John Grayken

Last updated

John Grayken
Born
John Patrick Grayken

June 1956 (age 66)
Cohasset, Massachusetts, US
CitizenshipIrish
Alma mater
Occupation(s)Founder and chairman, Lone Star Funds
Board member ofLone Star Funds, Hudson Partners
Spouse(s)1st wife
Eilene Davidson
Children4

John Patrick Grayken (born June 1956) is an American-born Irish billionaire financier, the founder and chairman of the private equity firm Lone Star Funds. [1]

Contents

Forbes magazine ranked Grayken 386th in the list of World's Billionaires and listed his wealth as totaling $6.5 billion for 2021, a decrease of $1.1 billion from the year prior. [2]

Early life

John Patrick Grayken was born in June 1956, [3] and was brought up in Cohasset, Massachusetts, a suburb of Boston. [4] He received a BA degree in economics from the University of Pennsylvania, and an MBA from the Harvard Business School in 1982. [1] [4]

Career

Grayken first worked at Morgan Stanley, before joining the RMB Realty Group, the real estate investment firm of Texas billionaire Robert Bass. [4] [5]

Grayken served as the managing general partner of the Brazos Fund, [6] a vulture fund [7] founded by Bass in 1995. [8] The fund aimed to buy mortgage-related assets from the banking industry, including from the Resolution Trust Corporation. [8] Bass contributed US$30 million to Brazos Fund’s $250 million capital base, which enabled Grayken to pursue his first cross-border deal in Canada. [8] In 1996, Brazos bought a pool of non-performing assets from the National Bank of Canada. [9]

Grayken founded Lone Star, the successor to the Brazos Fund, in 1995. [10] [11] Grayken said it would earmark "at least a third and up to a half" of its funds for investment in Canada. [11]

In 1999, Grayken became an Irish citizen, "for tax purposes", renouncing his American citizenship. [12]

Philanthropy

In March 2017, Eilene and John Grayken gave a $25 million gift to the Boston Medical Center (BMC) to create the BMC Grayken Center for Addiction Medicine. [13] The gift is the largest donation in BMC's history. [14]

In April 2017, John P. Grayken gave a leadership gift to the Wharton School of the University of Pennsylvania to fund the Grayken Program in International Real Estate at the Wharton School. [15]

In February 2019, Grayken and his wife made a $10 million gift to create the Grayken Center for Treatment at South Shore Health, a non-profit, charitable health system in southeastern Massachusetts offering outpatient treatment for substance use disorders. The Center also serves pregnant and postpartum women facing behavioral health disorders. [16]

Grayken and his wife made a 2022 donation of £50 million to the Great Ormond Street Hospital, earmarking the funds for researching treatment of childhood illnesses. [17]

Personal life

Grayken divorced his first wife soon after he became a "tax refugee"; they reunited within a month of the final divorce decree, but divorced again six months later. [18] Grayken later married actress Eilene Davidson in London, a British theatre producer and former actress. [19] [20] [21] [22] They have four children. [18] [23]

As of 2015, they owned Pyrford Court, Surrey, which features prominently in the 1976 movie, The Omen . [24] Pyrford Court is a Grade II listed 15-bedroom house, built in 1910 for Rupert Guinness, 2nd Earl of Iveagh. [24] As of 2017, they live in a $70 million home in Chelsea, London, purchased through a company in Bermuda. [19]

In 2022, he was accused by the police in Delhi of criminal breach of trust, cheating, and criminal conspiracy. It is alleged that he personally became the beneficial owner of RattanIndia Finance, when he had told other shareholders that Lone Star Funds would do so. The police further claimed that the Reserve Bank of India had approved the ownership of RattanIndia Finance by Lone Star Funds, but had not approved Grayden's direct ownership as required under Indian law. [25]

