joe baratta blackstone compensation joe baratta blackstone compensation
RITHOLTZ: Theres still textbooks in schools. When Baratta led private equity giant Blackstone Group's 102 million ($136 million) deal to buy Merlin Entertainments in 2005, the U.K. theme park group was best known for the macabre London. It takes a long time to figure out like how you get good at something and the particular way you want to do it. For office-specific contact information, please visitour offices page. But thats not uncommon to see private equity firms taking companies private and transacting with public companies. Joe Baratta, welcome to Bloomberg. And so, corporate carve-outs, public to private, you know, the last few deals weve done, a bit of large corporate carve-out from a large important American corporate, Emerson. Read deeply reported stories from the largest newsroom in tech. RITHOLTZ: So here we are, enter the first quarter 2023, whats the environment look like relative to mid-2021? Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last . For press inquiries, contact[emailprotected]. Ive been hearing recession chatter it seems like for six months, at least. BARATTA: You know, the whole notion of energy transition is a market that a decade ago, energy investors were investing in upstream oil and gas or in midstream companies. Mr. Baratta owns 1,145,448 shares of Blackstone stock worth more than $105,312,489 as of April 20th. RITHOLTZ: So lets talk about geographies, and lets talk about sectors. RITHOLTZ: So heres the really interesting observation that youre making, Blackstone has boots on the ground in all these different sectors. He is the Global Head of Private Equity at Blackstone. And we were like, look, wed be great partners as youre looking at assets. But wed prefer to buy things on our own, just Blackstone with our limited partners. We were much more networked. Barry Ritholtz. 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. RITHOLTZ: So its not like the public markets where you could say sell here, buy there, because you have such obvious prints . BARATTA: that are $10 billion to $15 billion-plus enterprise value company. Before joining Blackstone, Mr. Baratta was with Tinicum Incorporated and McCown De Leeuw & Company. There werent that many people. Sometimes we buy things from our competitors, particularly if we think we can make them a lot bigger through acquisition or other things. RITHOLTZ: And when you say Steve, for those people who may not be familiar with . BARATTA: They had bought a bunch of educational publishing assets, including U.S. textbook company, Houghton Mifflin, back when there were actually textbooks in schools. Again, were not perfect. So you move to the U.K. RITHOLTZ: Youre an hour to hop from all the key places . RITHOLTZ: I didnt realize philanthropy was that different overseas than it is here. And we were kind of oddities at that time, particularly in private equity which was still really in its infancy. Were seeing in our businesses real stability across most sectors. I havent gotten into the second season yet, and people said . We talked earlier about inflation and rising rates. How do you use all of this data thats generated by all of your portfolio companies to navigate the world at large? RITHOLTZ: So really a period of transition and . There are 23 older and 2 younger executives at Blackstone Inc. There were a few firms, couple of big leaders like KKR. How are you looking at a geopolitical event like that affecting, you know, whats taking place on the continent? BARATTA: were probably three times the size as we were in 2012. The war in Ukraine, surprisingly, hasnt had a negative impact, or at least not as much as I expected in the public markets. Well, if you do this if youve been doing this long enough, which fortunately, I have, since really 1095, you see different cycles, and you see what happens when capital becomes cheap and money becomes easy, and interest rates are lower, not really a factor. I dont know what they call themselves back then. So we share themes and we share these economic signals. So, yeah, theres a few companies where Im closely involved, and I sit on the board and I help their management teams plot strategy and deal with important strategic issues. From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks. BARATTA: We leaned into exiting what we could in that period. I dont miss a game. So lets talk about your mentors who helped shape your career. He helped to build out Blackstones PE business in Europe in 2001, moving to London in 2001. There was a big consolidation and lots of divestitures of pubs that were owned by brewers in the time, and there were rules came down that brewers can own distributors. Privacy Policy IRL Suspended CEO Shafi After Reported Pattern of Misconduct; Acting CEO Named, By Mark Matousek · April 30, 2023 2:33 PM PDT. The first job for Morgan Stanley was McCown De Leeuw. This net worth estimate does not reflect any other assets that Mr. Baratta may own. The whole aesthetic of it is amazing. That was our first deal in Europe, which was actually a U.S. deal, but we probably wouldnt have done it had we not been there . Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities Martin Brand Head of North America Private Equity and Global Co-Head of Technology Investing Kenneth Caplan Global Co-Head of Real Estate Gilles Dellaert Global Head of Blackstone Insurance Solutions Disclosures Mr. Baratta owns over 85,000 units of Blackstone Inc stock worth over $99,814,339 and over the last 3 years he sold BX stock worth over $81,255,679. We bought some more, and that was a pretty successful investment. Joe Baratta Private Equity at Blackstone New York, New York, United States 130 followers Join to view profile Blackstone Activity We are delighted to welcome Ajay Banga to General Atlantic. And so, were trying to find the businesses that are going to be enabled and benefited by AI, and avoid the things that are going to be dislocated. BARATTA: Ive been really fortunate in my life where Ive had, you know, along the way, in the journey, Morgan Stanley, at McCown De Leeuw, at Tinicum which is the Ruttenberg family, where in each of those places, Ive had somebody who really helped me in my career and with whom Im very close even today. Mr.Barattahas served on the boards of many past Blackstone portfolio companies and currently serves as a member or observer on the boards of. RITHOLTZ: What about geographies? Yeah. So its been really significant growth. Two years ago, Joe Baratta couldn't figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. Most recently he sold 85,000 units of BX stock worth $7,337,200 on 1 April 2023. As companies got larger and larger, it seemed like banks went upscale with them and left sort of a gaping void in the middle, where, you know, mid-market companies didnt have a merchant bank that could facilitate loans, credit, anything . RITHOLTZ: Post Brexit, is that the driver? RITHOLTZ: culturally or language-wise, when youre up you know, when youre bouncing from you know, you go to Frankfurt to Denmark, two totally different worlds. Roger Staubach, Tony Dorsett, Tony, RITHOLTZ: Oh, really? BARATTA: Well, its not necessarily a problem to do that with some of our friendly competitors. Now, the firm had assets. I think were 4,500 , BARATTA: or something like that. Thats interesting. And to me, that was a more comfortable form of investing and where I wanted to bet my career. BARATTA: Yeah. how to check soundcloud notifications on mobile; shadows of london dress up time princess walkthrough; bill de blasio wife missing money; Speaking on. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. And when I . All of our earlier podcasts on your favorite pod hosts can be found here. I think that also theres a bunch of businesses that are manufacturing things that must exist in the physical world, you know, to cool or heat the environment, food, the distribution of essential medical products, whole energy transition. "The current volatile and unpredictable environment reinforces . 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. How are you looking at the investment environment today? Get subscriber-only insights and news delivered by Barry daily. RITHOLTZ: Really quite fascinating. Barry Ritholtz. He is also a member of the firm's Management Committee and serves on many of the firm's investment committees. Weve had a big business there for a long time and we see really attractive assets. We combined it with another one. BARATTA: Roger Staubach, Tony Dorsett, Tony Hill, those guys. RITHOLTZ: Thats really interesting. BARATTA: Exactly. Yeah. BARATTA: Yeah. "This is a platform we will build on in the life. Blackstone is one of the worlds leading investment firms. Where is the most fertile ground for growth size-wise? RITHOLTZ: youre stepping right into the thick of it? RITHOLTZ: A broad spectrum of different holdings. What are some of your favorites? Theres really no absolutes. At first, Blackstone executives discussed the idea of Mayer consulting with the firm or managing one of its existing portfolio companies. RITHOLTZ: Yeah. We back them with capital and support, and we let them run the businesses. BARATTA: If Apple decides it wants to buy something for, you know, 10, 20, 30, 40, it doesnt blink, and there are a lot of companies like that. RITHOLTZ: And businesses just have to exist. When I started at Blackstone, I think weve just started investing our third private equity fund. And weve become better at what we do in buying control of companies, engaging with them, making them better, helping them grow. In addition, he makes $0 as Global Head of Private Equity and Director of the Company at Blackstone Inc. Joseph has made over 11 trades of the Blackstone Inc stock since 2020, according to the Form 4 filled with the SEC. RITHOLTZ: How did you first get involved with them? Now, in that moment, Americans were sort of viewed positively and as neutral. Before joining Blackstone, Mr.Barattawas with Tinicum Incorporated and McCown De Leeuw & Company. By selecting the relevant option, you certify that it accurately reflects your residency. So, overall, the picture we see is of a reasonable economy, with some risks to the future, but I dont whatever recession we may have, I dont think is going to be really significant. Were seeing some companies have less pricing power maybe than they had a year ago. BARATTA: I go to California all the time. Overnight on Wall Street is morning in Europe. You had the Russia . And so, you know, that was kind of the strategy Day 1. That had to be a giant challenge, especially given what was taking place. BARATTA: You had stuff going on in Latin America. 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. And then we started seeing significant signs in inflation, particularly in our real estate business, with rents going up significantly, wages going up across our private equity portfolio, beginning to see pricing power for many of our companies that they hadnt had in a long time. RITHOLTZ: Really interesting. Joe Baratta is preparing for a new world. So, yes, private equity valuations are influenced very significantly by whats going on in the public markets. What is energy transition? Big software companies including Microsoft and Salesforce are racing to incorporate the technology behind ChatGPT, known as generative artificial intelligence, into their products to attract new users and boost profits. So we were working with our real estate guys in health care facilities, and visitor attractions, and theme parks. It is a rapidly growing economy, with a highly educated workforce, that with supply chain dynamics now moving toward Southeast Asia and India.
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