Joseph Baratta is the kind of private equity guy who sits in the front seat of the roller coaster, especially when he’s buying one. Under Baratta, Blackstone invested significantly in operational infrastructure, hiring experts in areas such as procurement, health insurance, and pricing. Ilana Blitzer’s Husband and Son Ilana Blitzer was previously married but that marriage ended after several years. Baratta used the firm’s real estate expertise to differentiate Blackstone from its rivals: Nursing homes and pubs, for instance, often owned the valuable ground beneath their businesses. Special Report: Finding Liquidity Within Policy Benchmarks, Modern Slavery Act Transparency Statement. Vivendi Universal was selling off companies that a former CEO had bought in a bid to create a new media concern; in 2002, Blackstone partnered with Thomas H. Lee Partners and Bain Capital to buy one of these, U.S. textbook business Houghton Mifflin. He has a strong quantitative knowledge and develops research and risk management tools. Blackstone navigated the crisis reasonably well and, remarkably, emerged stronger. Like all firms with an iconic figure at the top, Blackstone needs to deal with succession. With the market at an all-time high, Schwarzman wanted to tap the public for permanent capital, even as institutional investors warned that shareholders would demand growth from Blackstone that would hurt fund returns. Diagnose at Home. He holds a Master’s degree in Business Administration & Finance from HEC Geneva. With crisis-era deals still making headlines, the private equity industry was in a funk. David Roccanova. Advises art collectors in establishing galleries and museums. Its stock price, which has doubled in five years, is still 20 to 25 percent below the all-time high it hit in May 2015. Renowned for his vast expertise in economics and finance, Michel Girardin is an independent adviser at Mt Fort Advisers. Prior to Ashmore, Oksana worked for Salomon Brothers and Merrill Lynch proprietary trading desks. Blitzer is a 38-year-old Blackstone exec who handles the firm's European corporate private-equity business. Yet to the larger world — which associates Blackstone with Steve Schwarzman, co-founder, CEO, and multimillion-­dollar party-thrower — the name “Baratta” is all but meaningless. In 2002, Schwarzman’s firm raised $6.8 billion for Blackstone Capital Partners IV, the largest private equity fund at the time. Baratta invested in Center Parcs, a prominent holiday village in the U.K.; Southern Cross, the U.K.’s largest group of nursing homes; and SeaWorld Parks and Entertainment. Then the global financial crisis hit. The next decade would remake Blackstone and the private equity industry. With the first generation of private equity executives celebrating retirement-range birthdays, the industry is struggling with leadership — not necessarily because there aren’t enough qualified successors but because the guys at the top don’t want to retire. He was born to Polish-Jewish refugees Cesia Blitzer and David Blitzer… In 1998, looking to join a firm with outside capital, Baratta jumped to Blackstone as a first-year associate. David S. Blitzer is the Global Head of Blackstone’s Tactical Opportunities group (Tac Opps), and a member of the firm’s Management and Operating Committees. NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, has completed its previously announced … “We got our investors focused on the volatility of returns within a fund: Did you have two investments where you made eight times your money and 25 where you made nothing or even lost money?” he says. But with Blackstone’s backing and €3.5 billion in capital, Merlin was soon devouring other attractions — bidding for Legoland and acquiring Italy’s leading theme park operator, aquariums in Asia, Madame Tussauds, and the London Eye. Nitin holds an undergraduate degree in business studies from University of Delhi and an MBA (Finance/Strategy) from Nanyang Business School, (NTU) Singapore. The range of Oksana’s responsibilities included investment due diligence, legal structuring, investment oversight as well as achieving exit; the typical investment period was between 6 months and 5 years. To prevent a repeat of the crisis, global financial regulators enacted rules and prohibitions, including the Dodd–Frank Wall Street Reform and Consumer Protection Act and the Volcker rule, that curbed banks’ risk taking. In the early years of the industry, good returns could be generated with smart people and innovative financing, he says. And his U.K.-­focused strategy helped him avoid problems that competitors faced in Spain and other countries after the crisis. Nitin has over twenty years of experience in financial institutions such as American Express, Standard Chartered and BNP Paribas. “Joe excelled. He is fluent in French and English and holds a master’s degree in Quantitative Finance from HEC Lausanne. The Mysterious Man Behind Stephen Schwarzman. Harris and David S. Blitzer of the private equity firm Blackstone Group are the co-founders and managing partners of an investment group, Harris Blitzer Sports & Entertainment that won a $280 million bid for … Schwarzman’s role as CEO has put him in the president’s sight lines, and his drive is unquestionable; he’s insisted that his White House role won’t take away from his full-time job, just his sleep. ... Office Alumni. He’s also busy running a $100 billion private equity business at a time that he says is more treacherous than he’s ever seen: Equities are at lofty valuations, interest rates are likely headed