“World class.” “Consistent.” “Focused relentlessly on performance.” Blackstone President and COO Jon Gray is speaking from his New York office, and you could be forgiven for thinking he’s referring to the strategy that has helped turn his firm into the world’s largest alternative investment manager, now boasting $1.3 trillion in AUM (assets under management).
But actually, he’s talking about golf. Or rather, a golfer—the one Blackstone just hired to be its first ever brand ambassador. And in choosing Tommy Fleetwood, the 4th highest-ranked golfer on the PGA Tour, Blackstone did set out to find someone that embodied the firm’s ethos. “He’s such a compelling figure, he’s a self effacing, good high-integrity human being who also happens to be outstanding at what he does,” effuses Gray, who calls Fleetwood “world class, both as a professional and as a human being.”
The terms of the deal were not disclosed, but they will involve Fleetwood wearing Blackstone’s logo in the coveted “front of hat” position when he plays in tournaments around the world, and perhaps a little mixing and mingling with Blackstone clients at events designed to reach clients in a more relaxed setting than a conference room.
Fleetwood is the British golfer who is known as one of the most likable players on tour. He previously held the uncomfortable record of having the most top five finishes on the PGA Tour without a win—an excruciating 30. But last year when he finally broke the streak and won the Tour Championship in August, it was a moment that showcased grit and glory, transcending sports. The New York Times dubbed 2025 “the year of Tommy.”
Gray says the pairing came about via Blackstone partner Joe Baratta, who runs the firm’s private equity business, and had a preexisting relationship with Fleetwood. “He came to us and said, ‘Hey, look, [Tommy’s] got a contract that’s coming up with Nike and he’s thinking about potentially making some changes. Would we have an interest?’”
Underpinning the deal, of course, is Blackstone’s quest to raise its profile in the highly lucrative—and increasingly competitive—private wealth business. Gray says the business is about $300 billion, or roughly one-fourth of the firm’s total AUM. Blackstone primarily provides retail investors with access to alternative investments such as real estate or private credit, in which they give up instant liquidity in exchange for higher returns. That makes Blackstone’s client base mostly financial advisors who recommend those asset classes to their clients, as well as family offices and high-net-worth individuals.
Gray points out that Blackstone’s institutional investors like pension funds tend to have about one-third of their assets in private vehicles. But if you look at individuals—even very affluent individuals—they’re only about 1%-2% allocated to private assets, “and yet their time horizons look very similar,” he notes.
Is Gray worried about the current souring mood towards private credit, which has weighed on Blackstone’s stock this year? He acknowledges the noise, and admits that the for the economy overall, “the picture in the near term looks cloudy.” But he says his investors want returns over years and decades, not days. “It’s not what’s going to happen next week, it’s what’s going to happen in five, 10, 20 or 30 years,” that matters he says.
The ability to absorb stress and transcend losses are also themes that are all too familiar to golfers. So is Gray considering picking up a set of clubs now that Fleetwood will be repping the firm? The answer: Not yet. “I’m a Type-A person, so if I do something, I want to be really, really good at it,” he says. With a punishing travel schedule, taking it up anytime soon isn’t the cards. “For right now, I’m focused on work and family, and I love that Tommy is focused on golf.”
