joe baratta blackstone compensation

I think its really important for people who are workaholics, who are high achievers to put, you know, everything that were doing every day into context and define happiness kind of outside that box. By Andrew Ross Sorkin . Joe Baratta, welcome to Bloomberg. It changed the way we communicated with each other. 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 so we did, but we were kind of trying to do deals by airplane from New York, and thats not functional. And then by the time youre in your 40s, you can actually be good at this job. RITHOLTZ: Thats quite interesting. To view recent press releases,click here. It kind of helped us get off the ground, so to speak. We find great management teams. I mean, for us, in corporate private equity, no. RITHOLTZ: You dont have the same labor costs. I know there are lots of different funds. BARATTA: Even more mature companies. You know, people knew who we were. "This is a platform we will build on in the life. About 10 or 15 years later, we actually did work together, and he acknowledged that moment and said, God, I just thought you guys were just such jokes. BARATTA: You had stuff going on in Latin America. This net worth estimate does not reflect any other assets that Mr. Baratta may own. 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? So, overall, the picture we see is of a reasonable economy, with some risks to the future, but I dont whatever recession we may have, I dont think is going to be really significant. From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks. Mr. Baratta owns 1,145,448 shares of Blackstone stock worth more than $105,312,489 as of April 20th. Hes way more interesting than me. I do really think they nailed it. And so, in terms of where our teams are spending time, its in and around sort of public markets. RITHOLTZ: in prices. Mr. Baratta was elected to the board of directors effective March 2, 2020. 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 know, we bought Hilton in June of 2007. So it was a beneficiary of the technology change. Then, in the fall of 2020, Baratta huddled with Kevin Mayer, a longtime Disney executive who had just left TikTok as CEO of the social media app. All the places youve mentioned, like Germany is very different than the Switzerland . BARATTA: Well, you have to get him back. It seems like private equity is qualitatively different than it was back in the early days. Blackstone 3d Amid global economic uncertainty and the ongoing recovery from COVID's systemic shock, we asked Global Head of Private Equity Joe Baratta for his perspective on the current. 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. Most recently he sold 85,000 units of BX stock worth $7,337,200 on 1 April 2023. In the long run. 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. 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? BARATTA: So Steve said, we got to have real presence. RITHOLTZ: Happy to have you. 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. 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. 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 it also happens to be a production of one of our portfolio companies, Hello Sunshine. RITHOLTZ: Tell us what that growth has been like over the past 25 years? February 26, 2020 08:15 AM Eastern Standard Time. It had a lot of momentum. Were coming off of a period of low inflation, low rates, and suddenly we have higher inflation and rising rates. Of course, I mean, France, Germany, Italy, Spain, you know, the whole Nordic region, Sweden, theyre not . He is the Global Head of Private Equity at Blackstone. 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. Its really quite fascinating. 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? He is also a member of the firm's Management Committee and serves on many of the firm's investment committees. BARATTA: Yeah. The first job for Morgan Stanley was McCown De Leeuw. Blackstone already manages $439 billion across alternative assets such as private equity and real estate, and is looking for ways to grow further. Private credit deals tend to be sold for plus. Sean Russo is my researcher. I was 29. 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. ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. And today, were knocking on the door of 5,000. Thursday July 19, 2012 11:50 pm. You can take margins up. RITHOLTZ: Thats very interesting because we typically think of private equity as looking at these mature non-public companies. Well talk a little bit about your time in London later. 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. RITHOLTZ: To say nothing of two people separated by a common language, right? Those do seem to be valued relatively more attractively. Scrutiny, Apple Drops Lawsuit Against Former Chip Executive Over IP Theft, Coinbase CEOs Pay Shrinks as Stock Slides. And so, yeah, there was a lot of volatility. 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. Clever. RITHOLTZ: Really intriguing. BARATTA: watch media, changed the way we shop, changed the way we found information. BARATTA: What weve found is that control is important in India. Markets never sleep, and neither does Bloomberg News. RITHOLTZ: Im not being sarcastic. How do you keep all that straight? 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. Baratta explains how the firm thinks about dislocation and change, and the steps they take to make sure they are investing on the disruptor and not the disrupted side. 