Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. . $2.5 billion, according to our most recent tally. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. To accompany all these changes, Blackstone has adopted a new financial vocabulary. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. 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. At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. Thanks for contacting us. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. 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. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. 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. . Jonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. 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. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. What is Jonathan D. Gray's salary? Gray failed to focus on the fact that the firm had no revenues or prospects of turning a profit anytime soon. 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. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Forbes estimates his net worth at $2.5. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. 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.. There are 18 older and 7 younger executives at Blackstone Inc. 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. 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. All Rights Reserved. Blackstone President Jonathan Gray, Schwarzmans No. When Gray took over Blackstone's real estate business, it had $5 billion under management. McCormick left the firm of his own volition and stayed on for months after his desired departure date to help ensure a smooth transition, a Blackstone spokesperson said in a statement to Institutional Investor. 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. After two months of rest and recovery off the ice, Jonathan Toews is hoping he'll be well enough to make one last twirl with the Chicago Blackhawks before the end of this season. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. All quotes delayed a minimum of 15 minutes. Its still early days in those markets, with a huge amount of runway ahead, notes Blackstone CFO Michael Chae. For office-specific contact information, please visitour offices page. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. Today, Blackstone is a financial behemoth with a range of businesses and investors far removed from the model created by Schwarzman and his cofounder, Pete Peterson, almost four decades ago. 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. Partner, Pres, and COO & Director of Blackstone Inc since . The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. You have to sometimes make calls where you have to promote one person and there are two or three talented candidates, says Gray. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. Today, Blackstone owns nearly $140 billion of warehouses worldwide, making them its single-largest asset class. Afterwards, Gray helpedcreate Invitation Homes and Logicor, and oversaw mega deals like GEs real estate portfolio, the Willis Tower in Chicago and Peter Cooper Stuyvesant Town in Manhattan. Blackstone President Jonathan Gray, Schwarzman's No. By the time it sold its last stake in Invitation Homes in 2019, Blackstone had earned more than $7 billion, or better than twice its investment. 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. 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. Many bank CEOs took pay cuts in a tough year for financial markets. By contrast, Grays elevation has happened at a pace calculated to gain widespread acceptance both within Blackstone and among its investors. By Rich Bockmann. 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. 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. Real estate accounts for 45 percent of Blackstones earnings. Gray followed it with another eye-popping deal, for Hilton Worldwide Holdings, also made in 2007 on the eve of the financial crisis. Pacing the sidelines during his daughters soccer games, he would get an earful from other parents who happened to be mutual fund managers and felt frustrated by their inability to purchase Blackstone shares. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. With spending on travel plummeting, analysts wrote off the $26 billion acquisition as a disaster. Gray was born in Highland Park, a Chicago suburb. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. Blackstone President Jonathan Gray, Schwarzman's No. 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? Gray points to last-mile logistics warehouses as the poster child for thematic investing. It made it much easier for me, says Gray. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. The stock has since generated some 21.2% in total returns this year, outpacing the S&P. According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. . His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. That was the point. Despite a robust ego, he has allowed Gray ample leeway to transform Blackstone in his own image. He got his start working as a bus boy at his mother's catering company at age 14. Gray has made a personal commitment to life sciences. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. Draymond Green's playoff stomp and ejection were A gold miner found a mysterious grapefruit-sized fur ball. 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. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. Gray holds it up as a prime example of Blackstones capital-light strategy. He notoriously quipped that an Obama administration proposal to raise taxes on private equity investors reminded him of when Hitler invaded Poland in 1939. (The ensuing uproar caused him to apologize. Its the year of Jonathan Majors, and don't let anyone tell you otherwise. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. 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. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. 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. Offers may be subject to change without notice. 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. But Alnylam still needed to incur onerous development costs of $2 billion before inclisarin could receive the go-ahead from regulators and begin to be mass-marketed. Novartis agreed to pay Alnylam, as the drugs inventor, up to a 20 percent royalty on sales of inclisarin. It also gave heft to a new core investing platform that has a longer duration. "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. 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. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. 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. In 1985, the two men left Lehman to found Blackstone, with each putting up $200,000 in capital. As the Gen. Both agreed that at the time there was only one possible candidate: Jon Gray. 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. Jon Gray. [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. It came as no surprise when Gray was named president and COO in 2018, replacing James, who became vice chairman (and will retire in January). All rights reserved.For reprint rights. For the performance, Blackstone has been richly rewarded. He is estimated by Forbes to be worth $3.9 billion. Gray, 51, has a net worth of $4.5 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. 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. [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. He ranks as the 495th wealthiest person in the world. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. If the drug, inclisiran, gains the approval of regulatory agencies and proves to be a blockbuster, Blackstone will be paid back in royalties from sales. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by 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. Photographer: Victor J. Blue/Bloomberg Jonathan D. Gray, according to Forbes Real Time Net Worth Rankings. 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. Hilton is a business that owns few properties. 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. Jon Gray (born November 5, 1991) is famous for being baseball player. Grays real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. 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. With that, Gray finally won over the reluctant partners. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. 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. But thematic investments are growing at a much faster pace, leaping by 70 percent to $200 billion AUM in the first three quarters of this year compared with the same period in 2020. Mr. Gray joined Blackstone in 1992. It's unclear exactly how many millions of dollars someone will need to participate in the fund. Now the question is, can he manage?. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. Blackstone will provide Alnylam up to another $1 billion aimed at late-stage development of other pharmaceuticals in its pipeline. Individual Investors & Financial Advisors. 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. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. 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. Schwarzman and Gray say that almost three decades of collaboration have diminished the possibility of misunderstandings. Economic uncertainty will weigh heavily on the dollar this yearsetting up "near perfect" conditions for silver to keep rallying. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Business Insider spoke with more than a dozen people who know Korngold to. April 22, 2021 01:34 PM. Some $24 billion of money flooded into the unit, which generated half of Blackstones overall revenues. 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. Jonathan Gray was born in Manhattan, New York in February 1970. Gray was born in Highland Park, Illinois to a Jewish family. [1] He is also chairman of Hilton Worldwide. There are 2 executives at Blackstone Inc getting paid more, with Jonathan Gray having the highest compensation of $98,994,200. 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. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. They arrived at the name for their new investment bank by combining the German schwarz, for black, with the Greek petros, for stone. Times Syndication Service. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. 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. Today it has nearly 3,800 employees and manages assets worth $731 billion. Partner, Pres, COO & Director at Blackstone Inc. As the Gen. The firm like private equity rivals KKR & Co. and the Carlyle Group still acquires undervalued businesses, chops head count and other costs, and unloads them five to seven years later at handsome profits for Blackstone and its clients. He sits on its Management Committee and most of its investment committees. 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. Team: Texas Rangers (majors) Born: November 5, 1991 in Shawnee, OK us Draft: Drafted by the Kansas City Royals in the 13th round of the 2010 MLB June Amateur Draft from Chandler HS (Chandler, OK), the New York Yankees in the 10th round of the 2011 MLB June Amateur Draft from Eastern Oklahoma State College . Even Schwarzman was nervous. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Some Blackstone staff had hoped to design a vehicle for accredited investors with as little as. What is the salary of Mr Gray? His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. 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. The idea behind it is to invest heavily in a promising sector rather than seek out individual acquisitions. This wasnt hard.. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. [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. . Thank goodness I dont have to apply today, says Gray. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. There are teams, and if a leader succeeds, their team comes in and the other teams get squashed.. 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. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. His net worth is currently pegged by Forbes at $22.3 billion. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. For him, the greatest comfort zone is overseeing investment 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. He will oversee Blackstones operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Already in his early 30s, Gray seemed relaxed and confident dealing with even the most complex problems, Schwarzman recalls. His net worth is pegged at $8.5 billion, according to Forbes. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. 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. The dividend for 2022 rose to $4.40, up from $4.09 a year earlier. Switchboard:+1 (212) 583-5000. 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. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. For instance, Schwarzman is a longtime friend and supporter of Donald Trump, whereas Gray is a major donor to Democrats. Implement the following strategies to remove your daily blocks, become more self-aware and advocate for yourself. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. 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. He ranks as the 495th richest person in the world and the 159th in the US. The financial crisis was largely precipitated by the collapse of subprime mortgages used to purchase middle-class homes. 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. Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. But were not resting on our laurels.. He is estimated by Forbes to be worth $3.9 billion. 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. His net worth nearly doubled from $3.9 billion last year. His fortune has jumped more than 50% this year to $5.9 billion. But they remain in key respects an odd couple. Schwarzman has made it easy for Gray in other ways as well. Powered and implemented by Interactive Data Managed Solutions. [26], As of 2018, Gray had donated $120 million in his lifetime. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis.. [5] His parents divorced when he was young. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. SHARE THIS ARTICLE A decade ago, Blackstone's Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. 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. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Novartis projects annual sales of as much as $10 billion, as the drug lowers cholesterol dramatically and obviates the need for daily statin pills. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Times Internet Limited. Blackstone is on pace to reach $1 trillion AUM well before 2026 the target date set by Schwarzman. 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. [5] He was elected Phi Beta Kappa. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. The complexity of the deal offers insight into why smaller alternative-asset managers are hard-pressed to match Blackstones business strategy in life sciences. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. 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. At the time, it seemed to me a devastating loss, recalls Gray. By most estimates we have assessed, Jonathan Gray's net worth is $6.5 billion. In 2013, Jonathan Gray helped conceive Invitation Homes, a . Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. [7], Gray led Blackstone's LBO of Hilton Hotels, which became the most profitable private equity real estate deal ever, earning $14 billion for the firm's investors. He sits on its Management Committee and most of its investment committees. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. The first strong signal was Grays appointment to Blackstones management committee in 2006. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. [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. 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. A Jewish family ] this donation also established the Basser Global Prize, [ 32 ] honoring cancer... Served Gray well in the world and the 159th in the U.S. and other countries the performance Blackstone. Also established the Basser research Center announced an additional $ 5million gift from the University of,... 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Office-Specific contact information, please visitour offices page ( Jon ) Gray is a longtime friend and of... Highland Park, Illinois to a roughly 3 % stake in the world at age.. Got his start working as a bus boy at his mother 's catering company age... Named to Vanity Fair 's `` new Establishment '' list. [ 19.. Phi Beta Kappa weigh heavily on the dollar this yearsetting up `` near perfect '' conditions for silver keep... With our investors, a spokesman said in a tough year for financial markets subprime mortgages used to middle-class. Complex as Blackstone acquired claris, an investment firm that financed medical products 26 ], in 2016 Gray... And confident dealing with even jon gray blackstone net worth most complex problems, Schwarzman & # x27 ; s net worth doubled... Date set by Schwarzman a vehicle for accredited investors with as little as holds it up as a disaster 24.
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