Jonathan Gray | $1B+
Get in touch with Jonathan Gray | Jonathan Gray, president and chief operating officer of Blackstone, is one of the most influential investors in modern finance, credited with building the firm’s real estate arm into the world’s largest private property platform. Joining Blackstone in 1992, he pioneered the company’s massive expansion into opportunistic real estate, logistics, hospitality, and large-scale global acquisitions, including the Hilton Hotels deal—one of the most profitable private equity investments in history. As COO, Gray now helps steer Blackstone’s multi-trillion-dollar asset management strategy across private equity, credit, infrastructure, and insurance. Known for his analytical discipline, bold dealmaking, and philanthropic leadership in cancer research, Gray is a central architect of the firm’s rise to global dominance.
Jonathan D. Gray is an American investment executive serving as President and Chief Operating Officer of The Blackstone Group Inc., a global alternative asset manager with over $1 trillion in assets under management.[1][2]
Gray joined Blackstone in 1992 immediately after graduating from the University of Pennsylvania's Wharton School and initially worked in its financial management arm before focusing on real estate investments.[1][2] Over the subsequent decades, he built the firm's real estate division into the world's largest commercial real estate platform, overseeing more than $340 billion in assets and executing landmark transactions such as the $39 billion acquisition of Equity Office Properties Trust in 2007 and the $26 billion leveraged buyout of Hilton Worldwide in 2007.[1][3] These deals exemplified his strategy of capitalizing on market dislocations, including the post-dot-com bust and the 2008 financial crisis, to amass scale through opportunistic purchases of distressed assets like hotels, offices, and logistics properties.[4][3]
In 2018, Gray was elevated to President and COO, positioning him on the firm's Management and Risk Committees while maintaining oversight of real estate; he is widely viewed as the heir apparent to co-founder and CEO Stephen A. Schwarzman.[1][2] His leadership has emphasized data-driven decisions, AI integration for portfolio management, and expansion into sectors like rental housing and logistics amid economic shifts.[5] Beyond finance, Gray co-founded the Gray Foundation with his wife Mindy, targeting BRCA-related cancer awareness, treatment, and prevention, as well as educational initiatives, including a $25 million donation in 2025 to support Israeli medical training in oncology following the October 7, 2023, attacks.[6][7] While Blackstone's aggressive investment tactics have drawn scrutiny over housing affordability and tenant impacts in various markets, Gray has personally avoided major public controversies, focusing instead on long-term value creation through disciplined capital allocation.[1][5]
Background
Early life and education
Jonathan D. Gray was born on February 4, 1970, in Highland Park, Illinois, to a Jewish family.[8] [9] His father owned a small auto parts manufacturer on Chicago's West Side, while his mother ran a catering business.[8] [10] The couple divorced during Gray's childhood, after which his mother remarried a Chicago banker.[10] As a teenager, he worked in his mother's catering operation, including as a busboy.[4]
Gray attended the University of Pennsylvania, graduating magna cum laude in 1992 with a Bachelor of Science in Economics from the Wharton School and a Bachelor of Arts in English from the College of Arts and Sciences.[1] [8] He joined Blackstone immediately after graduation, beginning his career in the firm's mergers and acquisitions and private equity group.[2] [11]
Professional Career
Entry into Blackstone
In 1992, Jonathan D. Gray joined The Blackstone Group immediately after graduating from the University of Pennsylvania's Wharton School with a Bachelor of Science in economics.[12][1] He entered the firm as an analyst in its mergers and acquisitions and private equity groups, at the age of 22.[6][2]
Gray's initial role involved supporting deal execution in Blackstone's core private equity operations during the firm's early expansion phase, when it was still building its reputation beyond its founding focus on leveraged buyouts and advisory services.[12] Within a year, in 1993, he transitioned to the newly established real estate private equity group, marking his early involvement in what would become a signature business line for the firm.[12][1] This move positioned him to contribute to Blackstone's pivot toward opportunistic real estate investments amid a recovering post-recession market.[2]
Building the real estate business
Gray joined Blackstone in 1992 as an analyst in its private equity and mergers and acquisitions practice before transferring to the newly established real estate group in 1993.[13] Under his leadership as head of the division, the platform expanded from an initial scale of approximately $4 billion in assets under management to over $332 billion by 2025, establishing Blackstone as the world's largest commercial real estate investor.[14] This growth was driven by opportunistic acquisitions during market downturns, rigorous asset management, and strategic dispositions, with real estate eventually accounting for roughly half of Blackstone's overall revenues.[13]