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. What are some of your favorites? We have some assets. Terms and Conditions. You see these things before they start to show up in the economic data. It seems a house of fire. What is energy transition? 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. BARATTA: Yeah. But Mayer and a former Disney colleague, Tom Staggs, had a different pitch: Would Blackstone back a brand-new media company they were forming that would tap into the gusher of money going into streaming? All of our earlier podcasts on your favorite pod hosts can be found here. BARATTA: You know, I had young kids. RITHOLTZ: But youre not dealing with startups; youre dealing with . RITHOLTZ: Who, by the way, we were supposed to have on the show, and a little thing called COVID came along and interrupted us, like, literally, that end of March, beginning of April, when his book came out . Publicly traded Blackstone . RITHOLTZ: I was waiting for you to say, and it was 10:00 a.m. and they broke open the bottles of Bordeaux. RITHOLTZ: Oh, really? BARATTA: Roger Staubach, Tony Dorsett, Tony Hill, those guys. 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. You know, the blockchain, when it came people like, hmm, Im always like, whats the use case? I mean, some of your holdings like Hilton, obviously, giant. So I think the large end of the market we think is the most attractive. I think a big chunk of what we do over our history has been taking companies private and doing corporate carve-outs from public company, so non-core assets that a large company is divesting, family-owned businesses. There werent that many firms. So thats the type of thing that a decade ago, we wouldnt have invested in. BARATTA: looking at the divestiture from Vivendi. Whats appealing? RITHOLTZ: Really interesting answer. Just like life gets in the way and I had, you know, a cool career going and I stuck with it. RITHOLTZ: I never would have guessed that. But, you know, when I moved, you didnt have the single currency in circulation until January of 02. RITHOLTZ: in The Atlantic. You can see the complete history of Mr. Baratta stock trades at the bottom of the page. So given the change in size of private equity over the past 25 years, is there a sweet spot? And they had like bottles of Bordeaux on the conference room table. Theres nothing intimidating about those institutions, and then I knew some people who are involved. You want to be able to ensure that youre bringing in best-in-class management thats really perfectly aligned with you. So, yes, private equity valuations are influenced very significantly by whats going on in the public markets. BARATTA: Yeah. And there are many more $10 billion companies today than there was 12 or 15 years ago. Thats a pretty good run. Theres really no absolutes. I will learn something, and Ill have something else to do on the other side of it. For information on our privacy practices see our Privacy Policy. The other one I love is White Lotus, which is fantastic, not a Black Swan-related thing, also awesome. RITHOLTZ: So Joe Montana, Jerry Rice didnt suck you in. 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. RITHOLTZ: Right. BARATTA: Exactly. The estimated Net Worth of Joseph Baratta is at least $181 Million dollars as of 1 April 2023. 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. Mr.Barattaalso worked at Morgan Stanley in its mergers and acquisitions department. He is an entrepreneur, attorney, consultant, and advocate for independent investment advisers, which is a $97 trillion industry. We cant do that. BARATTA: I got a lot of good friends from high school. You guys seem to play across a lot of different sizes. You go to D.C. You go to New York. 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. That had to be a giant challenge, especially given what was taking place. Were seeing some companies have less pricing power maybe than they had a year ago. BARATTA: Well, in our private equity business, were spending all of our time looking at things that touch the public markets, because that is where the valuation correction, you know, is really happening, where you can transact at prices lower today than they were two years ago. RITHOLTZ: Theres still textbooks in schools. And were like, whoa, this is the sign, like this is the canary in the coal mine. Mr. So you move to the U.K. RITHOLTZ: Youre an hour to hop from all the key places . So Im really proud of what they did there, and its a great show. As for the right way, the correct way, and the only way, it does not exist. Joseph Baratta is Global Head of Private Equity and a member of the firm's Management Committee. 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. Over that 25-year period or even the past decade where youve tripled in size, its more than just quantitative. 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. BARATTA: Yes. BARATTA: Patience. RITHOLTZ: So its not like the public markets where you could say sell here, buy there, because you have such obvious prints . His current reading is here; A transcript of our conversation is available here Tuesday. There werent that many people. RITHOLTZ: You want to control and be able to set how youre going to exit or how the firm is going to be run? Thats why, as an investor, Im much happier today because were able to buy things more cheaply. 