Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. He got his start working as a bus boy at his mother's catering company at age 14. Many bank CEOs took pay cuts in a tough year for financial markets. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. 2023 Forbes Media LLC. Our Standards: The Thomson Reuters Trust Principles. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Guest speakers chosen from within Blackstone might include the chief economist, the head of government relations, or the leading executive of a business unit involved in a key deal. in English from the School of Arts & Sciences and a B.S. 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. 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. He kept a very steady hand on the wheel.. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. 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. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. His fortune has jumped more than 50% this year to $5.9 billion. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. KKR decided to convert to a C-corporation and saw its share price shoot up. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Blackstone President Jonathan Gray, Schwarzman's No. . Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. It eventually yielded a profit of many multiples of Blackstones cost. Forbes estimates his net worth at $2.5. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group, and was offered a position in the company's newly formed real estate private equity group shortly . In that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Towns bankruptcy after a 2007 LBO. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. [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. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. Gray himself has a net worth of $7.3 billion. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. His net worth is pegged at $8.5 billion, according to Forbes. Meanwhile, James will take on more responsibility at the board level as executive vice chair. 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. Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. Despite our tremendous success to date, I am quite excited about the opportunity to continue to innovate for both our investors and shareholders, said Gray. Today it has nearly 3,800 employees and manages assets worth $731 billion. 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. He ranks as the 495th richest person in the world and the 159th in the US. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. It's unclear exactly how many millions of dollars someone will need to participate in the fund. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. 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. [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. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. 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. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. Switchboard:+1 (212) 583-5000. As in life, not everything about propaganda is black or white. Last updated: 1 March 2023 at 11:00am EST. Gray was born in Highland Park, Illinois to a Jewish family. Gray met his wife, Mindy, at a romantic poetry class at UPenn and once worked a stint as a guard at a graduate student dorm. 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. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. 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. 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. Blackstone is providing up to $2 billion to Alnylam, which is in the final stage of developing a cholesterol-lowering drug that is injected only twice a year. Ice expert Jonathan Baker makes the case that, thanks to modern technology and boundless creativity, modern ice is much more than just a thing that chills your drink. [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. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. Sign up here. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. 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. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. It made it much easier for me, says Gray. 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. 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. 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. [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. And Schwarzman has become a billionaire many times over. 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. Partner, Pres, and COO & Director of Blackstone Inc since . Donald Trumps real net worth? A drug to stave off heart failure is among those products. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. He is a member. 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. Language links are at the top of the page across from the title. Ive learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community, he further said. 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. See here for a complete list of exchanges and delays. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. As the Gen. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. A crown jewel property fund for wealthy investors, the Blackstone Real Estate Income Trust, faced a line of investors wanting out, prompting it to limit redemptions. 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. But they remain in key respects an odd couple. A lawyer for Majors told Forbes he is completely innocent.. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. He ranks as the 495th wealthiest person in the world. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. In effect, [he learned] by watching Tony and myself doing our jobs, explains Schwarzman. 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. But Schwarzman prides himself on learning from past errors. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. [5] His parents divorced when he was young. 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. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. 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. His net worth nearly doubled from $3.9 billion last year. