Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. BARATTA: I mean, with all respect to the Joneses who run that team, you know . The Mysterious Man Behind - Institutional Investor What are you looking at that might not have been on the table a decade ago? Switchboard: +1 (212) 583-5000. RITHOLTZ: So I really liked the first season. RITHOLTZ: And businesses just have to exist. RITHOLTZ: Is AI investable? Yeah. By Andrew Ross Sorkin . Mr. Baratta owns 1,145,448 shares of Blackstone stock worth more than $105,312,489 as of April 20th. Please click here if you would like more information about the cookies used on this website and how to change your cookie settings. For press inquiries, contact [emailprotected]. Matthew Delly on LinkedIn: Areas of thematic investing focus from Joseph Baratta - Wikipedia Fintechs, beat down by the tech meltdown last year, are struggling to make good on their pitch to consumers. BARATTA: Yeah. And the size of our private equity business is you know, were now on our ninth fund. BARATTA: Exactly. Its been almost a year. BARATTA: Yeah. RITHOLTZ: in Europe. And the cost of financing and the quantum isnt the biggest driver of our returns. 2013-2023 The Information. You see these things before they start to show up in the economic data. Sometimes we buy things from our competitors, particularly if we think we can make them a lot bigger through acquisition or other things. And I think people just need to relax, take a deep breath. And there are thousands of companies in the U.S. . The first job for Morgan Stanley was McCown De Leeuw. You can find those at YouTube, iTunes, Spotify, wherever you find your favorite podcasts. I do really think they nailed it. Its one firm made unified. How Greed and Easy Money Corrupted Wall Street and Shook the World Economy But it is looking at whats more attractive and whats less attractive. BARATTA: No. Mr. BARATTA: Well, one thing that John and Steve have done is to make sure the firm is really joined up across our investment businesses. All the places youve mentioned, like Germany is very different than the Switzerland . RITHOLTZ: So lets talk about geographies, and lets talk about sectors. BARATTA: Exactly. By selecting the relevant option, you certify that it accurately reflects your residency. Thats a pretty good run. BARATTA: into peoples pocketbooks, which massively accelerated the economy and rates stayed low. And, you know, I needed to earn some money and I was adept in finance. Get subscriber-only insights and news delivered by Barry daily. And then at Blackstone, you know, Steve Schwarzman changed my life; and Tony James, who when I was about four years into Blackstone, really helped transform the firm and make it what it is today. Im assuming you guys . 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. It sounds like you can scale up by partnering with lots of other PE firms. And so, you know, that was kind of the strategy Day 1. So the way I do, you know, this job, in addition to managing a bunch of our people and engaging in other stuff at the firm is I want to keep a hand in the investing, and engaging with our company. Joseph P. Baratta serves as Global Head of Private Equity and Director of the Company of the Company. My dad was a bodybuilder and owned three gyms in Sacramento. 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: So heres the really interesting observation that youre making, Blackstone has boots on the ground in all these different sectors. So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? So not a lot of money, you know, get engaged in the arts and really important cultural institution; where in the U.K., its less sort of focused on the elite and more focused on like the democratization of art and culture for the people of the U.K., and I really identified with that. I have my way. You know, we spent a lot of time looking at traditional media businesses that linear TV, satellite broadcast, regional sports networks, all these things, that the direction of travel isnt really investable, the streaming services, direct to consumer. 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 . My sense is that AI and chatbots, and the recent, you know, multibillion dollar acquisitions that have been done by firms like Microsoft and Google, this doesnt seem to be that sort of ephemeral hype story. Clever. And for the last six or seven years, the way weve been expressing investing in energy is an energy transition, so in companies that are helping accelerate the transition from burning hydrocarbons to produce electricity and energy, to renewable sources. You can take margins up. Now, the funniest story I can remember is, in these early days, when we were out trying to introduce ourselves to the local private equity firms, I went to Paris and went to Lazard Freres, which was you know, that is the bastion of, like, French establishment business. If you enjoy this conversation, well, be sure and check out any of the previous 500 or so weve done over the past eight years. You began more or less in the M&A space at Morgan Stanley, is that right? And so we partnered with a few local firms and actually one of our U.S. competitors to look at this big asset, because it was quite big. RITHOLTZ: Lets talk about books. Were seeing some companies have less pricing power maybe than they had a year ago. The estimated Net Worth of Joseph Baratta is at least $181 Million dollars as of 1 April 2023. And I was doing my pitch, so here I am, 30 years old. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. By the way, my wife loves the Tate Modern, one of her favorite museums. RITHOLTZ: I was waiting for you to say, and it was 10:00 a.m. and they broke open the bottles of Bordeaux. 