Willy sat down with Jon Gray, President and Chief Operating Officer at Blackstone, the world’s largest alternative asset manager with more than $1 trillion in AUM. With over three decades at Blackstone, Jon brings unmatched expertise in commercial real estate, private equity, and global financial markets.
Their conversation explored pivotal moments from Jon’s upbringing and his 33-year journey at Blackstone, key lessons from the financial crisis, and strategies for navigating economic uncertainty. They also delved into the origins of Blackstone’s SFR strategy and the creation of Invitation Homes, insights on the multifamily market and data centers, the firm’s approach to AI, its expansion in private credit, and invaluable advice for young professionals—plus much more.
Key Points In The Webcast:
00:00 Introduction
02:39 Jon Gray’s dreams in his earlier years
04:45 Being a late bloomer and a family business
06:46 Having a clean desk
07:59 Jon’s love for sports and Michael Jordan
09:36 Leaving Wharton and going to Blackstone
12:35 Did Jon expect Blackstone to be successful?
18:20 Keeping equanimity at tough times
22:41 Deciding to go into single-family rental
28:49 Balancing timing and long-term conviction in multifamily
33:24 Dr. Peter Linneman’s opinion on data centers
34:14 Why is Blackstone investing in data centers?
38:56 Using AI services
40:33 Will Blackstone use AI?
44:57 Growth in the private credit space
49:16 What Blackstone is doing differently vs. banks
50:24 Individual and institutional investors: Predictions
54:36 Strategizing with large start-ups and wealth funds
57:26 Watching Jon Gray’s 2019 Wharton address
58:28 Qualifications that Blackstone is looking for
01:00:02 Jon Gray’s mentors
01:01:54 General outlook on AI
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