Theres really no absolutes. Mr.Barattagraduated magna cum laude from Georgetown University. So we kind of went on, did some missionary work, meeting the local private equity firms in France and, of course, in the U.K., in Germany, up in the Nordic region, in Italy, and we just met all the other players. Blackstone has raised the largest-ever long-hold private equity vehicle as interest in the strategy from both investors and managers increases.. BARATTA: And then, of course and now, look, theyre fun to watch. I mean, I knew nothing about finance. Mr. Baratta joined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. As an example, the firm invested in Reese Witherspoons production company Hello Sunshine versus the legacy cable and satellite firms. And weve become better at what we do in buying control of companies, engaging with them, making them better, helping them grow. We still continue, in many of our companies, to struggle to fill open roles. I mean, it was certainly not expected. And so. I mean, were not specifically investing in charging stations. Joe Baratta is preparing for a new world. BARATTA: I think private credit has filled the hole for these smaller businesses, but really not on the full banking suite. RITHOLTZ: At what point does size become the enemy? It sounds like a good background for someone who eventually ends up buying companies. We bought some more, and that was a pretty successful investment. Since 2012, Mr.Barattahas served as the firms Global Head of Private Equity and is located in New York. BARATTA: We leaned into exiting what we could in that period. Blackstone invests money on behalf of institutions and individuals, including more than 30 million U.S. pensioners. "For any professional investor, this is the most difficult period we've ever experienced . BARATTA: Well, you have to get him back. I think they were operating at the really top of the industry, really smart people, good track record. How are you looking at a geopolitical event like that affecting, you know, whats taking place on the continent? We have been speaking with Joe Baratta. 2013-2023 The Information. Since joining Blackstone in 1998, Mr. Baratta has been involved in the execution of Blackstone's investments in Universal Orlando, Nycomed Pharmaceuticals, Houghton Mifflin, Spirit Group and was responsible for Blackstone's investments in First Eagle Investment Management . I do really think they nailed it. So if your alternative, as a company, is to go public at a given price, youre probably not going to sell it to a private equity firm at a much lower price. People were declaring last summer, were already in a recession. We started doing deals on our own. We hired an Italian for the firm, Andrea Valeri. We back them with capital and support, and we let them run the businesses. Were seeing maybe wage increases beginning to decline. Financial Advisors, visit our dedicated website to learn how you can partner with Blackstone. So the second deal we did was we worked with another firm, a local U.K. firm called CVC and also TPG to buy Scottish & Newcastles pub divestiture. Ive been a Dallas Cowboys fan since Im 7 years old. By the way, my wife loves the Tate Modern, one of her favorite museums. they do. From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks. So, were, were very much open for business in Europe, in the U.K. You know, the conflict has definitely been a drag to some degree in the economy, and introduces some uncertainty. Privacy Policy When did Blackstone start to look at Asia? BARATTA: You know, I had young kids. 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. BARATTA: No, no. From 2004 until 2010, we were having babies, and one of the places we would always go is either Tate Britain or Tate Modern. RITHOLTZ: Let me ask you about India because it feels like, at least, in the public markets, India is always on like a year or two away from being the next big thing and it just hasnt seemed to happen. Our final question, what do you know about the world of investing today you wish you knew back in the 90s when you were first getting started? Youve been there for 25 years. So, as an investor, you have to be nimble. BARATTA: Yeah. How are you looking at the investment environment today? You can stream and download our full conversation, including any podcast extras, iTunes, Spotify, YouTube, Stitcher, Google, Bloomberg, and Omny. Even when you read that announcement from that was 2012 . 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. The estimated Net Worth of Joseph Baratta is at least $181 Million dollars as of 1 April 2023. His current reading is here; A transcript of our conversation is available here Tuesday. 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. I have to point out that your life history is a series of ever-worsening weather. Publicly traded Blackstone . BARATTA: Yeah. We were looking at taking remember the Vivendi at that time? This net worth estimate does not reflect any other assets that Mr. Baratta may own. Energy has been a major investment theme across many of our businesses in credit and corporate private equity. RITHOLTZ: Well, the past decade, the intangibles have been super attractive. Where are you looking around the world? You had Lehman almost go bust, I think, around that time for maybe the first or second time. And I met the director one day and, you know, they asked me to get involved. What sort of new markets are you guys considering? Focus now turns to Lionel Assant, the man widely expected to replace him at the helm of the firm's European division. BARATTA: where the music is amazing. 