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? RITHOLTZ: What about geographies? RITHOLTZ: Well, the past decade, the intangibles have been super attractive. I mean, at least, it was back then. RITHOLTZ: Yeah, supposed to be sort of loosely fashion day . Blackstone secured $8.2 billion for a second long-life offering, 70 percent more than the strategy's 2016-vintage debut fund. And then, like I said, theyre very accessible. And so, yeah, there was a lot of volatility. So, clearly, that was a great time to pull back in mid-2021. BARATTA: So Steve said, we got to have real presence. Blackstone Group is talking to its biggest investors to create a "coalition of the willing" that can buy control of large companies outside its existing funds, according to Joe Baratta, head . BARATTA: That was very yeah, and you couldnt wear brown shoes. Ive been a Dallas Cowboys fan since Im 7 years old. Id never lived abroad. So when I looked at the world of higher rates, does it have a big impact on how you structure deals, or is it just a factor thats going to move up and down and everybody just changes their spreadsheets and the numbers all just move higher? 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. BARATTA: So I think we just raised a small credit fund, which is $900 million, and then we had an M&A advisory business. Deadly. A special committee of messaging app IRLs board of directors suspended CEO Abraham Shafi on Friday after receiving a report from outside counsel that outlined a pattern of misconduct by Shafi, an IRL spokesperson told The Information. Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 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. When I started at Blackstone, I think weve just started investing our third private equity fund. The big TV companies, such as ViacomCBS and Discovery, were bleeding viewers as people cut the cord to cable television and streaming powerhouses like Netflix grew ever bigger. 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. With no further ado, my discussion of private equity with Blackstones Joe Baratta. So it was a beneficiary of the technology change. Who cares about brown shoes? In 2006, 07, 08, you saw the financial crisis. Well talk a little bit about your time in London later. Im 30 when I moved, you know, yeah, because it was 2001 and, you know, it was just after September 11th. 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: Yeah, Im 29 when Im asked. BARATTA: Yeah. He is the Global Head of Private Equity at Blackstone. I mean, I think the biggest deal thats been done in the last 10 years is around $30 billion and that, you know, yeah, to get that done, we had to work with two of our competitors, which is fine. The first deal we looked at was in France. And so, that didnt happen until 2002. RITHOLTZ: But youre not dealing with startups; youre dealing with . RITHOLTZ: Thats really interesting. I mean, you have a bunch of companies that have trillion dollar-plus market caps. US buyout giant Blackstone Group has announced the appointment of Joe Baratta, the former head of its European private equity team, as its new head of global private equity. There are 23 older and 2 younger executives at Blackstone Inc. What is . I mean, there have been leveraged loans and high yield bonds since the 1980s. BARATTA: Yeah, hes amazing. And enjoy the journey. That had to be a giant challenge, especially given what was taking place. 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. Theres nothing intimidating about those institutions, and then I knew some people who are involved. Transcript: Joe Barratta of Blackstone April 18, 2023 8:00am by Barry Ritholtz The transcript from this week's, MiB: Joe Barratta, Blackstone's Global Head of Private Equity, is below. Baratta, who joined the firm in 1998, is also a member of the board of directors and serves on multiple management committees, as well as the firms investment committees. Joseph Baratta Net Worth, Biography, and Insider Trading BARATTA: Like, it probably isnt going to happen forever. And we were like, look, wed be great partners as youre looking at assets. Joe Baratta to Join Blackstone's Board of Directors Youve been listening to Masters in Business on Bloomberg Radio. To receive email alerts from Blackstone, sign up below. Mr. Baratta served as the Senior Managing Director and Head of European Private Equity at The Blackstone Group. Mr. Baratta has served on the boards of a number of Blackstone portfolio companies and currently serves as a member or observer on the boards of directors of First Eagle Investment Management, Refinitiv, SESAC and Merlin Entertainments Group. I have my way. JOSEPH BARATTA, GLOBAL HEAD OF PRIVATE EQUITY, BLACKSTONE: Thank you. And also, there are new business models, new media models. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. 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. So given the change in size of private equity over the past 25 years, is there a sweet spot? So we have to work with our investors, our limited partners, other private equity firms to assemble a deal that gets much more than $10 billion of enterprise value. Like, the last $30 billion deal we did, I mean, we bought Medline in 2021. He is also a member of the firm's Management Committee and serves on many of the firm's investment committees. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and its all kinds of companies engaged. He helped to build out Blackstones PE business in Europe in 2001, moving to London in 2001. RITHOLTZ: Tell us what that growth has been like over the past 25 years? That sounds like a fascinating organization. MarketCounsel and Hamburger Law Firm are the leading business & regulatory compliance consultancy to the countrys preeminent entrepreneurial independent investment advisers in the investment and securities industry. JosephBarattais the Global Head of Private Equity and a member of Blackstones Board of Directors.
Pennsylvania State Police Commissioner,
Death's Door Hookshot Spell,
Dewsbury Tip Opening Times,
Brent Goff Accent,
Sean Hannity Partner,
Articles J