A pivotal strategy involved leveraging financial crises for large-scale buyouts, exemplified by the 2007 acquisition of Equity Office Properties Trust for $39 billion—the largest leveraged buyout in history at the time—which encompassed 580 office buildings.[3] [13] Gray's team rapidly divested non-core assets amid the emerging 2008 downturn, generating substantial returns and culminating in a $7 billion profit by 2019.[3] Similarly, the $26 billion purchase of Hilton Hotels Corporation in 2007 yielded over $14 billion in profits upon exit in 2018, capitalizing on operational improvements and market recovery.[3]
The division diversified beyond traditional office and hotel investments into sectors like residential and logistics. Post-2008, Gray spearheaded the creation of Invitation Homes, a single-family rental platform that grew to manage tens of thousands of properties and achieved an $11 billion market capitalization.[13] Other notable transactions included the $18 billion acquisition of GE's real estate portfolio and the development and $14 billion sale of Logicor, Europe's largest logistics platform, in 2017.[13] In 2017 alone, the group invested $20 billion, raised $24 billion in new capital, and sold $24.5 billion in properties, demonstrating disciplined capital recycling.[13]
By focusing on high-conviction bets and value-add repositioning—such as the $5.9 billion purchase of New York City's Stuyvesant Town-Peter Cooper Village, spanning 80 acres and 11,200 apartments—Gray transformed Blackstone's real estate arm into a resilient, cycle-agnostic operation.[13] This approach not only weathered volatility but also positioned the business for perpetual vehicles like Blackstone Real Estate Income Trust (BREIT), launched to attract non-institutional capital and sustain long-term holdings.[15]
Ascension to executive leadership
In February 2018, Blackstone announced that Jonathan Gray had been promoted to President and Chief Operating Officer, succeeding Tony James, who transitioned to Executive Vice Chairman.[12] This elevation positioned Gray to oversee the day-to-day management of the firm's operations, encompassing its $434 billion in assets under management at the time, spanning private equity, real estate, credit, and hedge fund solutions.[13] [16]
Gray's ascension reflected his prior success in scaling Blackstone's real estate division, which he had led as global head since 2005, growing its assets from $4 billion to $115 billion by the time of the promotion.[17] The move was described by Blackstone's CEO Stephen Schwarzman as recognizing Gray's integral role in the firm's expansion and his capability to manage its diversified portfolio.[12] James, who had held the President title since 2006 following Peter Peterson's retirement, endorsed the transition, citing Gray's long tenure and proven leadership since joining the firm in 1992.[16]
The promotion underscored Gray's emergence as a key executive figure at Blackstone, often viewed internally and by industry observers as a potential successor to Schwarzman, though no formal succession plan was detailed in the announcement.[18] Under Gray's operational oversight post-2018, Blackstone continued to emphasize strategic growth in real assets and alternative investments, leveraging his expertise to navigate market cycles.[1]
Major milestones and investment strategies
Gray joined Blackstone in 1992 and played a pivotal role in establishing and expanding its real estate division, transforming it from a nascent operation into the world's largest commercial real estate platform.[1] Under his leadership, the division pursued high-profile acquisitions, including the $39 billion purchase of Equity Office Properties Trust in February 2007, which at the time represented the largest real estate transaction ever and yielded over $7 billion in profits through subsequent asset sales.[19][20] Later that year, in July 2007, Gray oversaw the $26 billion leveraged buyout of Hilton Hotels Corporation, a deal executed at the market peak just before the financial crisis, which involved strategic investments like $800 million in discounted debt and a shift toward an asset-light model, ultimately generating substantial long-term returns.[21][22][23]
By 2018, when Gray was elevated to President and COO of Blackstone, the real estate business had grown to $115 billion in assets under management, reflecting a focus on large-scale, value-creating transactions amid varying market cycles.[13] The platform continued expanding, reaching approximately $325 billion in assets under management by mid-2025, supported by deployments into sectors like logistics and data centers despite periodic market downturns.[24] In recent years, Gray has emphasized recovery plays, including $6.2 billion in real estate equity and debt investments in the first half of 2025, alongside realizations exceeding $5 billion quarterly.[24]
