Jonathan D. Gray

Gray was born in Highland Park, Illinois, to a Jewish family. His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. His parents divorced when he was young. In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. in English from the School of Arts & Sciences and a B.S. from the Wharton School. He was elected to Phi Beta Kappa.

In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group, 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, overseeing a portfolio of hotel, office, retail, industrial, and residential properties in the U.S., Europe, and Asia.

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. Gray continues to act as chairman of the Board of Hilton Worldwide, which went public in December 2013.

Blackstone president

In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James in overseeing day-to-day operations of the firm.

As president, Gray encouraged a thematic approach across Blackstone's businesses, investing in companies or assets that stand to benefit from larger trends, including: shifts to e-commerce, advancements in life sciences, increased demand for data centers due to artificial intelligence, investments related to the energy transition, and the growth of private credit. Gray also led efforts to expand Blackstone's client base outside the typical pool of large institutional investors it historically served, including insurers and individual investors.

Under Gray, in 2023 Blackstone became the first alternative asset manager to reach $1 trillion in assets under management and join the S&P 500.

Residential homes

In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. 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. 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.

In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. Stone. He lives in Manhattan with his wife and their four daughters. 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.

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.

As of 2025, Gray had donated $245 million in his lifetime. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. On May 7, 2025, it was announced that Gray plans on donating $125 million to Tel Aviv University's Faculty of Medicine, to be named the Jon and Mindy Gray Faculty of Medicine.

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

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

Gray has been a major Democratic donor, backing Hillary Clinton in 2016 and several Democratic presidential candidates in the 2020 election In 2023, he co-hosted a fundraiser for the Joe Biden 2024 presidential campaign.

Hong Kong

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. 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." Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.