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. BARATTA: were probably three times the size as we were in 2012. BARATTA: even though they lost in that 81 thing. And you have to enjoy that process and enjoy like the time it takes. Again, were not perfect. I would be remiss if I did not thank the fine team who help put this conversation together each week. I guess you kind of forget, hey, when stock prices come down enough at a certain point, that valuation becomes really attractive, if the assets themselves are productive enough. 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. Joseph Baratta is Global Head of Private Equity and a member of the firm's Management Committee. Thursday July 19, 2012 11:50 pm. 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. RITHOLTZ: By the way, there are a lot of different names for Blackstone. RITHOLTZ: I wonder, do fundamentals matter more, or is it really just a question of how far away from fundamentals can public equities get, either to the upside or the downside where it creates some form of opportunity, which kind of raises the question, how closely do private market fundamentals track whats going on in the public markets? RITHOLTZ: Makes a lot of sense. How do you use all of this data thats generated by all of your portfolio companies to navigate the world at large? 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. The global head of private equity at Blackstone Inc. spelled out the conundrum he and the entire buyout industry is faced with: Financing is getting. You go to D.C. You go to New York. Yeah. BARATTA: Well, what brings me energy and joy in my job is investing capital and working with companies. Theres definitely been proof of concept for large scale institutional investors and even retail investors, that we can produce sustainable, predictable, above public market returns. Because it looks like a couple of big companies push their way in, there were a couple of transactions, or is this going to, you know, be the fertilizer that launches a thousand blooms, or whatever the expression is? Mr.Barattajoined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. 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. I had no language skills. BARATTA: and nice calling card. 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. So youre raising the bar. Its been almost a year. Blackstone (NYSE:BX) today announced that Joe Baratta, the firm's Global Head of Private Equity, will join its board of directors. But thats not uncommon to see private equity firms taking companies private and transacting with public companies. RITHOLTZ: Youre like late 20s at this time? RITHOLTZ: Theres still textbooks in schools. Like, look at Disney, you know, Disney, in large part, was hugely enabled by streaming services because of the amazing content it owned. BARATTA: I mean, as much as we could. It sounds like you can scale up by partnering with lots of other PE firms. I think Id been to London Im not even sure Id been to London. Joe Baratta, Blackstone Group LP's top private equity dealmaker, can't be too cautious right now. BARATTA: I agree with you, I mean, 100 percent. BARATTA: In November of 2001, when I moved over , BARATTA: The industry wasnt called private equity; it was called venture capital and it wasnt . And by the time youre in your 50s, with some wisdom, you can be really good at the job. 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. You werent taken seriously. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and its all kinds of companies engaged. Weve had a big business there for a long time and we see really attractive assets. Probably somewhere around 2004 or 05, we started doing things by ourselves. RITHOLTZ: Tell us what that growth has been like over the past 25 years? BARATTA: Well, its not necessarily a problem to do that with some of our friendly competitors. We have associated funds in Asia and an energy transition, and a long-dated vehicle that allows us to hold things for 15-plus years. But cable television models or satellite TV, like, those suffered. BARATTA: Its a great building that had a beautiful collection. RITHOLTZ: And have done a pretty nice job, right? Im 30 when I moved, you know, yeah, because it was 2001 and, you know, it was just after September 11th. RITHOLTZ: Lets talk about books. And so, weve pursued, in the last decade, a control strategy, and largely where we are an outsourcing partner, providing a critical component or service to Western companies. And we were kind of oddities at that time, particularly in private equity which was still really in its infancy. But youre looking at valuations and what sort of multiples you want to pay. But it is looking at whats more attractive and whats less attractive. BARATTA: Yeah. So what is $10 billion dollars . It was a small industry. He is an entrepreneur, attorney, consultant, and advocate for independent investment advisers, which is a $97 trillion industry.
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