There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. In 2018, Jonathan Gray, 50, the manager who built the real estate business, was named president and COO, and he's slated to eventually succeed longtime CEO and cofounder Steve Schwarzman. [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. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 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 There was no argument, however, about the profitability of Blackstones rental house gamble. Hilton is a business that owns few properties. 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 stock has since generated some 21.2% in total returns this year, outpacing the S&P. FORTUNE may receive compensation for some links to products and services on this website. For the performance, Blackstone has been richly rewarded. 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. Fink wanted to attract talented new hires by offering them equity. 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. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. The rise of perpetual capital and thematic investing has been a boon for fee-related earnings. 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. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. By contrast, the S&P 500 delivered 18% total losses. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. 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. But passive money managers like mutual funds and index funds had mandates against purchasing shares in listed partnerships. The only time Gray ever lost money on a deal was back in 2000. As the President, Chief Operating Officer, and Director of the General Partner of Blackstone Inc, the total compensation of Jonathan Gray at Blackstone Inc is $98,994,200. 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. . Gray was born in Highland Park, Illinois to a Jewish family. Donald Trumps real net worth? Times Internet Limited. Investment giant recorded $3.4B net income in Q1. In. [5] His parents divorced when he was young. Instead he left the fundraising pitches to Joseph Baratta, the global head of private equity, and his team. Jonathan D. Gray serves as President, Chief Operating Officer, Mr. Gray was elected to the board of directors effective February 24, 2012. Just the other week, it announced . 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. Residential Links: www.bloomberg.com By: Xeba73 Advertisement He soon turned it into the firms biggest cash cow by applying a couple of innovative financial strategies. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. 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It eventually yielded a profit of many multiples of Blackstones cost. When Gray took over Blackstones real estate business, it had $5 billion under management. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. Stone. Today the portfolio has grown to $230 billion. This column explores the idea of the Neurodivergent Way and the value it poses to build a more impactful digital economy. There are 21 older and 3 younger executives at Blackstone Inc. Mr Gray is 52, he's been the Gen. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. But Schwarzman prides himself on learning from past errors. Blackstone President Jonathan Gray, Schwarzmans No. Rowans compensation as an Apollo co-founder and senior managing director was not reported. It's unclear exactly how many millions of dollars someone will need to participate in the fund. 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. Mr. Gray joined Blackstone in 1992. 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. All Rights Reserved. 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. Wallmine is a radically better financial terminal. 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. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. 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. According to a Wharton School case study, the EOP acquisition was one of the most successful real estate private equity deals of all time.. [1] He is also chairman of Hilton Worldwide.[2]. 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. [5] He was elected Phi Beta Kappa. Gray insists he is talking in generalities. Rival heavyweights like KKR and Carlyle are out of breath attempting to match Blackstone, and smaller asset managers trying to increase their presence in alternatives simply dont have the needed perpetual capital, range of products, and track record. 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. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. 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. His net worth is pegged at $8.5 billion, according to Forbes. And so are real estate deals for laboratory space. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. Switchboard:+1 (212) 583-5000. KKR decided to convert to a C-corporation and saw its share price shoot up. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . It does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone partners who resisted the change feared a dilution of their holdings, a weakening of their control over the firm, and an increase in the firms taxes. April 22, 2021 01:34 PM. A case in point: In 2019, when Blackstone raised an industry-record $26 billion private equity fund, Schwarzman didnt make a single presentation to investors. Global Financial Leaders' Investment Summit, "Jon Gray Skips Party, Afraid Record Buyout Will Fail", "Blackstone Reports Record Year: Jonathan Gray's Real Estate Group Chips In 60% Of The Profits Jewish Business News", "Jonathan Gray, Blackstone's Real Estate Wizard Behind the Curtain" By Matt Chaban, "Jon Gray is the future of 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. Still, Blackstones dealmakers were able to generate more from selling out of deals in 2022 than the prior year. Then came Trumps 2018 reduction of the corporate tax rate, from 35 percent to 21 percent. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. 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. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. As the Gen. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. In 2013, Jonathan Gray helped conceive Invitation Homes, a . Hes nowhere near as rich as he boasts, nor as poor as his critics claim. All Rights Reserved. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. $2.5 billion, according to our most recent tally. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. Who is the president of Blackstone? His net worth is pegged at $8.5 billion, according to Forbes. To view recent press releases, click here. But were not resting on our laurels.. 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. Jonathan D. Gray Net Worth. Jon Gray is the second most powerful man at private-equity giant Blackstone. He ranks as the 495th richest person in the world and the 159th in the US. Thanks for contacting us. Language links are at the top of the page across from the title. Gray holds it up as a prime example of Blackstones capital-light strategy. 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. 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. By 2005, at age 34, Gray was running Blackstones real estate business. Gray, whose sister-in-law died of ovarian cancer at age 44, has given over $100 million to BRCA- related cancer research. 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. His fortune has jumped more than 50% this year to $5.9 billion. He currently resides in Oklahoma, United States. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. All rights reserved.For reprint rights. Under Gray, Blackstone's real estate. What is Jonathan D. Gray's salary? 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. 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. Blackstone is one of the worlds leading investment firms. He is a member. 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. It made it much easier for me, says Gray. Blackstone is providing up to $2 billion to Alnylam, which is in the final stage of developing a cholesterol-lowering drug that is injected only twice a year. A lawyer for Majors told Forbes he is completely innocent.. Times Syndication Service. 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. [20] Gray's boss and Trump's friend Stephen A. Schwarzman quickly dismissed the idea that a slot in a Republican cabinet would be offered to a Democratic supporter like Gray. 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. Instead it leverages its brand to negotiate long-term franchise and management contracts with some 6,700 hotels and resorts around the world while spending very little of its own capital. The majority of the windfall stemmed from Schwarzmans 19.3% stake in 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. Meanwhile, James will take on more responsibility at the board level as executive vice chair. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. Business Insider spoke with more than a dozen people who know Korngold to. He sits on its Management Committee and most of its investment committees. 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. Rowans compensation as an Apollo co-founder and senior managing director was not reported. 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 new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. Chris Nassetta, Hilton Worldwides CEO, was a participant in those taut discussions. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). Copyright 2023. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. 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. Jonathan Gray was born in Manhattan, New York in February 1970. Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. Terms & Conditions. His mother ran a catering business, where the teenage Gray worked as a busboy. News coverage focused on the absence of women candidates. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. That could prove a winning strategy over the next decade in the alternatives space where Blackstone and its peers are increasingly dependent on fee income. Jon Gray. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. 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. 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. The main tenant was a technology startup called Gobash.com (for Go big or stay home). Even attempts to make the process orderly and transparent can go awry. He kept a very steady hand on the wheel.. For office-specific contact information, please visitour offices page. 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. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Mr Gray, 51, who started at the company out of university and has risen to president and chief operating officer, has a fortune of $5.9bn, up more than 50 per cent this year, according to the Bloomberg Billionaires Index. [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. Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . There are 18 older and 7 younger executives at Blackstone Inc. 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. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. Mr. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. 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