joe baratta blackstone compensation

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. RITHOLTZ: Really interesting. Inflation is significant. 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 . BARATTA: technology. The largest trade he's ever made was selling 434,815 units of Blackstone Inc stock on 4 August 2020 worth over $23,045,195. Why am I talking to him? So thats the type of thing that a decade ago, we wouldnt have invested in. You had a longer period of time to figure out if you were right or not. RITHOLTZ: Youre like late 20s at this time? As of 1 April 2023 he still owns at least 1,145,448 units of Blackstone Inc stock. Mr. Baratta joined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. 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. There are 23 older and 2 younger executives at Blackstone Inc. Energy has been a major investment theme across many of our businesses in credit and corporate private equity. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. I would be remiss if I did not thank the fine team who help put this conversation together each week. We bought their Climate Technologies business called Copeland. Your base of operations when youre in the U.K. is London, but youre back and forth to multiple countries. Both in terms of the aggregate revenue of our company, size of our portfolio, were probably now something like 150 total investments, many hundreds of billions of revenue, hundreds of thousands of employees if you add up all of the companies in which were invested. Joseph Baratta is an American business executive who is Global Head of Private Equity at Blackstone, a New York-based global asset management giant. Meaning, your team, your group would be a Fortune Top 20 Company. RITHOLTZ: after the Fleetwood Mac story, with all the cross-relationships. . RITHOLTZ: So Joe Montana, Jerry Rice didnt suck you in. What sort of a challenge does that present for private markets? But I love the announcement when you were promoted to Global Head of PE from Blackstone, they said the 73 investments and pending deals youre involved, and combined for $117 billion in revenue, the equivalent of the 13th largest company by revenue on the Fortune 500 list. 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. So Im really proud of what they did there, and its a great show. Previously, Mr. Baratta served as the Senior Managing Director at the Blackstone Group, Private Equity Group. The spokesperson for the company, previously valued at $1.2 billion when SoftBank invested in it in 2021,declined to offer details on the misconduct Sequoia Capital Hired National Security Advisory Firm as China Deals Draw U.S. RITHOLTZ: So how much of this is a function of a trend we sort of began in the 1990s? BARATTA: I think people are very negative on the U.K. and . [1] Early life Born in Sacramento, California, Baratta graduated from Jesuit High School in the Sacramento area in 1989, then Georgetown University, from which he graduated magna cum laude in 1993. But, in financing acquisitions and capital needs of these middle market companies, the private credit market has played an important role in that. Thats just because . But were not seeing it. RITHOLTZ: Lets talk about books. RITHOLTZ: youre stepping right into the thick of it? I got an analyst job at Morgan Stanley in the M&A group, and thats kind of two-year training program and I did that and that was painful. For office-specific contact information, please visit our our offices page. And you have to enjoy that process and enjoy like the time it takes. BARATTA: Well, yeah, the private credit market I think is really attractive, and its actually been around a long time. You mentioned real estate, private equity, M&A. So the rate of increases is declining. His current reading is here; A transcript of our conversation is available here Tuesday. What attracted you to them in 1998 when they were still kind of a modest, small firm? To view recent press releases,click here. Am I exaggerating that at all or . RITHOLTZ: Theyre nice sized property, nice set group of . So that is one sector that were investing, and that a decade ago, we wouldnt. I know there are lots of different funds. So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? And so for the last maybe, I dont know, 12 or so years, Ive been involved with the Tate Foundation. You can stream and download our full conversation, including any podcast extras, iTunes, Spotify, Stitcher, Google, Bloomberg, and Omny. And what sort of input do you give to managements there? 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. RITHOLTZ: Similar to U.S. antitrust rules . He also sits on the firms Management Committee. Theres a scalability there that you dont get in the real world, which probably is why a lot of real-world assets eventually become attractively priced. Read deeply reported stories from the largest newsroom in tech. I grew up in Sacramento, California. You werent taken seriously. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest, Joe Baratta is the Global Head of Private Equity at PE giant Blackstone, where he has worked since 1998. So certain elements of technology, particularly in software, we think are much more attractive than they were a couple years ago, not to say they look overwhelmingly cheap, but certainly more attractive than they were. Id been to, like, Paris and Venice or something. RITHOLTZ: You know, when there is no alternative, people just pile into equity. RITHOLTZ: So let me interrupt you right there. RITHOLTZ: What about geographies? You began more or less in the M&A space at Morgan Stanley, is that right? And I was doing my pitch, so here I am, 30 years old. The private equity firm has hired Droga5 Chief Strategy Officer Jonny Bauer as head of brand transformation for its portfolio group of more than 200 companies. Its one firm made unified. BARATTA: I go to California all the time. BARATTA: That was very yeah, and you couldnt wear brown shoes. BARATTA: Well., they definitely did that. 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. Scottish & Newcastle was a big brewer up in Scotland at that time. He is very familiar with everything from M&A to credit, to real estate, on and on, and has had experiences both in the U.S. and overseas, really a global perspective on what took place in private equity in the past and what the future looks like. As for the right way, the correct way, and the only way, it does not exist. But I cant explain it. 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. Sebastian Escobar is my audio engineer. Like, look at Disney, you know, Disney, in large part, was hugely enabled by streaming services because of the amazing content it owned. RITHOLTZ: So I really liked the first season. Monitor your investments 24 hours a day, around the clock from around the globe. And it also happens to be a production of one of our portfolio companies, Hello Sunshine. Its where we have competitive differentiation, and its where you find better quality businesses. What is . Barry Ritholtz. RITHOLTZ: You dont have the same labor costs. How ChatGPT is Roiling 13 Software Companies, By Kevin McLaughlin, Aaron Holmes and Anissa Gardizy, Apples AI Chief Struggles With Turf Wars as New Era Begins, In Google Founders Shadow, CEO Pichai Discovered the Limits of His Power, IRLs CEO Steps Down After Allegation of Inflated User Numbers, Former IRL Employee Alleges Company Inflated User Count. BARATTA: I think private market valuations are driven to a large degree by whats going on in the public markets. Terms and Conditions. RITHOLTZ: in Europe. BARATTA: So there were still French francs and, you know, lira, and German Deutsche Marks. But I could have evolved more quickly as an investor, you know, over time, and I continue to learn that lesson. RITHOLTZ: Yeah. So, clearly, that was a great time to pull back in mid-2021. By Andrew Ross Sorkin . It changed the way we communicated with each other. BARATTA: Yeah. It seems a house of fire. Lets start out with just a little background on your career. RITHOLTZ: Really interesting. RITHOLTZ: Makes a lot of sense. Were down to our last two questions, what sort of advice would you give to a recent college grad who was interested in a career in private equity? Where is the most fertile ground for growth size-wise? It sounds like a good background for someone who eventually ends up buying companies. My dad was a bodybuilder and owned three gyms in Sacramento. BARATTA: Its certainly investable for venture investors and smaller guys who are willing to sort of dig holes in the ground and hope something comes out. I was 29. The IOC and FIFA are scrambling to change their ways before it's too late. Blackstone has raised the largest-ever long-hold private equity vehicle as interest in the strategy from both investors and managers increases.. RITHOLTZ: Hell reach out to Steve, Steve will put you in touch. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. Joseph Baratta is the Global Head of Private Equity and a member of Blackstone's Board of Directors. Joseph Baratta Age : 51 Public asset : 567,113,101 USD Country of residence : Unknown Linked companies : Blackstone Inc. - Merlin Entertainments plc Biography of Joseph Baratta Joseph Patrick Baratta is Director & Head-Global Private Equity at Blackstone, Inc. and on the board of 13 other companies. You have your way. Private equity was still, Id say, in the first phase of its existence, and Blackstone was one of them. Its where we play. I was supposed to go over you know, in November, I ended up doing that. Thank you, Joe, for being so generous with your time. It does this by using extraordinary people and flexible capital to help companies solve problems. But were seeing solid demand. The acting is amazing. Its really quite fascinating. In the last 16 years, insiders at Blackstone Inc have sold an estimated . With no further ado, my discussion of private equity with Blackstones Joe Baratta. And I know the size, it was 32, 33, 34, $35 billion. 