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References

  1. 1 2 "John P. Grayken". Lone Star Funds. Retrieved 15 March 2017.
  2. ↑ Slattery, Laura (5 April 2022). "Ireland's nine billionaires increased collective wealth by 10.8bn last year". Irishtimes.com.
  3. ↑ "Lone Star Management Europe Limited". Companies House. Retrieved 29 July 2015.
  4. 1 2 3 Strasburg, Jenny (30 July 2008). "Lone Star's Splash". WSJ. Retrieved 29 July 2015.
  5. ↑ Kerch, Steve (27 May 1993). "RTC Letting Small Investors Jump in Property Pool". ChicagoTribune.com.
  6. ↑ "Brazos Fund Holds First Closing". Investment Dealers Digest. 10 (15). 10 April 1995. John Grayken is the funds managing general partner, with limited partners including public and private pension funds, endowments, family trusts, commercial banks and insurance companies.
  7. ↑ Fritz, Michael (6 October 1995). "Kemper nears real estate sale; Bass-backed group wants troubled assets" . Crain's Chicago Business. Retrieved 30 April 2023.
  8. 1 2 3 Effinger, Anthony; Yu, Hui-yong (1 February 2005). "Lone Star Raises $5Billion to Profit from German Woe". Bloomberg.
  9. ↑ Craig, Susanne (4 March 1997). "Lone Star fund eyeing Canada". National Post Toronto. p. 6. Retrieved 30 April 2023– via Newspapers.com.
  10. ↑ "Company Overview of Lone Star Funds". Bloomberg. Retrieved 15 March 2017.
  11. 1 2 Zehr, Leonard (4 March 1997). "Lone Star has plans to invest in Canada". The Globe and Mail. ProQuest   384711063 . Retrieved 30 April 2023– via ProQuest.
  12. ↑ "Who are the eight Irish billionaires?". irishtimes.com. Retrieved 17 March 2018.
  13. ↑ "Record $25 Million Gift from Grayken Family Advances Boston Medical Center's Leadership in Treating and Preventing Opioid Use Disorder". BMC. Retrieved 15 March 2017.
  14. ↑ Moses, Sue-Lynn. "Out of the "Philanthropic Shadows." As the Toll from Opioids Grows, Who's Giving for Addiction Medicine?" . Retrieved 24 July 2017. The Grayken's donation is the largest gift received by the Boston Medical Center to date.
  15. ↑ "Grayken Program in International Real Estate at the Wharton School Creates New Opportunities in Global Real Estate Education". Wharton University of Pennsylvania. 4 April 2017. Retrieved 23 April 2017.
  16. ↑ DiFazio, Joe (27 February 2020). "Mobile unit ready to roll: South Shore Health looks to expand bare beyond hospital walls". Patriot Ledger.
  17. ↑ Daniel, Hugo (26 June 2022). "Couple donate £50m to children's hospital that saved nephew". Times UK.
  18. 1 2 Vardi, Nathan. "The Billionaire Banker In The Shadows". forbes.com. Retrieved 17 March 2018.
  19. 1 2 Goldstein, Matthew (28 July 2017). "Private Equity Giant Lone Star Shakes Up North American Ranks". The New York Times. Retrieved 17 March 2018– via NYTimes.com.
  20. ↑ "Council of Overseers - Huntington Theatre Company". www.huntingtontheatre.org. Retrieved 17 March 2018.
  21. ↑ "About us". stagetraffic.com. Retrieved 17 March 2018.
  22. ↑ "Producer Eilene Davidson: 'British actors are the best in the world'". thestage.co.uk. 5 May 2017. Retrieved 17 March 2018.
  23. ↑ "John Grayken". Forbes. Retrieved 24 January 2018.
  24. 1 2 "The omen for private equity baron Grayken". Independent.ie. 1 March 2015. Retrieved 29 July 2015.
  25. ↑ Ohri, Raghav (6 June 2022). "Delhi Police book arm of Lone Star, its US founder for cheating, conspiracy". The Economic Times. ISSN   0013-0389 . Retrieved 30 April 2023.
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