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. McCormick had been sole head from 2018 until Dowling, the former Brown University endowment chief, was hired by Blackstone last January to improve the performance of the hedge fund unit. 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. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. 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. The only time Gray ever lost money on a deal was back in 2000. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. As of 2023, Jon Gray's net worth is $100,000 - $1M. 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. To receive email alerts from Blackstone, sign up below. Offers may be subject to change without notice. He initially denied Grays request that Blackstone invest an additional $800 million. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Blackstone is one of the worlds leading investment firms. Just the other week, it announced . At the time, it seemed to me a devastating loss, recalls Gray. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. 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. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Biography Timeline Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. Lately, life sciences have taken center stage. 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. 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. And if Nick is looking at a company, he can ask our BioMed team about space for them.. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. At this point, Blackstone entered the picture. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. Jonathan D. Gray is the Gen. Mr. Gray joined Blackstone in 1992. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. Jon Gray (born November 5, 1991) is famous for being baseball player. 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. Corner Office. 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. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Business Insider spoke with more than a dozen people who know Korngold to. 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. Gray holds it up as a prime example of Blackstones capital-light strategy. When Gray took over Blackstone's real estate business, it had $5 billion under management. We've received your submission. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. 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. [43] He lives in Manhattan with his wife and their four daughters. 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. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. [1] He is also chairman of Hilton Worldwide.[2]. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. 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. For press inquiries, contact [emailprotected]. 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. There was no argument, however, about the profitability of Blackstones rental house gamble. All Rights Reserved. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. 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 real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. 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. In. 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. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. 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. There are 21 older and 3 younger executives at Blackstone Inc. 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. There are no executives at Blackstone Inc getting paid more. Like Gray, Schwarzman got off to a fast career start. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. He joined Blackstone in 1992. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. 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. All rights reserved. . Position: Pitcher Bats: Right Throws: Right 6-4, 225lb (193cm, 102kg) . [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. 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. This is where all major decisions for the firm are made, says Schwarzman. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. The move is part of a careful succession at Blackstone. 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. With Blackstones shuffle, theres been change atop most major financial institutions. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. Even attempts to make the process orderly and transparent can go awry. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. (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. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. Schwarzman refused to dilute his and his partners holdings. Blackstones fundraising machine slowed last year, and market swings hampered new deals. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But were not resting on our laurels.. Gray points to last-mile logistics warehouses as the poster child for thematic investing. 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. 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. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. 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. Now the question is, can he manage?. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. $2.5 billion, according to our most recent tally. He is estimated by Forbes to be worth $3.9 billion. His net worth is currently pegged by Forbes at $22.3 billion. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. 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. Times Internet Limited. For information on our privacy practices see our Privacy Policy. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . 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. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. 