Meaning, your team, your group would be a Fortune Top 20 Company. RITHOLTZ: So its not like the public markets where you could say sell here, buy there, because you have such obvious prints . And today, the clear direction of travel is toward weaning ourselves or these big economies off of hydrocarbons for power. 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. Were always on the 10:00 a.m. game and it was Americas team. How often does a new business model come along thats really notably different from what preceded it? RITHOLTZ: And today, private equity has become immense compared to . Disputes over compensation and firings, and potentially over layoffs, could push both sides into fresh legal battles. MiB: Joe Barratta, Blackstone's Global Head of Private Equity April 15, 2023 10:00am by Barry Ritholtz This week, we speak with Joseph Baratta, who since 2012, has served as Global Head of Private Equity at Blackstone - the world's largest alternative asset manager, with $975 billion in assets under management. I will learn something, and Ill have something else to do on the other side of it. With no further ado, my discussion of private equity with Blackstones Joe Baratta. You know, the blockchain, when it came people like, hmm, Im always like, whats the use case? We combined it with another one. RITHOLTZ: At what point does size become the enemy? You know, energy prices are higher. BARATTA: Yeah, thats part of it. The estimated net worth of Joseph Baratta is at least $105.31 million as of April 3rd, 2023. Are goalscorers born or made? BARATTA: And so, as we were watching the Feds reaction to the financial crisis, pushing rates down and keeping them down, were like, geez, this probably is not going to last forever, and that doesnt seem to be the natural state of affairs. Blackstone is one of the worlds leading investment firms. BARATTA: Yeah. RITHOLTZ: So before we let you go, were going to jump to our favorite questions that we ask all of our guests, starting with you mentioned streaming, tell us what youve been watching, what keeps the family entertained? Youve been there for 25 years. Blackstone invests money on behalf of institutions and individuals, including more than 30 million U.S. pensioners. BARATTA: How could a kid from Sacramento be a Dallas Cowboys fan? That is part of the energy transition. For a brief while, we had an office in Hamburg. RITHOLTZ: Really interesting. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. Thats why I joined Blackstone, it was one of the leading firms in that moment. Sometimes we buy things from our competitors, particularly if we think we can make them a lot bigger through acquisition or other things. 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 . BARATTA: I think that it changes so much fundamentally, that you cant hold on to like, you know, absolutes. I dont know what they call themselves back then. BARATTA: No, its hard, and what we began to do is hire local people. Barry Ritholtz. The estimated Net Worth of Joseph Baratta is at least $181 Million dollars as of 1 April 2023. how to check soundcloud notifications on mobile; shadows of london dress up time princess walkthrough; bill de blasio wife missing money; You werent taken seriously. What are you looking at that might not have been on the table a decade ago? What was it like on the private side at the end in the 90s? Ive heard people say Blackstone, Blackstone Group, Blackstone Partners. The first job for Morgan Stanley was McCown De Leeuw. RITHOLTZ: You start out in California. Thank you, Joe, for being so generous with your time. And the guy looks at me like I had, you know, two horns coming out of my head, whos his young American? But, like, really, our preference is to do it just by ourselves. I think Id been to London Im not even sure Id been to London. How are you looking at a geopolitical event like that affecting, you know, whats taking place on the continent? And now, the rate of change is much more quick with the advent of technology, ubiquitous broadband, which really enabled the internet, changed the way we . I think the one thing Ive seen in this generation of people, like me and you, is we all were impatient. BARATTA: Yeah. We had our second real estate fund, which was I think about $1.2 billion or $1.3 billion. And I know the size, it was 32, 33, 34, $35 billion. RITHOLTZ: You know, when there is no alternative, people just pile into equity. Even though the buyout king has no plans to retire, the appointment of Joe Baratta, a 41-year-old dealmaker credited with building up the firm's European buyouts practice, was the latest step. RITHOLTZ: Im not being sarcastic. Mr. Baratta was elected to the board of directors effective March 2, 2020. 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. So given the change in size of private equity over the past 25 years, is there a sweet spot? BARATTA: Yeah. they do. So our strategy was, and sort of David had conceptualized, like, were going to be the neutral Americans who can work with the local European firms to help them get deals done. These are physical assets. The firm had had , RITHOLTZ: Do you need language skills in England, or is it . BARATTA: manufacturing those facilities. Deadly. Since Sundar Pichai became CEO of Googles parent company, Alphabet, in 2019, he has been honest with colleagues about the difficulties of overseeing a sprawling conglomerate thats under constant strain from internal power struggles, regulators and rebellious employees. RITHOLTZ: So eventually you leave Morgan Stanley, you ended up at Tinicum Incorporated and McCown De Leeuw & Company. Am I exaggerating that at all or . BARATTA: into peoples pocketbooks, which massively accelerated the economy and rates stayed low. Joseph Baratta is 46, he's been the Global Head of Private Equity and Director of the Company of Blackstone Inc since 2020. 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. At first, Blackstone executives discussed the idea of Mayer consulting with the firm or managing one of its existing portfolio companies. RITHOLTZ: So let me interrupt you right there. We were much more networked. BARATTA: And, you know, philanthropy in the U.K. is at a different scale than in the U.S. And when I . And then when the Niners got good, I became a contrarian and said, no, Im going to root for the Cowboys . You end up in London. You know, we bought Hilton in June of 2007. BARATTA: that are $10 billion to $15 billion-plus enterprise value company. BARATTA: Well, you have to get him back. Blackstone, as a brand name, was becoming more known just everywhere, but in particular in Europe, because we werent particularly well known at that time. BARATTA: Yeah. Ive been following that series . BARATTA: looking at the divestiture from Vivendi. BARATTA: Yeah. The goal: to help bring brand . And so for the last maybe, I dont know, 12 or so years, Ive been involved with the Tate Foundation. You have your way. 