In this special episode of the Real Estate Forum, Jon Gray, President and Chief Operating Officer of Blackstone, joins Professor Brian Lancaster, Senior Lecturer in the Discipline of Finance, for a candid fireside chat hosted at Columbia Business School on April 29, 2025, as part of the Capital Markets series, co-sponsored by the Distinguished Speaker Series. The conversation traces Gray’s journey from joining Blackstone in 1992 to leading its evolution into a $1.2 trillion investment firm and explores the principles behind its long-term success, including a relentless focus on performance, talent, and strategic discipline. Gray shares insights on Blackstone’s early conviction in AI and digital infrastructure, the rise of private credit, and how real-time portfolio data informs investment decisions. He also offers practical advice on leadership, culture, and embracing an entrepreneurial mindset in any career path. 

00:00 - 02:00: Introduction to the Real Estate Forum podcast and the special guest, Jon Gray, President and COO of Blackstone. 

02:01 - 05:00: Jon Gray discusses his early career and the influence of Blackstone's culture on his professional growth. 

05:01 - 10:00: Insights on Blackstone's strategic growth, including the role of data and AI in driving innovation. 

10:01 - 15:00: Jon Gray shares personal anecdotes about his journey from Chicago to Blackstone and the importance of passion in career success. 

15:01 - 20:00: Discussion on the challenges faced during the financial crisis and the lessons learned from investing in Hilton Hotels. 

20:01 - 25:00: Thematic investing at Blackstone, focusing on data centers and the future of AI. 

25:01 - 30:00: Jon Gray's perspective on private credit and its role in Blackstone's portfolio. 

30:01 - 35:00: Philanthropy and personal values: Jon Gray talks about his charitable initiatives and the impact of focused giving. 

35:01 - 40:00: Closing thoughts and advice for aspiring leaders in the real estate industry.