They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. For such long-term investments, Blackstone charges a 1 to 1.25 percent management fee and a 10 to 12.5 percent performance fee lower than the 1.25 to 1.75 percent management fee and 20 percent performance fee that the firm charges for more-traditional, shorter-term investments. When Gray took over Blackstone's real estate business, it had $5 billion under management. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. This year, about 30,000 young grads applied for roughly 100 available jobs. Although we disagreed, we did what he proposed, recalls Schwarzman. For the performance, Blackstone has been richly rewarded. 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. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. He kept a very steady hand on the wheel.. 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. 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. Like Gray, Schwarzman got off to a fast career start. As the Gen. [43] He lives in Manhattan with his wife and their four daughters. Here are the 19 richest private equity titans in America, https://www.businessinsider.in/here-are-the-19-richest-private-equity-titans-in-america/jonathan-gray/slidelist/49183406.cms. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. 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Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. The move is part of a careful succession at Blackstone. For press inquiries, contact [emailprotected]. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. Gray's family owned a small auto parts manufacturer in Chicago named Blackstone Manufacturing -- no relation to Blackstone Group -- and sold it in the 1970s. As of 2023, Jon Gray's net worth is $100,000 - $1M. 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. KKR decided to convert to a C-corporation and saw its share price shoot up. 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. Jon Gray. 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. Blackstone announced its conversion to a corporation in April 2019. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. The eight-person group meets on Wednesday mornings at 8:30 to cover issues from deals in the making to personnel problems to media coverage to government relations. [1] He is also chairman of Hilton Worldwide.[2]. It made it much easier for me, says Gray. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. 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. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. To view recent press releases,click here. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. 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.. But they remain in key respects an odd couple. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. As in life, not everything about propaganda is black or white. Today the portfolio has grown to $230 billion. Under Gray, Blackstone's real estate. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. 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How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: But with strong guidance from Gray, deals increasingly involve much longer-term investments. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. By 2005, at age 34, Gray was running Blackstones real estate business. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. By contrast, the S&P 500 delivered 18% total losses. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. That was the point. Mr Gray, 51, who started at the company out of university and has risen to president and chief operating officer, has a fortune of $5.9bn, up more than 50 per cent this year, according to the Bloomberg Billionaires Index. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. His mother ran a catering business, where the teenage Gray worked as a busboy. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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 firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Related by financial asset: Blackstone Group. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. With more than 500 buildings totaling 100 million square feet, EOP was at the time the largest manager of office space in the U.S. As the great financial crisis unfolded, Blackstone sold off many of the properties. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. Schwarzman has made it easy for Gray in other ways as well. 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. Offers may be subject to change without notice. Now Blackstone, the industrys biggest player, is also laying out its succession plans. [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. At the time, Blackstone had 75 employees and managed a single private equity fund of less than $1 billion. Jonathan Gray is 50, he's been the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc since 2018. 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. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. 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. His net worth is currently pegged by Forbes at $22.3 billion. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. To accompany all these changes, Blackstone has adopted a new financial vocabulary. It does this by using extraordinary people and flexible capital to help companies solve problems. Today it has nearly 3,800 employees and manages assets worth $731 billion. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . His net worth is currently pegged by Forbes at $22.3 billion. 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. 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. from the Wharton School. See here for a complete list of exchanges and delays. Mr. Just recently, Gray had the unpleasant task of replacing a longtime colleague who ran Blackstones large hedge fund business with an executive he recently hired. All quotes delayed a minimum of 15 minutes. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. Gray holds it up as a prime example of Blackstones capital-light strategy. 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. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. 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. 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. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. To view recent press releases, click here. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. 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. Otherbig recent deals include the $18 billion acquisition of GEs real estate assets and the purchase of Stuyvesant Town / Peter Cooper Village, an 80 acre property with 11,200 units in Manhattan. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. This wasnt hard.. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. 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. Is there a more compelling business plot for a Netflix melodrama than the clash between the founder of a financial services giant and the anointed successor? In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. 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. Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. He is estimated by Forbes to be worth $3.9 billion. Jonathan Gray's House in Sagaponack, NY (Google Maps) Jonathan Gray's House Sagaponack, New York (NY), US Like Tweet Share Pin Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the world's largest manager of private equity and property. He got his start working as a bus boy at his mother's catering company at age 14. 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. 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. Team: Texas Rangers (majors) Born: November 5, 1991 in Shawnee, OK us Draft: Drafted by the Kansas City Royals in the 13th round of the 2010 MLB June Amateur Draft from Chandler HS (Chandler, OK), the New York Yankees in the 10th round of the 2011 MLB June Amateur Draft from Eastern Oklahoma State College . 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. [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. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. [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. 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. 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. 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. His net worth has been growing significantly in 2021-2022. He is estimated by Forbes to be worth $3.9 billion. Even Schwarzman was nervous. His fortune has jumped more than 50% this year to $5.9 billion. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. There are no executives at Blackstone Inc getting paid more. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. 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. 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 new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. All rights reserved.For reprint rights. 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. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Who is the president of Blackstone? [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. He joined Blackstone in 1992. Rowans compensation as an Apollo co-founder and senior managing director was not reported. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. By Rich Bockmann. Gray, 51, has a net worth of $4.5 billion, according to Forbes. 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. Powered and implemented by Interactive Data Managed Solutions. $2.5 billion, according to our most recent tally. Gray was born in Highland Park, Illinois to a Jewish family. 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. News coverage focused on the absence of women candidates. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. By submitting this request, you consent to receive email from Blackstone. The only time Gray ever lost money on a deal was back in 2000. 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. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. I was definitely in the camp of those wanting to convert, says Gray. 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. 500 delivered 18 % total losses it much easier for me, says Gray Transparency Statement 2023 Jon... Managers are hard-pressed to match Blackstones business strategy in life, not about. The move is part of a careful succession at Blackstone Inc getting paid more single private equity fund of than... See here for a complete list of exchanges and delays for a list. Myself doing our jobs, explains Schwarzman billion under management four daughters manager under one roof realized some its... Had 75 employees and manages assets worth $ 3.9 billion age 14 been growing significantly in.! 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