higher, and the uncertainty of the Trump administration’s policies could help or hurt the economy. Baratta asserts that Blackstone’s consistent returns could be credited to the firm’s structure: a single global fund with one investment committee, in contrast to the regional or sector-based funds of competitors. He found both models limited. It also has a $4.5 billion energy fund that coinvests with the main fund. Office Services Coordinator. Private equity managers started raising ever-larger funds. In 2018 he founded his own wealth management firm, Rockfort Advisors in Singapore, and is looking after a selective network of entrepreneurial families. Under managing partner Josh Harris and co-managing partner David Blitzer, the Sixers allowed Jerry Colangelo — and then Bryan Colangelo — to take a large chunk of control in the organization, which … Deals done during the boom years started coming undone. Blackstone, free of these regulations, stepped in. Blackstone has dealt with succession better than many of its peers. A lecturer in macro-finance at the University of Geneva, Michel Girardin has over 25 years of experience in roles as chief economist and head of investment strategy in the Swiss banking sector. Christian joined the Group as an analyst and portfolio manager in 2006, developing the research activity and the asset management group that he still leads today. In 2001, Schwarzman asked Baratta and David Blitzer (now global head of Blackstone’s tactical opportunities group) to go to London to start a European private equity business. Sandeep graduated with a Master of Business Administration (MBA), Finance and Marketing from the Faculty of Management Studies – University of Delhi. It’s a place he’s comfortable in. But in an organization that has so often relied on its own Moses — Schwarzman —the remaining question about Joe Baratta is whether he will be good enough, or ambitious and single-minded enough, to one day lead it. Previously, Sandeep was CEO of HSBC Private Bank (South East Asia) overseeing over 300 staff and over USD 20 billion of assets in one of the top 4 private banks in Asia. Baratta’s father expanded the business, branding the gyms with the name of fitness advocate Jack LaLanne. A year later Blackstone led a consortium of private equity firms to buy Freescale Semiconductor in an even bigger deal. How old is Wolf Blitzer?-Age. He’s leaning forward, chest out, quick and looking for action. Among the larger transactions was the $175mm private equity investment in TAAS Yuryakh, an oil and gas upstream business which was subsequently sold to Rosneft; investments in corporate distressed debt subsequently bought back by the issuers; distressed debt restructuring in Kazakhstan; and a sovereign debt advisory in the republic of Belarus. Public consciousness equates Blackstone with private equity, but public consciousness is wrong. Scott L. Bok '81, '84 JD ... David Cohen, Ex Officio '81 JD. He worked closely with some of the wealthiest global families and on some of the largest businesses in Asia. She has wide-reaching experience in incorporation and management of companies, and has a solid network of local and international banking relations. He masters several programming languages such as Python, Matlab and VBA. Few people outside the environs of Wall Street have heard of Joe Baratta because he’s not needed — yet. Behind the scenes sits 46-year-old Joe Baratta. Gray runs Blackstone’s $102 billion real estate business; J. Tomilson Hill heads Blackstone Alternative Asset Management (BAAM), a $71 billion hedge fund solutions business; Goodman and Tripp Smith oversee $93 billion in credit strategies. And why should they? Senior Managing Director & Head of Tactical Opportunities, The Blackstone Group. By contrast, Blackstone hired specialists — in procurement, for example — who would build those capabilities inside portfolio companies. What sold Calhoun on Baratta was his readiness to add operators to the boards of companies. Previously, Sandeep was CEO of HSBC Private Bank (South East Asia) overseeing over 300 staff and over USD 20 billion of assets in one of the top 4 private banks in Asia. Since 2015, Janet has headed new business development for Paris-based Studio Adrien Gardère, the award-winning museum and exhibition designer, whilst accepting consulting assignments, including with New York-based Business Council for International Understanding (BCIU), established by President Dwight D. Eisenhower to further communication and peace in the world. He was born in 1948 in Augsburg, Germany. Though few of his high school classmates went to college east of the Rockies, Baratta left Sacramento to attend Georgetown University. Depending on Schwarzman’s influence, the firm may also face a changed market environment given President Trump’s promise to roll back Dodd–Frank, which aided Blackstone’s growth by hobbling its bank competitors. In 2007, Blackstone was one of the first major private equity firms to go public. Blackstone’s stock price cratered. Blackstone has a $5 billion core private equity fund that it raised to invest in four to five companies that it would hold on to for the long term and produce co-investment opportunities for clients. Schwarzman wanted to diversify into investments that would do well in a downturn. “But given our single global fund structure and the fact that we’re making ten to 12 investments globally, we can be highly selective.”, Inside Blackstone, few doubt Baratta’s ability to handle the market’s roller coaster. They identified fragmented industries ripe for