Gray's investment strategies center on thematic investing, identifying macro trends such as AI-driven infrastructure and demographic shifts to guide allocations across opportunistic, core-plus, and debt vehicles.[1][4] He advocates contrarian positioning to achieve excess returns, as demonstrated in the Hilton turnaround where Blackstone held through the 2008 crisis by prioritizing operational improvements and debt optimization over quick exits.[25][22] This approach extends to selective buy-and-hold tactics in stable markets like Japan and a emphasis on asset management excellence, where "real estate isn't just about buying cheap—it's about running the assets well."[26] In the current cycle, strategies include targeting "superhighways" for AI data centers and yield-oriented core investments amid bottoming values and declining capital costs.[27][28]
Honors and Recognition
Professional accolades
Gray received recognition from Fortune magazine as part of its "40 Under 40" list in 2009, highlighting his role as senior managing director at Blackstone and contributions to expanding the firm's real estate platform from $4 billion to over $50 billion in assets under management during his early leadership.[29]
In the 2011 PERE Global Awards, organized by Private Equity Real Estate magazine, Gray shared the Global Industry Figure of the Year honor with Blackstone co-head Chad Pike, acknowledging their oversight of major transactions including the firm's $39 billion acquisition of Hilton Hotels; Gray additionally received the European Fundraise of the Year award for Blackstone Real Estate Partners Europe.[30]
The Cornell Real Estate Review presented Gray with its 2019 Industry Leader Award, citing his transformation of Blackstone's real estate division into the world's largest by assets under management, exceeding $300 billion at the time, and his strategic innovations in sectors like logistics and data centers.[31]
Board roles and affiliations
Gray has served as Chairman of the Board of Directors of Hilton Worldwide since 2007.[1] He also chairs the board of The Cosmopolitan of Las Vegas.[32] Additionally, he serves on the boards of Brixmor Properties, a real estate investment trust; XRG, a restaurant management company; and the National Association of Real Estate Investment Trusts (NAREIT).[33][1][33]
In the non-profit sector, Gray is a board member of Harlem Village Academies, a network of charter schools in New York City, and Trinity School, an independent K-12 institution in Manhattan.[34] He previously held board positions with the Pension Real Estate Association.[33] These roles reflect his involvement in education and real estate governance beyond Blackstone.[1]
Political Involvement
International engagements, including Hong Kong
Gray has participated in several high-profile international economic forums, emphasizing investment strategies and global market trends. In February 2023, he delivered remarks at a Distinguished Speakers Series event organized by Invest Hong Kong and the Hong Kong Academy of Finance, where he expressed optimism about Chinese consumer spending driving a regional travel boom, including benefits for Hong Kong and Macau.[35][36][37]
His engagements in Hong Kong have included appearances at the government-hosted Global Financial Leaders' Investment Summit, held annually by the Hong Kong Monetary Authority. Gray was scheduled to attend the 2022 edition but withdrew after testing positive for COVID-19, with Blackstone's CFO Michael Chae substituting.[38] He participated in the 2023 summit, joining a panel on economic disruptions alongside Citadel CEO Ken Griffin and sharing the stage with Hong Kong Chief Executive John Lee.[39] In November 2024, Gray attended again, contributing to discussions on the U.S. industrial renaissance and its implications for fundraising and private equity.[40][41][42]
These appearances occurred against a backdrop of criticism from U.S.-based Hong Kong advocacy organizations, such as the Hong Kong Democracy Council and Hong Kong Watch, which urged finance executives including Gray to boycott the summits due to Hong Kong's national security law, arrests of pro-democracy figures, and perceived erosion of civil liberties under Beijing's influence.[43] Gray proceeded with participation, focusing on apolitical topics like macroeconomic policy, AI-driven investments, and cross-border capital flows.[44] His stance aligns with Blackstone's broader approach to engaging emerging markets for business opportunities, including predictions of increased Chinese outbound real estate investment into the U.S.[45]
Beyond Hong Kong, Gray has conducted international meetings with political leaders, such as a 2023 discussion in New York with Azerbaijani President Ilham Aliyev on potential investments.[46] He frequently addresses global audiences at events like the Milken Institute Global Conference, advocating for private capital's role in infrastructure and real estate amid geopolitical shifts.[47]
