Blackstone is one of the worlds leading investment firms. And so we did, but we were kind of trying to do deals by airplane from New York, and thats not functional. It feels like were very early stages of transitioning to being able to pull up somewhere and spend 10 minutes charging the car to get you another 100 miles or so. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. But were not seeing it. In this podcast, Joe and Peter discuss Blackstone's history building Merlin into a global leader, and our long-term investment plans to help the company continue to expand. BARATTA: Yeah. "For any professional investor, this is the most difficult period we've ever experienced . BARATTA: Yeah. At that point in my career, I was 20 I think 27 years old, I wanted to attach my myself to a firm that I thought really had a lot of growth potential, where I could learn from the best people in the industry, and that certainly was what I found there. So warm sunshine, no interest? Joseph P. Baratta serves as Global Head of Private Equity and Director of the Company of the Company. He is also a member of the Board of Trustees of Georgetown University, is a trustee of the Tate Foundation, serves on the board of Year Up, an organization focused on youth employment, and serves on the Board of Trustees of Trinity School in New York City. RITHOLTZ: Tell us what that growth has been like over the past 25 years? Disputes over compensation and firings, and potentially over layoffs, could push both sides into fresh legal battles. I mean, I knew nothing about finance. We recently announced to take private of a technology company called Cvent, which is publicly traded. I havent gotten into the second season yet, and people said . RITHOLTZ: Oh, really? We also discuss how Private Equity has developed over the past three decades from a small $50 billion alternative to a massive multi-trillion dollar investment sector. Its a great group of people, great organization. Youve been there for 25 years. I do really think they nailed it. Because people start so early, you have to do so much to get in college. BARATTA: I think that it changes so much fundamentally, that you cant hold on to like, you know, absolutes. NEW YORK-- ( BUSINESS WIRE )--Blackstone (NYSE:BX) today announced that Joe Baratta, the firm's Global Head of Private Equity, will join its . And, you know, I needed to earn some money and I was adept in finance. You saw it in the financial services sector. I think Id been to London Im not even sure Id been to London. Fintechs, beat down by the tech meltdown last year, are struggling to make good on their pitch to consumers. And the way buyouts are being financed is evolving away from syndicated big syndicated capital structures committed to by banks to now the people who are actually going to hold the risk, firms like ours and Apollo and Ares and others, who are actually lending money directly to the people who are borrowing, instead of going through the banking intermediaries. But it doesnt just happen like that. You know, I sort of looked at, well, the industry in Europe is a good decade or two behind the U.S. And, yes, if Jerry needs some help, you know, he knows who to call. RITHOLTZ: Makes a lot of sense. Inflation is significant. At first, Blackstone executives discussed the idea of Mayer consulting with the firm or managing one of its existing portfolio companies. RITHOLTZ: So you end up at Blackstone in 1998, at a time when public equity prices became a little unmoored and were on the way up to a real bubble. Do you have the same phenomenon in the private market? The acting is amazing. Theres some like risk management things that you always need to be mindful of. Mr. Joseph Patrick Baratta, also known as Joe, has been the Global Head of Private Equity at The Blackstone Group, Private Equity Group since July 2012. RITHOLTZ: By the way, there are a lot of different names for Blackstone. Get subscriber-only insights and news delivered by Barry daily. Is this just part of the life cycle of business, or do you go through these periodic spasms where everything changes? RITHOLTZ: How important was it finding a local partner to, you know, hook up with them and be able to participate in deals with? As for the right way, the correct way, and the only way, it does not exist. And the guy who was going over truly to lead, David Blitzer, who was a good friend and colleague, and he sort of said, geez, why dont you come and do this with me? Who cares about brown shoes? Before joining Blackstone, Mr.Barattawas with Tinicum Incorporated and McCown De Leeuw & Company. Joe Baratta, Blackstone Group LP's top private equity dealmaker, can't be too cautious right now. So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? Long-term fund strategies, only an idea a few years ago, have come of age as investors see early evidence of performance, Joe Baratta, Blackstone's global head of private equity, said in an interview with Buyouts. And so, yeah, and weve had limited partners in our funds whove been with us since the early 90s now and keep re-upping because we deliver a good return for their beneficiaries. And now, I think, you know, AI could be it probably is one of those other major sea changes, where business models turning on human beings doing rote tasks, you know, probably is not the future, and a lot of businesses are going to be dislocated. And, you know, Ive lived in great places. BARATTA: looking at the divestiture from Vivendi. Elon Musk May Yet Meet Twitter Executives in Court. BARATTA: that are $10 billion to $15 billion-plus enterprise value company. Incentive alignment in India has been a harder thing. Joseph Baratta is 46, he's been the Global Head of Private Equity and Director of the Company of Blackstone Inc since 2020. He is also a member of the Board of Trustees of Georgetown University; is a trustee of the Tate Foundation; and serves on the board of Year Up, an organization focused on youth employment. Its very hard for us to assemble much more than a $5 billion equity check. