A study of the dynamics and thermodynamics of the photoinduced electron transfer reaction between benzophenone and 1,Cdiazabicycl0[2.2.2]octane in acetonitrile using picosecond transient thermal phase grating spectroscopy is reported. Two heat releases were observed within the time window of the experiment (0-4 ns): a fast one corresponding to the formation of a benzophenone lower triplet state and a slow one due to the electron transfer reaction. The observed dynamics is in agreement with earlier studies using transient absorption spectroscopy. The quenching of benzophenone in the first singlet excited state at high concentration of quencher and the very rapid decay of the resulting singlet geminate ion pair are confirmed. The enthalpy of formation of the geminate ion pair was determined by comparing the amounts of heat released in the fast and slow processes. The electron transfer is more exergonic by 0.23 eV than calculated from the Rehm- Weller equation, assuming spherical ions with point charges in their centers. The difference is tentatively ascribed to the electrostatic interaction within the ion pair.