Domestic positions on higher education and antisemitism
Jonathan Gray has expressed skepticism toward over-reliance on elite university credentials for professional success, emphasizing instead personal qualities such as work ethic, entrepreneurial mindset, and resilience. In a September 12, 2025, address to Blackstone's incoming analyst class, Gray noted that while many recruits hailed from top-tier institutions and excelled academically, these achievements alone were insufficient; he stressed the need for attributes like initiative and perseverance to thrive in competitive fields.[48] This perspective aligns with his broader commentary on leadership and career development, where he advocates for practical excellence over mere pedigree, drawing from his own experience at the University of Pennsylvania's Wharton School.[49]
Regarding antisemitism in American higher education, Gray has publicly acknowledged significant issues on campuses following the October 7, 2023, Hamas attacks on Israel, particularly at institutions like the University of Pennsylvania, to which he has donated substantially for low-income student support and cancer research. On October 19, 2023, he affirmed his ongoing commitment to Penn despite "legitimate concerns" over antisemitic speech and incidents, opting not to withdraw funding amid donor backlash against university leadership's response to pro-Palestinian protests that included antisemitic elements.[50] This stance reflects a measured approach, recognizing the problem—exacerbated by events like unchecked rhetoric and disruptions—while prioritizing continuity in philanthropic goals rather than punitive disengagement, even as other donors paused contributions to Penn and Harvard over similar failures in addressing antisemitism.[51]
Gray's position underscores a causal link between institutional tolerance of antisemitic expressions and broader risks to academic integrity, yet he has avoided blanket condemnations, focusing instead on sustaining educational access amid controversy. His decisions contrast with peers who severed ties, suggesting a belief that targeted support can influence reform without abandoning core missions, though critics argue such commitments may inadvertently enable administrative inaction on bias.[50]
Philanthropic Efforts
Cancer research support
Jonathan D. Gray and his wife, Mindy Gray, co-founded the Gray Foundation in response to the death of Mindy's sister, Faith Basser, from BRCA-related ovarian cancer at age 44, with a mission to accelerate research, raise awareness, and improve treatments for BRCA mutations and associated cancers.[52] The foundation has committed over $200 million to BRCA initiatives, positioning it as the leading funder of such research worldwide, supporting cross-institutional team science efforts exceeding $60 million.[53][54]
Key grants include $55 million to the University of Pennsylvania's Basser Center for BRCA at the Abramson Cancer Center, with $21 million pledged in 2017 to expand research on prevention and early detection of BRCA-linked cancers, and an additional announcement in 2022 for a new Basser Cancer Interception Institute focused on intercepting cancer development in mutation carriers.[55][56] In 2019, the Grays donated $25 million to fund collaborative research teams targeting pernicious genetic mutations leading to breast and ovarian cancers.[57]
Further support has targeted Boston-area institutions, with $15 million awarded in 2023 to researchers at Dana-Farber Cancer Institute, Massachusetts General Hospital, and other regional centers for BRCA-related projects, including nearly $6 million specifically to Dana-Farber for team-based studies.[58][59] In 2023, an additional $25 million was directed to research teams at Columbia University, Dana-Farber Cancer Institute, and New York University, emphasizing early detection and therapeutic advancements.[60] Overall, the Grays' lifetime contributions to cancer research exceed $160 million to leading institutions, prioritizing empirical advancements in genetic risk mitigation over less targeted approaches.[61]
Israel-related contributions
In May 2025, Jonathan D. Gray and his wife, Mindy Gray, donated $125 million to Tel Aviv University's Faculty of Medicine, marking the largest single gift in the institution's history.[62][63] The contribution, channeled through the American Friends of Tel Aviv University, aims to expand medical education capacity, address Israel's ongoing physician shortage—estimated at over 2,000 doctors prior to recent events—and train future physicians from underserved communities, including Arab Israelis and those from peripheral regions.[64][65] This shortage has been intensified by the October 7, 2023, Hamas attacks and subsequent war, which mobilized hundreds of Israeli doctors for military service and increased demand on the healthcare system.[7]
