They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. 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. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. If we have a question about a prospective tenant in BioMed, we can ask Nick for his thoughts about the company, says Kenneth Caplan, global cohead of real estate. Partner of Blackstone Inc., Mr. Gray earned a total compensation package of $156,594,170.00 in 2021. See here for a complete list of exchanges and delays. His net worth is currently pegged by Forbes at $22.3 billion. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. But they remain in key respects an odd couple. [11], In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. 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. 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. By Rich Bockmann. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. 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 He joined Blackstone in 1992. He is estimated by Forbes to be worth $3.9 billion. 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. How Blackstone Chose Its Heir Apparent Without the Usual Hunger Games, This content is from: 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. Jon Gray. Jonathan D. Gray is the Gen. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. Reflects change since 5 pm ET of prior trading day. 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.. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. Offers may be subject to change without notice. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Gray also shrewdly understood that companies anxious to unload their real estate holdings sometimes lacked the patience and resources to accurately value their individual properties and ended up selling them for less than the sum of their parts. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. 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. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. Under 74-year-old cofounder, chairman, and CEO Stephen Schwarzman, there has been a slow-motion, drama-free passing of the baton to Jonathan Gray, 51, now the president and COO, without ruffling feathers among colleagues. All Rights Reserved. News coverage focused on the absence of women candidates. 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. 2023 Fortune Media IP Limited. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. 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. Pitcher who was drafted by the Colorado Rockies with the third pick of the 2013 MLB Draft. Under Gray, Blackstone's real estate. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. 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. 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. But with strong guidance from Gray, deals increasingly involve much longer-term investments. Neil Bluhm, who owns 900 North Michigan Avenue. As of 2023, Jon Gray's net worth is $100,000 - $1M. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. In 2003, thenpresident and COO Hamilton Tony James had informed Schwarzman that he was determined to retire at age 70. 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. His net. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. Investment giant recorded $3.4B net income in Q1. 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. Wallmine is a radically better financial terminal. For press inquiries, contact[emailprotected]. Blackstone announced its conversion to a corporation in April 2019. 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. In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. In return, investors allow Blackstone to lock up their capital for many years. 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. He ranks as the 495th richest person in the world and the 159th in the US. Mr. Gray joined Blackstone in 1992. He also sits on the firms Management Committee and previously served as Global Head of Real Estate, which he helped build into the largest real estate platform in the world. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. Mr. I was definitely in the camp of those wanting to convert, says Gray. Stone. By 2005, at age 34, Gray was running Blackstones real estate business. Today its $160 billion market cap is larger than the combined total of its three largest competitors: Brookfield Asset Management, KKR, and Apollo Global Management. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Schwarzman refused to dilute his and his partners holdings. 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. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. 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 Real estate accounts for 45 percent of Blackstone's. It also gave heft to a new core investing platform that has a longer duration. The bottled Grey Goose Classic Martini Cocktail features just three ingredients: Grey Goose vodka, dry French vermouth, and a dash of orange bitters. [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. 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. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. [28], The Grays have donated over $150 million to BRCA cancer research. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. Mr Gray is 52, he's been the Gen. Jon Gray is the second most powerful man at private-equity giant Blackstone. Gray holds it up as a prime example of Blackstones capital-light strategy. [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. Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. . 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. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. 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. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. 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. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. [5] His parents divorced when he was young. He sits on its Management Committee and most of its investment committees. Perpetual capital, capital-light, and thematic investing have become key phrases most often linked to Gray-led initiatives. 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. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Blackstone President Jonathan Gray, Schwarzmans No. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. 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. With that, Gray finally won over the reluctant partners. Our Standards: The Thomson Reuters Trust Principles. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. SHARE THIS ARTICLE A decade ago, Blackstone's Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock. But Schwarzman prides himself on learning from past errors. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. All quotes delayed a minimum of 15 minutes. KKR decided to convert to a C-corporation and saw its share price shoot up. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Blackstone is one of the worlds leading investment firms. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. He also serves on the board of Corebridge and Harlem Village Academies. 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. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. His net worth is pegged at $8.5 billion, according to Forbes. As the leader of the . Those investments range across real estate, entertainment, pharmaceuticals, and numerous other business sectors, with a lot of cross-pollination. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. He became co-head of the real estate group in 2005 and global head of real estate in 2011,[6] overseeing a portfolio of hotel, office, retail, industrial, and residential properties in the U.S., Europe, and Asia. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . Copyright 2023. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. For information on our privacy practices see our Privacy Policy. He is a member. 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. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. There are 21 older and 3 younger executives at Blackstone Inc. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. 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. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. Distributable earnings reached $3.9 billion for the first nine months of 2021, a whopping 108 percent jump from $1.9 billion for the same period last year. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. Even executives who have engaged him in arduous negotiations volunteer their praise. Last updated: 1 March 2023 at 11:00am EST. 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 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. [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. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. Blackstone President Jonathan Gray, Schwarzman's No. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago. There are 18 older and 7 younger executives at Blackstone Inc. And if Nick is looking at a company, he can ask our BioMed team about space for them.. 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. 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. And so are real estate deals for laboratory space. 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. Blackstone Inc. , the biggest private equity group in the world, bought about $30 billion worth of REITs last year alone to take advantage of this opportunity. Ken Caplan and Kathleen McCarthy will take Grays role as co-heads of Blackstones real estate operations. Years of turbulence and a shattered global economy have shifted investor sentiment drastically, which seems to be moderating as the world braces for a softer landing than expected. 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. 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. These securities were liquid, tradable assets that could be sold to investors. 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. Hilton is a business that owns few properties. [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. It eventually yielded a profit of many multiples of Blackstones cost. Switchboard:+1 (212) 583-5000. 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. Peterson, 59, was chairman and Schwarzman, 20 years younger, took the title of president while acting as the CEO. KKR 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. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. 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. 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. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. 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. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. 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. Fink wanted to attract talented new hires by offering them equity. 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. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. The majority of the windfall stemmed from Schwarzmans 19.3% 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. 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. Since then, its share price has risen 400 percent. 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.. Range across real estate deals for laboratory space 20 % of Blackstone Inc., Mr. Gray earned total! In 2022 than the prior year in Silicon Valley channels the distillerys fun-loving spirit and into... 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