Fee-related earnings now account for about two thirds of Blackstones distributable earnings annually, up from only a third just four years ago. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. Schwarzman has often said his greatest failure was the conflict that led to his 1994 breakup with Larry Fink and the precursor of his BlackRock, in which Blackstone had a 35 percent stake. It offered to buy half of the future royalties paid to Alnylam by Novartis for $1 billion. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. 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. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. 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. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. With that, Gray finally won over the reluctant partners. Rowans compensation as an Apollo co-founder and senior managing director was not reported. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. 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.. The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership, said Blackstones billionaire co-founder and CEO Stephen Schwarzman. Terms & Conditions. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Even attempts to make the process orderly and transparent can go awry. 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. Beginning in 2013, Gray whose purview was still officially real estate accompanied Schwarzman and James into management meetings in other Blackstone business units. Many bank CEOs took pay cuts in a tough year for financial markets. 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. But it was a valuable experience at a relatively young age as an investor.. 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It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. By contrast, the S&P 500 delivered 18% total losses. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . This wasnt hard.. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. It made it much easier for me, says Gray. He ranks as the 495th richest person in the world and the 159th in the US. 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.. 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. Blackstone is one of the worlds leading investment firms. With Blackstones shuffle, theres been change atop most major financial institutions. To reinforce that image, Schwarzman and Gray co-host 45-minute Monday morning meetings, broadcast on Blackstone TV, to update the entire staff on what the firm is up to. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. Gray was born in Highland Park, a Chicago suburb. Blackstone has also been able to expand its range of investors. Although that day was 18 years away, he suggested that his eventual successor be quietly chosen and slowly groomed. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. Forbes estimates his net worth at $2.5. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. Residential Links: www.bloomberg.com By: Xeba73 Advertisement Both are generous philanthropists. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. He is a member. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. 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 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. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. 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. Alternatives are only a small portion of its business today, but with $9.4 trillion AUM more than twice the size of Germanys GDP BlackRock has deeper pockets than any other financial entity. [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. After acquiring these properties, Blackstone could sell them in pieces to the highest bidders. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. Guest speakers chosen from within Blackstone might include the chief economist, the head of government relations, or the leading executive of a business unit involved in a key deal. But Schwarzman prides himself on learning from past errors. Today, as it utterly dominates passive investing, BlackRock has assets under management 13 times Blackstones asset total. Now Gray,worth $2.6 billion according to Forbes Real Time Net Worth Rankings, is shedding his real estate dealmaking cloth after building an industry heavyweight. He was not about to give Gray any reason to be lured away from Blackstone. Jon Gray is the second most powerful man at private-equity giant Blackstone. A drug to stave off heart failure is among those products. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. Jon Gray. Mr. Gray previously served as the firms Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. 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. 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. 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. By 2005, at age 34, Gray was running Blackstones real estate business. There are 21 older and 3 younger executives at Blackstone Inc. For press inquiries, contact[emailprotected]. [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. Jonathan Gray's House in Sagaponack, NY (Google Maps) Jonathan Gray's House Sagaponack, New York (NY), US Like Tweet Share Pin Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the world's largest manager of private equity and property. For office-specific contact information, please visit our our offices page. With Hilton showing good returns in the aftermath of the financial crisis, Gray led Blackstone into its most controversial investment: rental homes. 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. . He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. He currently resides in Oklahoma, United States. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . 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. Ice expert Jonathan Baker makes the case that, thanks to modern technology and boundless creativity, modern ice is much more than just a thing that chills your drink. In. [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. When Gray took over Blackstone's real estate business, it had $5 billion under 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. To accompany all these changes, Blackstone has adopted a new financial vocabulary. Jonathan Gray was born in Manhattan, New York in February 1970. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. 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. Powered and implemented by Interactive Data Managed Solutions. Jonathan D. Gray Net Worth. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. Gray, 51, has a net worth of $4.5 billion, according to Forbes. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Real estate accounts for 45 percent of Blackstones earnings. Just the other week, it announced . These kinds of acquisitions create ample opportunities for cross-collaboration between Blackstones businesses. Jon Gray has been a strong performer for many years, says Steven Kaplan, a University of Chicago business professor who does research on corporate successions. Wallmine is a radically better financial terminal. Mr. Gray previously served as the firm's Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. from the Wharton School. At the heart of that strategy is thematic investing, which he pushed successfully in real estate and then spread across other business areas. That is an increase from the prior year. 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. The move is part of a careful succession at Blackstone. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. 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