That included $182.7 million from dividends tied to a roughly 3% stake in the firm. . Even attempts to make the process orderly and transparent can go awry. 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. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from:
Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. His net worth is currently pegged by Forbes at $22.3 billion. Gray says his most difficult management decisions involve personnel. Corner Office. To view recent press releases, click here. [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. His net worth nearly doubled from $3.9 billion last year. He was not about to give Gray any reason to be lured away from Blackstone. [5] His parents divorced when he was young. . We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. 2023 Fortune Media IP Limited. 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. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. Blackstone has also been able to expand its range of investors. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. For office-specific contact information, please visit our our offices page. When Gray took over Blackstones real estate business, it had $5 billion under management. Real estate accounts for 45 percent of Blackstone's. [5] He was elected Phi Beta Kappa. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . So, how much is Jonathan D. Gray worth at the age of 52 years old? There are 21 older and 3 younger executives at Blackstone Inc. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. I studied The Love Jones Cohort and found it was real: More Black Americans with higher education are choosing CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. It does this by using extraordinary people and flexible capital to help companies solve problems. 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. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. It's unclear exactly how many millions of dollars someone will need to participate in the fund. And if Nick is looking at a company, he can ask our BioMed team about space for them.. 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. The main tenant was a technology startup called Gobash.com (for Go big or stay home). To accompany all these changes, Blackstone has adopted a new financial vocabulary. Pension funds, endowments, and sovereign wealth funds still account for most of Blackstones assets. Selling that business was a heroic mistake, and I own it, Schwarzman conceded in his autobiography, What It Takes: Lessons in the Pursuit of Excellence. 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. Gray, who joined New York-based Blackstone in 1992 after graduating from the University of Pennsylvania, owns 40.6 million shares of the alternative-asset manager, a stake valued at US$913-million as of Wednesday's close. 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. 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. Mr. Gray previously served as the firm's Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. [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. He currently resides in Oklahoma, United States. His net worth is currently pegged by Forbes at $22.3 billion. 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. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . Last updated: 1 March 2023 at 11:00am EST. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. 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. 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. His fortune has jumped more than 50% this year to $5.9 billion. [28], The Grays have donated over $150 million to BRCA cancer research. This is where all major decisions for the firm are made, says Schwarzman. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. [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. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. Jonathan D. Gray is the Gen. It made it much easier for me, says Gray. 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. By Rich Bockmann. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. 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. 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. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. 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. 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. . Mr Gray is 52, he's been the Gen. from the Wharton School. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. In return, investors allow Blackstone to lock up their capital for many years. 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. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. As the Gen. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. As the leader of the . Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. In. . By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Like Gray, Schwarzman got off to a fast career start. Across Wall Street, succession planning has been a major story for the past 18-months. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. 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. Like Schwarzman, who is worth $12.8 billion according to Forbes, Gray has built a massive fortune in his years running real estate for the company. These securities were liquid, tradable assets that could be sold to investors. Thanks for contacting us. Apollo Global Management Inc Chairman Leon Black, who agreed to relinquish his role as the companys CEO by July following an investigation of his ties to late financier and convicted sex offender Jeffrey Epstein, collected at least $185.2 million in 2020, another regulatory filing showed. That was the point. 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. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. But Schwarzman prides himself on learning from past errors. The Hilton investment eventually turned a $14 billion profit making it one of the most lucrative private equity deals ever. Our Standards: The Thomson Reuters Trust Principles. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. All Rights Reserved. The unit navigated the crisis as other firms faltered. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Gray points to last-mile logistics warehouses as the poster child for thematic investing. And so are real estate deals for laboratory space. At this point, Blackstone entered the picture. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. [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. 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