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. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $43,777,685. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and its all kinds of companies engaged. Is finding the back of the net the hardest job in football? RITHOLTZ: We take for granted totally that youre out in a car, you can pull over anywhere and tank up with gas. Weve had a big business there for a long time and we see really attractive assets. It took a year for all those local currencies, literally paper and coin currencies, to come out of circulation and have euro bills. We were trying to figure out whether any of these assets were investable, said Baratta, global head of private equity at Blackstone, referring to media companies. He was the senior guy at that time. And we were kind of oddities at that time, particularly in private equity which was still really in its infancy. Joseph P. Baratta serves as Global Head of Private Equity and Director of the Company of the Company. We bought their Climate Technologies business called Copeland. Id been to, like, Paris and Venice or something. Ive been following that series . So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? RITHOLTZ: What about geographies? I think were 4,500 , BARATTA: or something like that. So lets talk a little bit about the state of PE investing today. Incentive alignment in India has been a harder thing. And so, we bought the pub business. We bought some more, and that was a pretty successful investment. And we want to invest not just in digital virtual assets, but also in physical assets. 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. 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, 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. RITHOLTZ: Well, the past decade, the intangibles have been super attractive. All of our earlier podcasts on your favorite pod hosts can be found here. You got to get it elsewhere. Mr. Baratta served as the Senior Managing Director and Head of European Private Equity at The Blackstone Group. 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? 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 . But cable television models or satellite TV, like, those suffered. BARATTA: Yeah. April 15, 2023 10:00am by It has to be useful if you have skills. For press inquiries, contact [emailprotected]. It was about $3 billion in total size. RITHOLTZ: You could just access everything online as well , BARATTA: Fewer of them. But were not seeing it. The dot-com had just imploded. Blackstone secured $8.2 billion for a second long-life offering, 70 percent more than the strategy's 2016-vintage debut fund. Yeah. Business models are changing. Ive been super lucky to have these fun adventures, whether or not with Stanley. And I think, largely, you want to avoid highly regulated industries, where youre relying on the government to do something. BARATTA: And I think they nailed it. 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. 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. You know, I sort of looked at, well, the industry in Europe is a good decade or two behind the U.S. I think they were operating at the really top of the industry, really smart people, good track record. RITHOLTZ: Lets talk about books. BARATTA: Steve Schwarzman, our co-founder and CEO and chairman and, you know, amazing mentor and great businessman. The Tate is such a significant cultural institution in the U.K. Its funded largely by the state. Since 2012, Mr.Barattahas served as the firms Global Head of Private Equity and is located in New York. But I cant explain it. Theyre predicated on buying a good business, doing something to make it grow more quickly, and having an attractive exit when we come to sell it, which means it has to be a good business. So we share themes and we share these economic signals. Yeah. With no further ado, my discussion of private equity with Blackstones Joe Baratta. Terms and Conditions. And we were like, look, wed be great partners as youre looking at assets. BARATTA: I agree with you, I mean, 100 percent. You could consume Saturdays with kids running around. RITHOLTZ: You start out in California. He also sits on the firms Management Committee. Were hiring summer interns now who are 19 and 20 years old. Private equity was still, Id say, in the first phase of its existence, and Blackstone was one of them. And we did we became more cautious. 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. Thats interesting. 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. Blackstone's global head of private equity, Joseph Baratta is in contract to pick up a sweet 6-story townhouse from music mogul Lyor Cohen (he's Tory Burch's boyfriend), the NY Post reports.. What are the challenges of investing in a place like India? We started doing deals on our own. BARATTA: Yeah. As of 1 April 2023 he still owns at least 1,145,448 units of Blackstone Inc stock. 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. BARATTA: I think that it changes so much fundamentally, that you cant hold on to like, you know, absolutes. In terms of sectors, the real value dislocations have happened in the technology industry. 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.

Shannon Lush Leather Cleaner, How Does The Stand At Paxton County End, Liters To Kpa, Articles J