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. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. News coverage focused on the absence of women candidates. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. But with strong guidance from Gray, deals increasingly involve much longer-term investments. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. 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. 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. Gray was born in Highland Park, a Chicago suburb. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. 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. Terms & Conditions. 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.. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. 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. 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. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. 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. The most significant was the long-postponed decision to have Blackstone convert from a listed partnership to a C-corporation, the legal structure used by most publicly listed companies. Stone. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. 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. 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. He sits on its Management Committee and most of its investment committees. 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. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. At this point, Blackstone entered the picture. Schwarzman refused to dilute his and his partners holdings. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. [26], As of 2018, Gray had donated $120 million in his lifetime. 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. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Washington, D.C-based Carlyle Group Inc has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. All Rights Reserved. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. With Equity Office Properties, Grays team quickly sold off portfolios of non-core assets, putting the deal in good financial shapeahead of the downturn. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. For him, the greatest comfort zone is overseeing investment strategy. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. But were not resting on our laurels.. Although we disagreed, we did what he proposed, recalls Schwarzman. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. Donald Trumps real net worth? 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. 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. 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. 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. See here for a complete list of exchanges and delays. 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. It eventually yielded a profit of many multiples of Blackstones cost. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. 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. 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 August 2013, Bloomberg estimated his net worth at just over $1.0 billion due to his owning 40.6 million Blackstone shares valued at $913 million combined with over $120 million in bonuses and salary. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. Mr Gray is 52, he's been the Gen. It also gave heft to a new core investing platform that has a longer duration. 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. 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.. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. He is estimated by Forbes to be worth $3.9 billion. [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. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. (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. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. in English from the School of Arts & Sciences and a B.S. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. He also serves on the board of Harlem Village Academies. What happens often in these transitions is a fight for power, he notes. For information on our privacy practices see our Privacy Policy. He also serves on the board of Corebridge and Harlem Village Academies. He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. [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. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. 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. His fortune has jumped more than 50% this year to $5.9 billion. Blackstone President Jonathan Gray, Schwarzman's No. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. 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. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . Like Gray, Schwarzman got off to a fast career start. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. Thanks for contacting us. 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. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. We've received your submission. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. Hilton is a business that owns few properties. 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. 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 . Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. This wasnt hard.. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. 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. 2023 Forbes Media LLC. So, how much is Jonathan D. Gray worth at the age of 52 years old? 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. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. It's unclear exactly how many millions of dollars someone will need to participate in the fund. To accompany all these changes, Blackstone has adopted a new financial vocabulary. But it was a valuable experience at a relatively young age as an investor.. Unable to keep up monthly payments, hundreds of thousands of owners lost their houses. 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. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Schwarzman complained that the market was undervaluing Blackstone though he would later concede that by remaining a listed partnership, the firm was excluding two-thirds of its potential investors. 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. Who is the president of Blackstone? 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. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. 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. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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