real estate accounts for 45 percent of Blackstone's. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. The unit navigated the crisis as other firms faltered. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. 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. Real estate accounts for 45 percent of Blackstones earnings. in English from the School of Arts & Sciences and a B.S. 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.. 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. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. 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. Many bank CEOs took pay cuts in a tough year for financial markets. 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. 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. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. 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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. 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. These are properties used by Amazon and other e-commerce retailers as distribution hubs for the final stage in the delivery of products to nearby consumers. 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. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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. To accompany all these changes, Blackstone has adopted a new financial vocabulary. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. 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. 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. There are 18 older and 7 younger executives at Blackstone Inc. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. 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. What is Jonathan D. Gray's salary? Wallmine is a radically better financial terminal. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. 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. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. But were not resting on our laurels.. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. 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. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. 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. 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. Gray has been a major Democratic donor, backing Hillary Clinton in 2016[21] and several Democratic presidential candidates in the 2020 election[22][23][24][25], The Gray Foundation was launched in 2014, focusing on inherited BRCA mutations and increasing access to education and healthcare for low-income youth in New York City. from the Wharton School. 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. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. 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. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Under Gray, Blackstone's real estate. Both agreed that at the time there was only one possible candidate: Jon Gray. I was definitely in the camp of those wanting to convert, says Gray. [28], The Grays have donated over $150 million to BRCA cancer research. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. 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. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. When Gray took over Blackstones real estate business, it had $5 billion under management. 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. [1] He is also chairman of Hilton Worldwide.[2]. He is estimated by Forbes to be worth $3.9 billion. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Donald Trumps real net worth? Mr. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. But the younger man was insistent. 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. For the performance, Blackstone has been richly rewarded. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. But Schwarzman prides himself on learning from past errors. But they remain in key respects an odd couple. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. [5] He was elected Phi Beta Kappa. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. Blackstone President Jonathan Gray, Schwarzman's No. The first strong signal was Grays appointment to Blackstones management committee in 2006. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. ), Its hard to find anybody who has unkind words for Gray. In. 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. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. He also serves on the board of Harlem Village Academies. 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. [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. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. 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. His mother ran a catering business, where the teenage Gray worked as a busboy. KKR & Co Inc co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. His net worth is pegged at $8.5 billion, according to Forbes. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. That was the point. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. 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 does this by using extraordinary people and flexible capital to help companies solve problems. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . 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. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Terms & Conditions. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman.

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