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. BARATTA: But these sort of Americans were tolerated, you know? RITHOLTZ: First of all, how did you first get involved with them? And we did we became more cautious. When I came to the city, I was like, wow, this place is amazing. RITHOLTZ: And have done a pretty nice job, right? The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . Off-duty: Blackstone's Joe Baratta on gravel biking, Cloud Cuckoo Land and the Dallas Cowboys Baratta's shares his New Year's resolution, books he's reading and high and low career moments, as well as his fantasy management role in the NFL. BARATTA: No, its hard, and what we began to do is hire local people. Youve been listening to Masters in Business on Bloomberg Radio. FourFourTwo gets inside the mind of a striker, interviewing the masters of the art and the men who have to mark them, including Jermain Defoe, Romelu Lukaku, Michael Owen, Martin Keown and Ledley King. And the cost of financing and the quantum isnt the biggest driver of our returns. RITHOLTZ: And so you guys are expanding in the 2000s in Europe. The dot-com had just imploded. While Qatar has reportedly spent $200 billion or more, most nations are now unwilling to spend a fraction of that on money-losing mega-events like the World Cup or the Olympics. RITHOLTZ: So lets talk about some of those different types of funds. You mentioned private credit. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. In the U.K., we own the Savoy Group of Hotels, which is the Connaught and Claridges and Savoy. You go to D.C. You go to New York. Why am I talking to him? I thought the conversation was quite fascinating, and I think you will as well. BARATTA: into peoples pocketbooks, which massively accelerated the economy and rates stayed low. Talk about linear TV , BARATTA: there were two games, one at 10:00, one at 1:00, and the Cowboys playing in the NFC East. We back them with capital and support, and we let them run the businesses. The Tate is such a significant cultural institution in the U.K. Its funded largely by the state. Its not just power generation from those sources, but its companies that are involved in consulting, in utility services, in companies that make components that are helping electrify the economy, in electric vehicles or in HVAC systems. For press inquiries, contact [emailprotected]. RITHOLTZ: Thats quite interesting. All Rights Reserved. So, as an investor, you have to be nimble. Learn More Get subscriber-only insights and news delivered by Barry every two weeks. RITHOLTZ: How did you first get involved with them? Then we did other similar investments, particularly with real estate content, the pubs all own their real estate. Ive been hearing recession chatter it seems like for six months, at least. I think a big chunk of what we do over our history has been taking companies private and doing corporate carve-outs from public company, so non-core assets that a large company is divesting, family-owned businesses. It was more of a cottage industry. No, no, thats I mean, the firm is called Blackstone, period. Theres really no absolutes. Blackstone Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Commitments from new limited partners, along with significant re-ups from Fund I LPs, attest to "more interest in the concept" today relative to four years ago, Baratta said. RITHOLTZ: Really interesting answer. RITHOLTZ: And you had mentioned private credit before, that seems to have been a giant growth area, especially when rates were at zero, when people arent seeing a whole lot of returns from fixed income. And, you know, cost structures are a little less efficient there may be than in the U.S. now. I grew up in Sacramento, California. RITHOLTZ: Thats really interesting. So I think the large end of the market we think is the most attractive. It wasnt very long after the handover of Hong Kong to China, like a lot of things were changing in both the U.K. and Europe. The Fed was saying, no, its transitory or whatever adjective they used. I mean, it was certainly not expected. Blackstone Joe Baratta Finance Manager Boca Raton, FL INFINITI of Coconut Creek, +10 more Joe Baratta I/O Psychologist, Trustee, Vice Chair Lake Tahaoe School Board, CEO TBIG Investments. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and its all kinds of companies engaged. Joseph Baratta is the Global Head of Private Equity and a member of Blackstone's Board of Directors. So, clearly, that was a great time to pull back in mid-2021. BARATTA: technology. Switchboard: +1 (212) 583-5000. I mean, were not specifically investing in charging stations. The Tate Foundation is the private philanthropic arm of the Tate that helps fund special projects, whether its exhibitions or building new buildings, you know, the big Tate Modern gallery was, in large part, funded by private donations. We started doing deals on our own. And we were like, look, wed be great partners as youre looking at assets. Its where we have competitive differentiation, and its where you find better quality businesses. Venture capital was the nomenclature for everything that was basically a private investment. Atika Valbrun is our project manager. And I wanted to work in a place that was operating at the highest level, with the smartest people, where I could learn the most, and see if I could hang, you know, so to speak, with the best.
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