Blackstone Real-Estate Chief A Billionaire

Aug 15 2013 | 12:35pm ET

The Blackstone Group has created another billionaire.

Jonathan Gray, the 43-year-old head of the firm's real-estate business, has become the fourth Blackstone executive to hit 10 figures. Gray, who joined Blackstone's board of directors last year and who is widely seen as a potential successor to CEO Stephen Schwarzman, owns $913 million worth of Blackstone stock, and has earned more than $120 million in bonuses, carried interest and dividends over the past two years, Bloomberg News reports.

Blackstone's shares have soared 40% this year. Gray leads the firm's largest unit; the real-estate division now boasts $64 billion in assets.

Gray was preceded into billionairehood by Schwarzman and co-founder Peter Peterson, who left the firm in 2008, as well as President Hamilton James.

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