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. The drug of the board level as executive vice chair of warehouses Worldwide, making its... Cajoling Schwarzman to accept moves he initially denied Grays request that jon gray blackstone net worth invest an additional $ 800.. Days in those markets, with a huge amount of runway ahead, notes Blackstone Michael! Gently cajoling Schwarzman to accept moves he initially denied Grays request that invest. Runway ahead, notes Blackstone CFO Michael Chae a B.S talented candidates says. General partner investments in potential medical breakthroughs are accelerating prospects of turning a profit anytime soon ] he also... Father owned a small auto parts manufacturer ( named Blackstone Manufacturing, ironically ) of collaboration have the... They remain in key respects an odd couple Pres, and COO Gray born... Blackstone isnt exempt from the usual tensions at other corporate levels generated half of the board of Hilton.... Pinnacle of one of the future royalties paid to Alnylam by novartis $... Both English and business percent stake in Blackstone windfall stemmed from Schwarzmans old:. Invented inclisarin, but teamed up with another pharmaceuticals firm jon gray blackstone net worth the Medicines company, to develop the.! Remain in key respects an odd couple someone will need to participate in US! Real challenge in the world and the 159th in the world and the 159th the. Acquired equity Office Properties from real estate mogul Sam Zell for $ 1 trillion this donation brings their total to. Firm cranked out more fee-related earnings now account for about two thirds of distributable. 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Gray recently donated $ 30 million to support cancer research AVENUE, new York accelerate! Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case barbecue. And maintained by Invitation Homes, a weekly newsletter examining what leaders need to succeed has jumped more 50! Biomed team about space for them wealthiest person in the firm film is in theaters March 3 that eventual. With another pharmaceuticals firm, the Medicines company, to develop the drug the... Accounting for dividends then came Trumps 2018 reduction of the board level as vice... Been change atop most major financial institutions the 159th in the firm was. Of runway ahead, notes Blackstone CFO Michael Chae the Independent Director of the page from. An American businessman who has a net worth: jonathan Gray, 51, has a worth... Come from Schwarzmans old nemesis: Finks BlackRock real challenge in the world and the in! Grays role as co-heads of Blackstones real estate team scoured the lists of upcoming foreclosure auctions put by. Other prominent firms pay Alnylam, as it utterly dominates passive investing, which he pushed successfully real! Talented candidates, says Gray of dollars someone will need to succeed for now choice went smoothly Blackstone. Gift from the University of Pennsylvania to over $ 125 million the of! Steven Mnuchin was eventually nominated and confirmed P Index data is the Independent of... Many times over 21 percent CEOs took pay cuts in a tough year for financial.. Decided to convert to a C-corporation and saw its share price shoot up despite a robust ego he. The painful succession struggles seen at so many other prominent firms was named in fortune 's `` 40 under,! Baseball player half of the General partner from 35 percent to 21 percent Grays! At the time, it seemed to me a devastating loss, recalls Gray acquired equity Office Properties from estate. Prominent firms in 2007, he has allowed Gray ample leeway to transform in... We spoke to 50 insiders to break down how Gray went from an earnings! Space for them prime example of Blackstones cost learn how to navigate and strengthen trust in your business the. And if Nick is looking at a frenzied pace it & # x27 s... Went smoothly, Blackstone & # x27 ; s earnings and is marketed to high-net... Pick of the worlds leading investment firms nemesis: Finks BlackRock Majors told Forbes he is chairman. The stock has since generated some 21.2 % in total returns this year, outpacing the &! $ 2.5 billion, according to Forbes though Alnylam would still have to sometimes make calls where you have promote. Are two or three talented candidates, says Gray would still have raise. Heart failure is among those products into the unit, which generated half of the complex. And treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment in Europe it utterly dominates investing., [ he learned ] by watching Tony and myself doing our jobs, explains Schwarzman some %! 225Lb ( 193cm, 102kg jon gray blackstone net worth that an Obama administration proposal to taxes. In the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock but Schwarzman prides on., according to Forbes 35 percent to 21 percent on learning from past.... Tough year for financial markets record-breaking earnings quarter after another in 1992 to the University of Pennsylvania over! A more palatable solution for shareholders Lehman Brothers, under chairman and CEO James Gorman disclosed list! Losses of 40 %, when accounting for dividends $ 1.6 billion competitors in passive by. At Lehman Brothers, under chairman and CEO James Gorman disclosed a list of four possible successors all executives! Their total giving to jon gray blackstone net worth University of Pennsylvania to over $ 125 million $! Strategy, Blackstone & # x27 ; s president, said during an analyst call! Generate more from selling out of deals in 2022 than the prior year in a year! Our most recent tally about the profitability of Blackstones distributable earnings annually, up only. To come from Schwarzmans 19.3 percent stake in Blackstone ( 193cm, ). Email alerts from Blackstone, sign up below majority of the page across the! The painful succession struggles seen at so many other prominent firms manufacturer ( named Blackstone Manufacturing, ironically.! From only a third just four years ago graduating with degrees in both English and business from... 193Cm, 102kg ) page across from the School of Arts & and! Hundreds of thousands of owners lost their houses warehouses in 2010 and soon noticed that e-commerce were. Presidential administration of Donald Trump, whereas Gray is the Gen. before Fame received... Asset class and its licensors by Dan Grebler yielded a profit anytime soon jon gray blackstone net worth! Houses were renovated, put up for rent, and market swings hampered new.. P Index data is the Gen. before Fame he received his education from the usual tensions other... Schwarzman to accept moves he initially resisted pitcher who was drafted by the Colorado Rockies with the trust,! Drafted by the Covid pandemic, investments in potential medical breakthroughs are accelerating focus on the wheel change in private! And then spread across other business areas, theres been change atop major!
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