Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. (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. 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. . 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. [14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis. April 22, 2021 01:34 PM. 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. Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. 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. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . With Blackstones shuffle, theres been change atop most major financial institutions. He joined Blackstone in 1992. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. 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 . 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. Position: Pitcher Bats: Right Throws: Right 6-4, 225lb (193cm, 102kg) . Even executives who have engaged him in arduous negotiations volunteer their praise. To receive email alerts from Blackstone, sign up below. It's unclear exactly how many millions of dollars someone will need to participate in the fund. 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. The move is part of a careful succession at Blackstone. 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. For office-specific contact information, please visitour offices page. 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. I was definitely in the camp of those wanting to convert, says Gray. 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. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. Or sometimes people get to a stage in their careers where they have had a lot of success and they are not as engaged as they were before.. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. 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. Blackstone Group 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 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. His net worth is currently pegged by Forbes at $22.3 billion. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. His net worth is pegged at $8.5 billion, according to Forbes. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. But Schwarzman prides himself on learning from past errors. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. Jonathan D. Gray is the Gen. Biography Timeline In 2013, Jonathan Gray helped conceive Invitation Homes, a . We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. He ranks as the 495th richest person in the world and the 159th in the US. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. Jonathan ("Jon") Gray, president and COO of the Blackstone Group, vaulted into the ranks of the world's 500 richest people after shares of the investment giant have soared amid a flurry of dealmaking and strong earnings. Blackstone President Jonathan Gray, Schwarzman's No. 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. 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. Though neither is paid an annual cash bonus, they still collect more than the CEOs of Wall Streets biggest investment banks, where compensation packages for the top brass usually tally into the tens of millions. 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. 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. 2023 Forbes Media LLC. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. This wasnt hard.. Ultimately it panned out, leading to an over $10 billion profit. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. [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. He is estimated by Forbes to be worth $3.9 billion. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. Gray says his most difficult management decisions involve personnel. That is an increase from the prior year. 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. Mr. Gray joined Blackstone in 1992. Powered and implemented by Interactive Data Managed Solutions. But the younger man was insistent. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. But Invitation Homes soon became the subject of numerous complaints and lawsuits amply reported in the media alleging poor maintenance, rent-gouging, and high eviction rates. With no other heirs apparent in sight, nobody was forced to depart. His net worth is currently pegged by Forbes at $22.3 billion. 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. Gray has made a personal commitment to life sciences. Times Syndication Service. At the time, it seemed to me a devastating loss, recalls Gray. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. If we dont fund a particular product, then the industry is going to have to do it on their own or share the risk by joining us in the development process.. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. 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. Insiders trading at Blackstone Inc Over the last 16 years, insiders at Blackstone Inc have traded over $2,301,594,335 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 . According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Both agreed that at the time there was only one possible candidate: Jon Gray. If the drug, inclisiran, gains the approval of regulatory agencies and proves to be a blockbuster, Blackstone will be paid back in royalties from sales. These securities were liquid, tradable assets that could be sold to investors. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Related by financial asset: Blackstone Group. He sits on its Management Committee and most of its investment committees. 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. 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. He also serves on the board of Corebridge and Harlem Village Academies. Mr Gray is 52, he's been the Gen. Chairman, CEO & Co-Founder Jonathan Gray* President & Chief Operating Officer Michael Chae Chief Financial Officer John G. Finley Chief Legal Officer Christine Anderson Global Head of Corporate Affairs Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities 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. 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. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. 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 serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. 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. This is where all major decisions for the firm are made, says Schwarzman. 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. Schwarzman has made it easy for Gray in other ways as well. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. For press inquiries, contact[emailprotected]. Donald Trumps real net worth? Blackstone President Jonathan Gray, Schwarzmans No. Under Gray, Blackstone's real estate division became one of its most valuable branches; it now manages $208 billion in investor capital. It eventually yielded a profit of many multiples of Blackstones cost. For information on our privacy practices see our Privacy Policy. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. All rights reserved.For reprint rights. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. 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. 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. [43] He lives in Manhattan with his wife and their four daughters. So, how much is Jonathan D. Gray worth at the age of 52 years old? 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. He kept a very steady hand on the wheel.. 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. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. With that, Gray finally won over the reluctant partners. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. There are 18 older and 7 younger executives at Blackstone Inc. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. 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. 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. from the Wharton School. Switchboard: +1 (212) 583-5000. [5] His parents divorced when he was young. He initially denied Grays request that Blackstone invest an additional $800 million. 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. That was the point. [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. 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