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Blackstone’s Gray Becomes Billionaire Amid Property Wager

Jonathan Gray, the 43-year-old who runs Blackstone Group LP’s real estate business, is the latest billionaire to emerge from the world’s largest manager of private equity and property.

Gray, who joined New York-based Blackstone in 1992 after graduating from the University of Pennsylvania, owns 40.6 million shares of the alternative-asset manager, a stake valued at $913 million as of yesterday’s close. He also has collected more than $120 million in bonuses, carried interest and dividends in the past two years, according to regulatory filings with the U.S. Securities and Exchange Commission.