Jonathan D. Gray

Source: Wikipedia, the free encyclopedia.
Jon Gray
Born (1970-02-04) February 4, 1970 (age 54)
The Blackstone Group
Chairman of Hilton Worldwide
Political partyDemocratic
SpouseMindy Basser (m.1995)
Children4

Jonathan D. Gray (born February 4, 1970) is an American

Blackstone Group, a New York–based asset management firm.[1] He is also the chairman of Hilton Worldwide.[2]

Early life

Gray was born in

Wharton School.[5] He was elected to Phi Beta Kappa
.

Career

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. 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.[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.[8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013.[9]

Gray was named in Fortune's "40 under 40,"[10] in 2009. In 2016, he ranked #1 on Commercial Observer's "Power 100" ranking of the most powerful people in New York City real estate.[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.[12][13] The Wall Street Journal reported that Gray went on the “biggest home buying spree in history” after the foreclosure crisis, spending $10 billion in the company's first four years.[14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis.[15]

In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James.[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.[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."[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]

Politics

In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump.[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.[6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed.

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]

Philanthropy

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.[26]

As of 2018, Gray had donated $120 million in his lifetime. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers.[27]

In February 2023, the Grays were named to The Chronicle of Philanthropy’s list of the 50 biggest donors in 2022.[28]

Cancer research

The Grays have donated over $150 million to BRCA cancer research.[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. The Grays donated $25 million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers.[31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. In January 2014, the Basser Research Center announced an additional $5 million gift from the couple to fund an external research grant program.[33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included.[34]

In May 2017, the Grays announced they would be donating $21 million to the Basser Center for BRCA at the University of Pennsylvania, bringing their total pledges to the initiative to $55 million.[35] In July 2019, it was announced that the Grays would donate a further $25 million for research on pernicious genetic mutations that can lead to breast and ovarian cancer.[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. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment.[37] This donation brings their total giving to the University of Pennsylvania to over $125 million.[38]

Other philanthropy

In November 2016, The New York Times reported on a $10 million donation from the Grays to finance a pilot program that creates college savings accounts for thousands of New York City public school kindergartners.[39] Gray serves on the board of The Trinity School, as well as on the board of Harlem Village Academies,[40] a group of charter schools in New York City. Gray recently donated $10 million to purchase a building in northern Manhattan which will serve as the organization's second elementary school.[citation needed] In 2019, the Gray’s announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania.[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.[42] Gray is reportedly a long-time donor to the United States Democratic party.[43] In 2023, he co-hosted a fundraiser for the Joe Biden 2024 presidential campaign.[44]

Personal life

In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Stone.[45] He lives in Manhattan with his wife and their four daughters.[5] In August 2013, Bloomberg estimated his net worth at just over $1.0 billion due to his owning 40.6 million Blackstone shares valued at $913 million combined with over $120 million in bonuses and salary.[31]

In 2016, Gray was named to Vanity Fair's "New Establishment" list.[46]

