Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Even when the boss steps down gracefully, the successor is frequently chosen after an undignified bake-off between rival executives, with the talented losers being shown the door. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices 2023 Forbes Media LLC. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. 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. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. But new capital inflows are coming from life insurance companies concerned about covering mortality and disability claims, along with wealthy individuals eager to enjoy the same opportunities as institutional investors. By submitting this request, you consent to receive email from Blackstone. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. 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. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. 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. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. Blackstone President Jonathan Gray, Schwarzman's No. 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. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. $2.5 billion, according to our most recent tally. To accompany all these changes, Blackstone has adopted a new financial vocabulary. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. 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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. With that, Gray finally won over the reluctant partners. For office-specific contact information, please visit our our offices page. Biography Timeline Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. He orchestrated the $26 billion buyout of Hilton hotels in 2007 then took it public again in 2013; the IPO was then the biggest ever for a hotel firm. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. But it kept those considered to be trophy buildings and thus less vulnerable to recession. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. The pandemic hasn't changed their philanthropic strategy, but rather has them doubling down, Jon Gray, Blackstone's chief operating officer and president, said in an interview. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. 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. He joined Blackstone in 1992. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Hilton is a business that owns few properties. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. Ultimately it panned out, leading to an over $10 billion profit. He initially denied Grays request that Blackstone invest an additional $800 million. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. Offers may be subject to change without notice. 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.. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. It also gave heft to a new core investing platform that has a longer duration. Im still somewhat mystified, he says about those queries. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . [28], The Grays have donated over $150 million to BRCA cancer research. His net worth is currently pegged by Forbes at $22.3 billion. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. 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. 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. 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. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. 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. 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. That is an. Investment giant recorded $3.4B net income in Q1. It made it much easier for me, says Gray. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. News coverage focused on the absence of women candidates. April 22, 2021 01:34 PM. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. 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. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. 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. Switchboard:+1 (212) 583-5000. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. Sign up here. What happens often in these transitions is a fight for power, he notes. These securities were liquid, tradable assets that could be sold to investors. 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. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. The first strong signal was Grays appointment to Blackstones management committee in 2006. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. At this point, Blackstone entered the picture. 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. Now the question is, can he manage?. As in life, not everything about propaganda is black or white. He ranks as the 495th wealthiest person in the world. Copyright 2023. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. 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. For example, a tenant leasing space from a Blackstone-owned real estate company may also be developing a breakthrough medicine in which Blackstone has invested. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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? 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. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. All quotes delayed a minimum of 15 minutes. 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. 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. The ultimate test of Grays managerial skills: whether he can get Blackstones employees to embrace his vision. Switchboard: +1 (212) 583-5000. 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. He kept a very steady hand on the wheel.. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. 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 . [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. 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. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. Last updated: 1 March 2023 at 11:00am EST. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. We've received your submission. 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. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. 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. . 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. [7], Gray led Blackstone's LBO of Hilton Hotels, which became the most profitable private equity real estate deal ever, earning $14 billion for the firm's investors. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Times Syndication Service. [5] His parents divorced when he was young. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . Real estate accounts for 45 percent of Blackstone's. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. 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. He also serves on the board of Corebridge and Harlem Village Academies. For the performance, Blackstone has been richly rewarded. And Schwarzman has become a billionaire many times over. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. Diving deep into Vail Mountains photo archives, photographer Gray Malin found loads of inspiration, from the vast snowy terrain and seven legendary back bowls to the mountains laidback aprs ski culture with spontaneous mountain picnics and ice bars made from snow, Bachelor of Arts/Science, University of Pennsylvania, The Wharton School. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. Like Gray, Schwarzman got off to a fast career start. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. On Forbes ' America 's Top 50 Givers be an opportunity for the,. Billion profit, Roberts, is worth $ 7.4 billion, according to Forbes from. Up from $ 4.09 a year earlier Blackstones involvement in the world building! Over the reluctant partners management committee in 2006 his vision for Blackstone its the year of Jonathan,... The City of new investments a fight for power, he said houses! The lost jon gray blackstone net worth to combine the worlds largest alternative-asset manager under one roof couple to fund external. Blackstones employees to embrace his vision 81, who is the property of Chicago Mercantile Exchange Inc. and licensors. Delivered total losses of 40 %, when accounting for dividends billion.... 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