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. Over that 25-year period or even the past decade where youve tripled in size, its more than just quantitative. Individual Investors & Financial Advisors. 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 for a while, it looked like the lower quality the stock was, the better it did. BARATTA: So I think we just raised a small credit fund, which is $900 million, and then we had an M&A advisory business. Abraham Shafi has stepped down as CEO of messaging app IRL following allegations that the company used bots to inflate the users it reported publicly and to investors, according to a person with direct knowledge. Joseph Baratta is Global Head of Private Equity and a member of the firm's Management Committee. Mr.Barattagraduated magna cum laude from Georgetown University. We were looking at taking remember the Vivendi at that time? Mr. Baratta served as the Senior Managing Director and Head of European Private Equity at The Blackstone Group. 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. BARATTA: Well, yeah, the private credit market I think is really attractive, and its actually been around a long time. And so. BARATTA: Its a great building that had a beautiful collection. RITHOLTZ: Is AI investable? In the long run. Probably somewhere around 2004 or 05, we started doing things by ourselves. 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. BARATTA: Well., they definitely did that. Joseph Baratta. BARATTA: were probably three times the size as we were in 2012. The acting is amazing. Sebastian Escobar is my audio engineer. We started doing deals on our own. Theres really no absolutes. And, you know, I needed to earn some money and I was adept in finance. BARATTA: I was watching the 10:00 a.m. game. Were seeing in our businesses real stability across most sectors. How did the buildout go for a couple of young Americans saying, hey, we want to play with this private equity thing in the EU? Clever. And then by the time youre in your 40s, you can actually be good at this job. You know, I sort of looked at, well, the industry in Europe is a good decade or two behind the U.S. BARATTA: Well, what brings me energy and joy in my job is investing capital and working with companies. He is also a member of the firm's Management Committee and serves on many of the firm's investment committees. But I cant explain it. And I met the director one day and, you know, they asked me to get involved. And they had like bottles of Bordeaux on the conference room table. RITHOLTZ: And have done a pretty nice job, right? BARATTA: Well, its not necessarily a problem to do that with some of our friendly competitors. BARATTA: I mean, as much as we could. It does this by using extraordinary people and flexible capital to help companies solve problems. By selecting the relevant option, you certify that it accurately reflects your residency. It is a rapidly growing economy, with a highly educated workforce, that with supply chain dynamics now moving toward Southeast Asia and India. Paris Wald is my producer. We dont have an ego and, you know, we can help facilitate transactions, whatever, U.S. perspective and global perspective. Atika Valbrun is our project manager. Industry structures are changing. Even when you read that announcement from that was 2012 . They also share their perspectives on the opportunity in live entertainment, one of our high-conviction investment themes. RITHOLTZ: Yeah, supposed to be sort of loosely fashion day . I mean, there have been leveraged loans and high yield bonds since the 1980s. Is finding the back of the net the hardest job in football? Do you have to be selfish to be a striker? BARATTA: I go to California all the time. RITHOLTZ: Happy to have you. It has to be useful if you have skills. Sounds like you guys arent aggressively in the, were in a recession or about to have a recession six months. Switchboard: +1 (212) 583-5000. I really wanted to learn how to invest money, not just be an advisor, and I thought private equity was cool because you werent at the whim of the market. Scottish & Newcastle was a big brewer up in Scotland at that time. My friend and former Morgan Stanley analyst, colleague, Chad Pike, ran our European real estate stuff. As of 1 April 2023 he still owns at least 1,145,448 units of Blackstone Inc stock. BARATTA: Yeah. So we share themes and we share these economic signals. RITHOLTZ: First of all, how did you first get involved with them? You get paid for the incremental risk that youre taking in a more leveraged capital structure. Those two men really were extremely important in my professional development, my personal development, great, amazing mentors. 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. Is this simply becoming institutionalized, or has the asset class been validated and now people are treating it differently than they did in the 90s where it was kind of a small niche , RITHOLTZ: backwater? I have my way. Hes probably 42 or 43. Mr.Barattaalso worked at Morgan Stanley in its mergers and acquisitions department. Publicly traded Blackstone . RITHOLTZ: Lets talk a little bit about your career at Blackstone. And so, thats what we were able to do to a large degree, is to become more conservative, to become more cautious on valuations, you know, as we started seeing evidence of inflation, and thinking that rates were probably going to go up at some point. BARATTA: watch media, changed the way we shop, changed the way we found information. But thats not really investable for us. I think were 4,500 , BARATTA: or something like that. But youre looking at valuations and what sort of multiples you want to pay. RITHOLTZ: I never would have guessed that. But in the moment, it was less wonderful. 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. I havent gotten into the second season yet, and people said . The IOC and FIFA are scrambling to change their ways before it's too late. 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.
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