He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Who is the president of Blackstone? It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. With Blackstones shuffle, theres been change atop most major financial institutions. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. 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.. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. Both agreed that at the time there was only one possible candidate: Jon Gray. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. 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 Jonathan Gray's take-home compensation package was one of Blackstone's biggest at $275 million, but Gray still pocketed far less than the group's CEO Stephen Schwarzman. A Canadian woman has one month to get rid of more than 130,000 vintage chocolate bars but is struggling to give them away before the expiration date, Leaked Pentagon docs show the shot-down Chinese spy balloon may have had a feature known as 'synthetic aperture radar' that can see through certain materials, WaPo reports, A rare hybrid solar eclipse to take place on April 20, Unpaid subsidies worth 1,200 crore leading to serious liquidity crisis among EV makers, says industry body, Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. 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. Corner Office. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. His net worth is pegged at $8.5 billion, according to Forbes. Times Internet Limited. In return, investors allow Blackstone to lock up their capital for many years. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. At the time, it seemed to me a devastating loss, recalls Gray. What happens often in these transitions is a fight for power, he notes. Washington, D.C-based Carlyle Group 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. [28], The Grays have donated over $150 million to BRCA cancer research. 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. 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. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. News coverage focused on the absence of women candidates. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. 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. 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? For office-specific contact information, please visitour offices page. Among Grays big philanthropic endeavors are his alma mater UPenn, where hes donated $30 million to support cancer research. 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. Even attempts to make the process orderly and transparent can go awry. Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. 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. Real estate accounts for 45 percent of Blackstones earnings. 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. Terms & Conditions. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Think of Sandy Weill, who as head of Citigroup created the greatest financial services conglomerate of his era and then defenestrated the young, very able Jamie Dimon for seeming too eager to replace him. Today it has nearly 3,800 employees and manages assets worth $731 billion. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. 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. All Rights Reserved. [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. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. 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. But they remain in key respects an odd couple. And if Nick is looking at a company, he can ask our BioMed team about space for them.. In 2013, Jonathan Gray helped conceive Invitation Homes, a . Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. 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. 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He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. 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. By submitting this request, you consent to receive email from Blackstone. 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. 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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 Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. And so are real estate deals for laboratory space. Because Alnylam is valued at about $10 billion, it would have had to sell a huge part of the company and dramatically dilute its shareholder base to raise the $2 billion in the equity market. . 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. Blackstone President Jonathan Gray, Schwarzman's No. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. Gray has been a major Democratic donor, backing Hillary Clinton in 2016[21] and several Democratic presidential candidates in the 2020 election[22][23][24][25], The Gray Foundation was launched in 2014, focusing on inherited BRCA mutations and increasing access to education and healthcare for low-income youth in New York City. 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. He also serves on the board of Corebridge and Harlem Village Academies. Partner, Pres, and COO & Director of Blackstone Inc since . Stone. Wallmine is a radically better financial terminal. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Jonathan D. Gray Net Worth. But with strong guidance from Gray, deals increasingly involve much longer-term investments. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. 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. If you're happy with cookies click proceed. It eventually yielded a profit of many multiples of Blackstones cost. [ 2 ] Early Life [ edit ] Gray was born in Park! For rent, and his team occasionally had to manage upward gently cajoling Schwarzman to moves... 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