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. 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. Individual Investors & Financial Advisors. You go to D.C. You go to New York. He was the senior guy at that time. Markets never sleep, and neither does Bloomberg News. They also share their perspectives on the opportunity in live entertainment, one of our high-conviction investment themes. BARATTA: I agree with you, I mean, 100 percent. 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. RITHOLTZ: underneath it, because you dont have this obviously, and Im not going to teach you about the private equity business. February 26, 2020 08:15 AM Eastern Standard Time. The fund, Blackstone Core Equity Partners II, held the final close on its hard-cap of $8 billion, making it 70 percent larger than its 2016-vintage predecessor, according to a statement. BARATTA: particularly this offseason, theyve done a nice job. 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. RITHOLTZ: Right. RITHOLTZ: Yeah, supposed to be sort of loosely fashion day . RITHOLTZ: across all these different inputs. Barry Ritholtz. Hes probably 42 or 43. And David and I moved over to do the private equity stuff. 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. RITHOLTZ: So really a period of transition and . Now, in that moment, Americans were sort of viewed positively and as neutral. 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. Is finding the back of the net the hardest job in football? What was it like on the private side at the end in the 90s? I would be remiss if I did not thank the fine team who help put this conversation together each week. 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. Joseph Baratta - Wikipedia Blackstone Inc's most recent insider trade came on April 4, 2023 by Joseph Baratta who sold 85,000 units worth $7.34M . Switchboard: +1 (212) 583-5000. So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? By the way, my wife loves the Tate Modern, one of her favorite museums. Mr. Baratta has been with Blackstone for 22 years, including ov And I thought private equity was interesting because you could live with those investments for a longer period of time. You had Lehman almost go bust, I think, around that time for maybe the first or second time. BARATTA: But these sort of Americans were tolerated, you know? Joseph Baratta is an American business executive who is Global Head of Private Equity at Blackstone, a New York-based global asset management giant. . BARATTA: Well, what brings me energy and joy in my job is investing capital and working with companies. Otherwise, we will assume you're OK to continue. Follow all of the fine family of Bloomberg podcasts on Twitter @podcast. BARATTA: Yeah. And in the end, we ended up just buying the U.S. textbook business, Houghton Mifflin. Exclusive: Blackstone grooms six executives for Schwarzman's job Joseph Baratta | Year Up You know, we bought Hilton in June of 2007. 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? Over that 25-year period or even the past decade where youve tripled in size, its more than just quantitative. And when I . 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. 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. 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. Inflation is significant. You know, to your point, like its hard to turn on a dime and say, sell the whole portfolio. Joseph Baratta - Biography - MarketScreener.com BARATTA: Yeah. Monitor your investments 24 hours a day, around the clock from around the globe. So thats been a really important book Ive read recently, and I think hes great. BARATTA: Not only post Brexit but now, you know, in this kind of world of inflation and dislocation and conflict near the continent, like all of that is conspiring, I think, to make markets look relatively attractive, in particular in the U.K., where we own a lot of assets and well continue to buy businesses. And I think thats, right now, a little bit plus, the financing markets are less liquid, and theres less quantum available. BARATTA: into peoples pocketbooks, which massively accelerated the economy and rates stayed low. So we operate from a board level and really focus on key strategic and risk management variables. [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. 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 . RITHOLTZ: Happy to have you. Energy has been a major investment theme across many of our businesses in credit and corporate private equity. And so we did, but we were kind of trying to do deals by airplane from New York, and thats not functional. Meet the frontrunner to lead Blackstone in Europe But, in financing acquisitions and capital needs of these middle market companies, the private credit market has played an important role in that. 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. RITHOLTZ: So youre anticipating one of the questions Im going to ask you, which I might as well bring it up now. RITHOLTZ: Youre looking at the cost of capital and how much margin or leverage you want to assume. I have my way. So lets talk about your mentors who helped shape your career. You mentioned private credit. You can find those at YouTube, iTunes, Spotify, wherever you find your favorite podcasts. This week, we speak with Joseph Baratta, who since 2012, has served as Global Head of Private Equity at Blackstone the worlds largest alternative asset manager, with $975 billion in assets under management. Learn More Get subscriber-only insights and news delivered by Barry every two weeks. RITHOLTZ: Hell reach out to Steve, Steve will put you in touch. There were a few firms, couple of big leaders like KKR. And so, instead of investing in those, we decided to back Kevin Mayer and Tom Staggs, two ex-Disney guys, really well-regarded business guys in the entertainment industry, to build an independent content creation business, which weve done both in childrens content with Moonbug, and in live action entertainment with Hello Sunshine, which was the business that Reese Witherspoon started. These are people who were, you know, in their late 20s, early 30s, oldest maybe mid-30s, and they kind of grew up with the firm, and they were able to be the translator, so to speak, both physically and culturally, in some of these other countries. 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. 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. RITHOLTZ: Lets talk a little bit about your career at Blackstone. BARATTA: looking at the divestiture from Vivendi. RITHOLTZ: I never would have guessed that. For a brief while, we had an office in Hamburg. 