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. For press inquiries, contact [emailprotected]. In terms of sectors, the real value dislocations have happened in the technology industry. But, yes, thats the kind of thing were talking about. A former employee of SoftBank-backed messaging app IRL alleged in a legal filing that the company has inflated its user count and retaliated against him and other employees who raised concerns about the accuracy of its user numbers. RITHOLTZ: which is very different than the Nordic countries. Two years ago, Joe Baratta couldnt figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. 2013-2023 The Information. So, as an investor, you have to be nimble. We hired an Italian for the firm, Andrea Valeri. Individual Investors & Financial Advisors. All Rights Reserved. Mr.Barattajoined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. I mean, you have a bunch of companies that have trillion dollar-plus market caps. RITHOLTZ: Happy to have you. I mean, there have been leveraged loans and high yield bonds since the 1980s. RITHOLTZ: You see that on the private market? And, yes, if Jerry needs some help, you know, he knows who to call. Since 2012, Mr.Barattahas served as the firms Global Head of Private Equity and is located in New York. RITHOLTZ: Is AI investable? 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. BARATTA: But they were private equity. RITHOLTZ: How important was it finding a local partner to, you know, hook up with them and be able to participate in deals with? I mean, were not specifically investing in charging stations. Joe reflects on what the end of easy monetary policy and near-term growth headwinds mean for investors. 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. I mean, some of your holdings like Hilton, obviously, giant. 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. And he was, you know, in that moment, completely dismissive. RITHOLTZ: So lets talk about geographies, and lets talk about sectors. 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. You can stream and download our full conversation, including any podcast extras, iTunes, Spotify, YouTube, Stitcher, Google, Bloomberg, and Omny. Were coming off of a period of low inflation, low rates, and suddenly we have higher inflation and rising rates. 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. You could only wear black shoes. We bought some more, and that was a pretty successful investment. How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Be sure to check out ourMasters in Business next week with Brian Hamburger, founder of MarketCounsel and Hamburger Law Firm. Theres some like risk management things that you always need to be mindful of. RITHOLTZ: and they then diversify and or Im sorry, they made them divest those vertically integrated holdings? Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. So given the change in size of private equity over the past 25 years, is there a sweet spot? RITHOLTZ: Thats really interesting. You had Lehman almost go bust, I think, around that time for maybe the first or second time. RITHOLTZ: across all these different inputs. Is there a ceiling, or at what point you look at something and say, hey, thats just too big to try and take a bite on? BARATTA: Well, you have to get him back. We had some real estate guys there. I recognized that it was still pretty early in the development and there should be a lot of growth in these firms. 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. BARATTA: Yeah. BARATTA: Exactly. The dot-com had just imploded. BARATTA: We leaned into exiting what we could in that period. 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 . The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. In private equity, you know, were owning things for 5, 6, 10 years and were not subject to, like, the vicissitudes of the market in the short run. You see it in real-time across real estate, across labor . Im 30 when I moved, you know, yeah, because it was 2001 and, you know, it was just after September 11th. Learn More Get subscriber-only insights and news delivered by Barry every two weeks. Sounds like you guys arent aggressively in the, were in a recession or about to have a recession six months. 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. how to check soundcloud notifications on mobile; shadows of london dress up time princess walkthrough; bill de blasio wife missing money; We recently announced to take private of a technology company called Cvent, which is publicly traded. 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 You have to have like an open mind and realize that things are changing. You saw it in the financial services sector. And also, there are new business models, new media models. Markets never sleep, and neither does Bloomberg News. 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. Because people start so early, you have to do so much to get in college. Yes. RITHOLTZ: Oh, really? RITHOLTZ: A broad spectrum of different holdings. There werent that many firms. In London, in September, I had him come to talk about like what it means to be from where you should be deriving your happiness.

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