References

  1. ^ "Jonathan Gray". Blackstone.com. Archived from the original on 2013-08-16. Retrieved 2016-12-27.
  2. ^ "Board of Directors". Hilton Worldwide. Archived from the original on 11 December 2018. Retrieved 16 August 2020.
  3. ^ Yu, Hui-Yong; Ivry, Bob (February 14, 2007). "Jon Gray Skips Party, Afraid Record Buyout Will Fail". Bloomberg. Archived from the original on November 29, 2014.
  4. ^ "Blackstone Reports Record Year : Jonathan Gray's Real Estate Group Chips In 60% Of The Profits – Jewish Business News". Jewishbusinessnews.com. 2014-02-03. Archived from the original on 2017-07-07. Retrieved 2016-12-27.
  5. ^
    New York Observer Archived 2013-12-02 at the Wayback Machine
    August 17, 2011
  6. ^ a b c Geiger, Casey; Sullivan, Daniel (27 January 2021). "Jon Gray is the future of Blackstone. 50 insiders reveal how the superinvestor consolidated power, elbowed out rivals, and is remaking the firm in his golden-boy image". Business Insider. Retrieved 29 January 2021.
  7. ^ Sender, Henny (3 April 2016). "Investment strategy: The new property barons". Financial Times. Archived from the original on 2016-12-28. Retrieved 2016-12-27.
  8. ISSN 0099-9660
    . Retrieved 2021-07-26.
  9. ^ "Blackstone's Hilton Deal: Best Leveraged Buyout Ever - Bloomberg". Businessweek.com. Archived from the original on 2015-01-27. Retrieved 2016-12-27.
  10. ^ "40 under 40 - Jonathan Gray (7) - FORTUNE". Money.cnn.com. Archived from the original on 2018-05-18. Retrieved 2016-12-27.
  11. ^ "Power 100". Commercial Observer. 2016-04-20. Archived from the original on 2016-08-22. Retrieved 2016-12-27.
  12. ^ Clark, Patrick (2019-11-21). "Blackstone Exits Single-Family Rental Bet Slammed by Warren". www.bloomberg.com. Retrieved 2020-07-07.
  13. ^ "Invitation to a Housing Revolution". D Magazine. 2018-04-01. Retrieved 2021-01-28.
  14. ISSN 0099-9660. Archived
    from the original on 2020-07-07. Retrieved 2020-07-07.
  15. ^ Egkolfopoulou, Misyrlena; Perlberg, Heather (18 November 2019). "Warren Calls Out Blackstone for "Shameless" Profies From Housing". Bloomberg. Archived from the original on 2020-10-27. Retrieved 2020-07-07.
  16. ^ "Blackstone's Homegrown Dealmaker Finally Makes It to the Top". Bloomberg.com. 2018-02-13. Archived from the original on 2018-02-16. Retrieved 2018-02-16.
  17. ^ "Business Not As Usual | HKDC". HKDC. Retrieved 2022-10-26.
  18. ^ The Editorial Board (21 October 2022). "Opinion | Wall Street Courts Hong Kong Strongman John Lee". Wall Street Journal. Retrieved 2022-10-22.
  19. ^ "Three Top Bankers Pull Out of Hong Kong's Global Finance Summit". Bloomberg.com. 2022-10-31. Retrieved 2023-02-15.
  20. ^ Hui-yong Yu (2016-11-20). "Trump Said to Discuss Treasury Post With Blackstone's Gray". Bloomberg. Archived from the original on 2020-10-27. Retrieved 2020-07-07.
  21. ^
    POLITICO
    . Retrieved January 29, 2021.
  22. ^ Kelly, Kate; Goldmacher, Shane; Kaplan, Thomas (2020-08-09). "The Wallets of Wall Street Are With Joe Biden, if Not the Hearts". The New York Times.
  23. ^ Cumming, Chris (2020-02-27). "Private-Equity Leaders Place Their Presidential Bets". The Wall Street Journal.
  24. ^ Schwartz, Brian (2020-11-02). "Joe Biden's fundraiser list includes more than 30 executives with Wall Street ties". CNBC.
  25. ^ Schwartz, Brian (2020-02-13). "Joe Biden to host more than 250 donors from Wall Street, big business at NYC fundraisers – here's the guest list". CNBC.
  26. ^ "Gray Foundation". www.grayfoundation.org. Archived from the original on 9 February 2018. Retrieved 8 February 2018.
  27. ^ a b Wang, Jennifer. "Blackstone COO Jonathan Gray On Giving To Education, Cancer Research". Forbes. Retrieved 2021-07-13.
  28. ^ Di Mento, Maria (14 February 2023). "The Philanthropy 50". The Chronicle of Philanthropy.
  29. ^ a b Wang, Jennifer. "Blackstone President Jonathan Gray Donates $25 Million To Tackle Deadly Breast Cancer Gene". Forbes. Archived from the original on 2020-10-17. Retrieved 2020-10-14.
  30. ^ "Basser Center for BRCA – Abramson Cancer Center". Penncancer.org. Archived from the original on 2015-08-02. Retrieved 2016-12-27.
  31. ^ a b "Blackstone's Gray Becomes Billionaire Amid Property Wager". Bloomberg. 15 August 2013. Archived from the original on 2015-01-08. Retrieved 2016-12-27.
  32. ^ "The 2013 Basser Global Prize - Bassser Research Center for BRCA -Penn Medicine". 4 June 2013. Archived from the original on 4 June 2013. Retrieved 8 February 2018.
  33. ^ "Penn Medicine's Basser Research Center for BRCA Announces Additional $5 Million Gift from Mindy and Jon Gray to Fund External Research Grant Program". January 13, 2014. Archived from the original on 2 February 2014. Retrieved 23 January 2014.
  34. ^ Menza, Kaitlin (2016-05-11). "The T&C 50: The Top Philanthropists of 2016". Townandcountrymag.com. Archived from the original on 2016-09-23. Retrieved 2016-12-27.
  35. ^ "Blackstone's Gray Gives $21 Million to Hit Cancer Close to Home". Bloomberg.com. 2017-05-04. Archived from the original on 2018-02-06. Retrieved 2018-02-06.
  36. ^ Avril, Tom (15 September 2022). "$55 million gift to Penn is aimed at stopping breast cancer before it starts". The Philadelphia Inquirer.
  37. ^ Nietzel, Michael T. (21 September 2022). "University Of Pennsylvania Receives $55 Million Gift To Study, Treat Hereditary Cancers". Forbes.
  38. ^ Gordon, Amanda L. (15 September 2022). "Blackstone's Gray Gives UPenn $55 Million for Cancer Prevention". Bloomberg.
  39. ^ Taylor, Kate (21 November 2016). "New York Seeks to Jump-Start College Savings by Giving Cash to Kindergartners' Parents". The New York Times. Archived from the original on 2018-02-06. Retrieved 2016-12-27.
  40. ^ "Board". Harlem Village Academies. Archived from the original on 2016-12-03. Retrieved 2016-12-27.
  41. ^ Gordon, Amanda (9 December 2019). "Blackstone's Gray Donates $10 Million for Financial Aid at UPenn". Bloomberg.
  42. ^ Barron, James (2021-10-15). "Money for Kindergartners, Spendable on College". New York Times. Retrieved 2021-11-23.
  43. ^ "Some of Biden's Biggest Fundraisers Come From Wall Street". Institutional Investor. 2020-11-02. Retrieved 2024-02-04.
  44. ^ "Centerbridge Co-Founder Gallogly to Host Biden Fundraiser in NYC". Bloomberg.com. 2023-06-29. Retrieved 2024-02-04.
  45. ^ "WEDDINGS - Mindy Basser, Jonathan D. Gray". The New York Times. 1995-07-02. Archived from the original on 2017-02-27. Retrieved 2016-12-27.
  46. ^ "The 2016 New Establishment List". Vanity Fair. Archived from the original on 2016-12-09. Retrieved 2016-12-27.

External links

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