The donation will fund scholarships, infrastructure upgrades, and research initiatives at the renamed Sagol School of Medicine (incorporating the Gray family's support), enabling the enrollment of an additional 100 medical students annually.[51][66] Gray described the gift as a response to Israel's post-October 7 challenges, combining the couple's longstanding focus on medical research—particularly through their Gray Foundation's work on BRCA-related cancers—with a commitment to strengthening the nation's resilience amid adversity.[7][51] Prior to this, the Grays had not made major direct donations to Israeli institutions, though Gray has expressed personal ties to the country through family heritage and visits.[7]
The initiative aligns with broader efforts to bolster Israel's medical workforce, which faces demographic pressures including an aging population and emigration of young professionals; pre-war data from Israel's Ministry of Health indicated a doctor-to-population ratio of 3.4 per 1,000, below OECD averages in specialized fields.[65] University President Ariel Porat hailed the gift as transformative, projecting it would produce thousands of additional doctors over the next decade, enhancing equitable access to healthcare across diverse sectors of Israeli society.[66] This contribution represents Gray's inaugural large-scale philanthropic investment in Israel, distinct from his U.S.-based cancer research funding.[7]
Other initiatives
Gray has supported educational initiatives through the Gray Foundation, which he co-founded with his wife Mindy, emphasizing opportunities for underprivileged youth in New York City. In 2019, the Grays donated $10 million to the University of Pennsylvania to establish the Penn First Plus program, providing financial aid and support services for first-generation and low-income undergraduate students from NYC public high schools.[67] This built on an earlier $20 million contribution to UPenn for a broader undergraduate scholarship program aimed at similar demographics.[68]
In 2023, the Gray Foundation committed $3 million in partnership with the United Negro College Fund to fund scholarships for up to 11 New York City students attending historically Black colleges and universities, offering up to $50,000 annually per recipient; this initiative extends existing scholarship programs the foundation supports at institutions including Morehouse College, Yale University, Duke University, and UPenn.[69] The foundation also backs the Gray NYC Scholars program, which selects talented high school students for mentorship, academic preparation, and college access resources, with new cohorts announced annually.[70]
Youth development efforts include a $1.5 million grant in 2024 to launch the Wave Makers program, delivering free comprehensive swimming lessons to up to 2,000 second-grade students across New York City public schools, addressing drowning risks in underserved communities.[71][72] Additionally, the foundation provided founding support in 2017 for NYC Kids RISE, a children's savings account initiative that has enabled over 1 million K-12 students to build college funds through matched deposits and financial education.[73][74]
Personal Life
Family and relationships
Jonathan D. Gray was born on February 4, 1970, in Highland Park, Illinois, to a Jewish family.[2] His father, Allen Gray, owned a small auto parts manufacturing company named Blackstone Manufacturing, which was sold in the 1970s, while his mother, Susan, operated a catering business; the couple divorced during Gray's childhood, after which his mother remarried a banker from Chicago.[2][10][9]
Gray met Mindy Basser, his future wife, during a romantic poetry class at the University of Pennsylvania, where they were both students.[2] The couple married on July 1, 1995, at Temple Beth Zion-Beth Israel in Philadelphia.[75] Mindy Gray, née Basser, is a philanthropist who co-founded the Gray Foundation with her husband and serves on boards related to cancer research, motivated in part by the death of her sister Faith from BRCA-related ovarian cancer in 2010.[76][52]
Gray and his wife have four daughters.[1][76] The family resides in Manhattan.[9] No public information is available regarding Gray's siblings or other significant personal relationships.
Residences and assets
Gray owns a home in Sagaponack, New York, purchased in 2003 for $2.88 million.[77] The property has been held by him and his wife for over two decades.[78]
In May 2024, Gray and his wife sold their five-bedroom co-op at 925 Park Avenue on Manhattan's Upper East Side for $13 million, a property originally acquired in 2005 for $7.6 million.[79][77]
Gray acquired a condominium in Chicago's Waldorf Astoria hotel for $3.7 million in 2017; the unit features 3.5 bathrooms, an east-facing balcony, a fireplace, and a master suite.[80]
His personal assets stem principally from equity in Blackstone, where he has served since 1992 and built the real estate division to manage $325 billion in assets, along with stakes in entities like Hilton Worldwide Holdings from the firm's 2007 buyout and 2013 IPO.[2] Forbes ranks Gray #119 on its 2025 list of the 400 wealthiest Americans, confirming his billionaire status through self-made investments
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