jon gray blackstone net worthjon gray blackstone net worth

These securities were liquid, tradable assets that could be sold to investors. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. [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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. How do I contact Jonathan D. Gray? Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. For information on our privacy practices see our Privacy Policy. 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. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. . 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. 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. 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. All Rights Reserved. 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. [6][16], Gray was scheduled to speak at the November 2022 Global Financial Leaders' Investment Summit, with the Hong Kong Democracy Council claiming that his presence, along with other financial executives, legitimizes the Hong Kong government's whitewashing of the erosion of freedoms in the city. There are no executives at Blackstone Inc getting paid more. [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. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. 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. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. 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. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. 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. Offers may be subject to change without notice. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. 2023 Forbes Media LLC. When Gray took over Blackstone's real estate business, it had $5 billion under management. 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. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Blackstone is one of the worlds leading investment firms. 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 Blackstone insists it has little to fear from rival asset managers in replicating the Alnylam model with other drug companies. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. Donald Trumps real net worth? [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. It also gave heft to a new core investing platform that has a longer duration. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. The unit navigated the crisis as other firms faltered. 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.. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. To view recent press releases, click here. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. Blackstone President Jonathan Gray, Schwarzman's No. 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. His net worth nearly doubled from $3.9 billion last year. 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.. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. Even attempts to make the process orderly and transparent can go awry. Alnylam invented inclisarin, but teamed up with another pharmaceuticals firm, the Medicines Company, to develop the drug. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. 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. For press inquiries, contact [emailprotected]. Even Schwarzman was nervous. Gray was born in Highland Park, Illinois to a Jewish family. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. 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. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. 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. By submitting this request, you consent to receive email from Blackstone. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Soon after graduating from the University of Pennsylvania and the Wharton School in 1992 with a double degree in English and business, he joined Blackstone. 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. Blackstone countered that at a critical time in the economy, Invitation Homes had become a significant employer, helped restore derelict neighborhoods, and offered affordable housing to younger, middle-class families. Forbes estimates his net worth at $2.5. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. [5] His parents divorced when he was young. . There was no argument, however, about the profitability of Blackstones rental house gamble. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. Gray, 51, has a net worth of $4.5 billion, according to Forbes. And Schwarzman has become a billionaire many times over. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . His net worth has been growing significantly in 2021-2022. 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. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. [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. Beginning in 2012, Blackstone bought $125 million worth of houses a week. What is Jonathan D. Gray's salary? He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. 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. 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. Jon Korngold has been busy building out a division within Blackstone dedicated to investing in fast-growing companies. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. 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. Business Insider spoke with more than a dozen people who know Korngold to. 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. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Real estate accounts for 45 percent of Blackstone's. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. 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. 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. Jon Gray. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. Who is the president of Blackstone? 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. 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. 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