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. You see it in real-time across real estate, across labor . The IOC and FIFA are scrambling to change their ways before it's too late. 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. And enjoy the journey. RITHOLTZ: Thats quite interesting. The estimated net worth of Joseph Baratta is at least $105.31 million as of April 3rd, 2023. 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 started at Blackstone in July of 98, and I guess what was going on that year, you had like a Southeast Asian currency crisis. Its where we play. BARATTA: What weve found is that control is important in India. Joseph Baratta is the Global Head of Private Equity and a member of Blackstone's Board of Directors. Again, were not perfect. And so, in terms of where our teams are spending time, its in and around sort of public markets. But youre looking at valuations and what sort of multiples you want to pay. You know, economically, thats a big thing. And I know the size, it was 32, 33, 34, $35 billion. 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. 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. Were seeing full employment. So one of our first hires, now, the man who runs our business in Europe, we hired this guy, Lionel Assant, whos French, and we hired Germans. Like, look at Disney, you know, Disney, in large part, was hugely enabled by streaming services because of the amazing content it owned. how to check soundcloud notifications on mobile; shadows of london dress up time princess walkthrough; bill de blasio wife missing money; RITHOLTZ: Thats very interesting because we typically think of private equity as looking at these mature non-public companies. I think were 4,500 , BARATTA: or something like that. BARATTA: that are $10 billion to $15 billion-plus enterprise value company. 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. Do you have the same phenomenon in the private market? The war in Ukraine, surprisingly, hasnt had a negative impact, or at least not as much as I expected in the public markets. It kind of helped us get off the ground, so to speak. Joe Baratta is preparing for a new world. RITHOLTZ: But youre not dealing with startups; youre dealing with . 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. When did Blackstone start to look at Asia? Baratta said his Blackstone unit had invested $1 billion to $1.5 billion in company buyouts the first half of 2015, a rate that is "a lot slower" than in previous years. BARATTA: Patience. For press inquiries, contact[emailprotected]. And I think if you add it all up, we have about $40 billion of funds that were currently investing in their investment period. And then the metaverse, you know, almost came and went already, a lot of hype there. We have some assets. These are physical assets. They introduced me to the head of a significant private equity firm in Europe. RITHOLTZ: A broad spectrum of different holdings. So the rate of increases is declining. I mean, I knew nothing about finance. 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. One-on-one with Joe Baratta: Navigating Today's Investment - YouTube BARATTA: Well, I would say in my 25-year history at Blackstone, there were certain industries that were growth industries that we were investing in in the mid 90s and late 90s and early 2000s, that now are no longer investable. It sounds like you can scale up by partnering with lots of other PE firms. Its a great group of people, great organization. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. In terms of sectors, the real value dislocations have happened in the technology industry. 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. So when youre adjusting your investment posture, youre basically saying were going to take more risk or less risk . Its very hard for us to assemble much more than a $5 billion equity check. RITHOLTZ: Really quite interesting. RITHOLTZ: But youre still dealing with a lot of European at that time. Your base of operations when youre in the U.K. is London, but youre back and forth to multiple countries. BARATTA: Were not seeing evidence of it in the portfolio. BARATTA: And I think they nailed it. 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. BARATTA: I go to California all the time. You know, bigger technology companies, software businesses that have proven theyve got really durable sticky revenue models. I think they were operating at the really top of the industry, really smart people, good track record. We had a global partner off-site in private equity. BARATTA: Yeah, thats part of it. I dont know what they call themselves back then. BARATTA: Steve Schwarzman, our co-founder and CEO and chairman and, you know, amazing mentor and great businessman. So, you know, you could go to France, maybe they didnt love, you know . We had actually two investments in Germany in telecom infrastructure that in that moment, were doing that great. I had no language skills. Blackstone buys Clarus to bulk up in life sciences | Reuters April 15, 2023 10:00am by 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. And, yes, if Jerry needs some help, you know, he knows who to call. Probably somewhere around 2004 or 05, we started doing things by ourselves. So I read a quote of yours that cracked me up, I have to ask you about, you said if you werent working in private equity, the next best job would be general manager of the Dallas Cowboys. 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. All the places youve mentioned, like Germany is very different than the Switzerland . 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. 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. RITHOLTZ: And everybody started drinking and we looked at each other, can we have a drink that morning? I remember completely empty plane flying over to London , BARATTA: with my then girlfriend, moving to London. RITHOLTZ: Thats right. Theres a little more friction in those types of industries. JOSEPH BARATTA, GLOBAL HEAD OF PRIVATE EQUITY, BLACKSTONE: Thank you. BARATTA: Yeah. And, you know, I grew up at the foothills of the Sierra Nevada Mountains, and I love to go there. 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 actually have assets where those are going in, or were investing in components that are part of . RITHOLTZ: firms or private equity firms? And so we sort of followed our real estate colleagues, where they went and establish a toehold, became successful. Just like life gets in the way and I had, you know, a cool career going and I stuck with it.
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