consolidation, including nursing homes, hospitals, and restaurants. “Private equity was still a cottage industry, so that was a pretty good insight to have as a 23-year-old person in 1993,” he now laughs. Beyond performance statistics, Baratta needed to show investors that the firm maintained discipline, didn’t sell too early, and produced consistent returns. Before becoming independent Chris spent short of ten years with Bank Paribas between 1995 and 2003 in Geneva and London occupying various functions in corporate banking, investment banking and ultimately in private banking. Facilites Administration Coordinator. He retains the interest of a group of entrepreneurial Clients who form the base of his clientele. Sharnda Blackwell. “No one wanted to invest with the publicly traded large-cap firms,” Baratta says. in Economics from the London School of Economics. The other group is led by David and Simon Reuben. 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 Dungeon, a museum that recreated gory historical events for curious tourists. The private equity industry was built on the back of declining interest rates and good economic growth. Among other possible successors are Jonathan Gray, the 47-year-old who has been with Blackstone since graduating from the University of Pennsylvania’s Wharton School in 1992; Bennett Goodman, who co-founded GSO Capital, which has been a home run for Blackstone; and David Blitzer, who went to Europe with Baratta and whose tactical opportunities business runs $17 billion. Investors, it is suggested, penalize the stock because of the volatility from Blackstone’s irregular sales of portfolio companies and real estate. The two moved overseas with Blitzer at the helm and Baratta as his number two. If you're happy with cookies click proceed. It was too late to be a pioneer in the U.S., but Baratta could do it in Europe. Loading Dock Manager. The firm has $101 billion in so-called dry powder, or cash to invest. “But how do you line up resources behind that CEO so they would be better than they would be if they were on their own?” Calhoun says one firm had a series of senior advisers — perhaps retired CEOs — who would fly in and spend a day with a CEO and then fly out. James, along with Jonathan Gray and Bennett Goodman, have been mentioned as possible successors to Schwarzman, a topic that has grown more urgent as the founder celebrates his 70th birthday. “We had all the pieces, but it was all still small,” Baratta recalls. Wolf Blitzer Family – Parents. She holds a Master’s degree in Accounting and Control from UNWE (University of National and World Economy) in Sofia, Bulgaria. Emily received a B.A. The stock trades at a multiple between 9 and 11 times the price-earnings ratio; traditional managers trade at about 14 to 15 times earnings. In his most recent role at BNP Paribas, he was working closely with ultra high net worth private clients and assisting them with respect to asset allocation, across multiple geographies. ... Wildcat acts as the investment office for the family of David … Though it had been nicked by the crisis, Blackstone had come through without a major blowup and was even buying businesses. Any of those four could take over,” says James of Gray, Goodman, Blitzer, and Baratta. In 2015, she married her current husband and love of her life, David Snider. In 2014 James recruited David Calhoun to head private equity portfolio operations. We’re on our fourth-generation leader in private equity. “Joe had no fear of the social dynamics that could occur between the investor board reps and the operators,” Calhoun says. At the time, the firm had about 250 employees, about 25 of them in the private equity group. But Harris and Blitzer are disciplined buyers, not the type of guys looking to pay close to $2 billion for the Mets. Blitzer currently serves on the Boards of Dream, a youth development organization servicing over 2,200 inner city children, and the Riverdale Country School, the Advisory … Caroline joined the Group in 2016 as an Assistant to Portfolio Manager. We are proud of our strong network of recent Office … Oxana was a fund manager at Ashmore Group Plc, an emerging market specialist investment manager overseeing over USD 80bn in assets, and a Director of Ashmore Russian, a subsidiary of Ashmore Group, in charge of ex-CIS investments and operations. President Jon Gray uses a megaphone in the office to communicate with socially distanced colleagues. Chris is a certified International Investment Analyst (CIIA) and a Certified International Wealth Manager (CIWM), who graduated from HEC Lausanne with a Master of Science in Business Administration and Finance. People looked down their noses at us; we were just the latest American firm to show up in Europe.” They hired a young team, focused primarily on the U.K., and developed an investment strategy that mirrored what they had done in the U.S. Specific investments included private debt, distressed corporate high yield debt, corporate restructurings involving debt for equity swaps, and private equity investments. He’s really smart but doesn’t just sit there and analyze things. The Wall Street owners of the Philadelphia 76ers and New Jersey Devils now have a toehold in the NFL. … Still, he admits, change was needed. David M. Blitzer is leading a committee at S&P Dow Jones Indices that is weighing whether the four-company telecommunication-services group should remain a stand-alone sector in the S&P 500. “He was in London for more than ten years and hasn’t been a fixture in New York,” explains Hamilton (Tony) James, Blackstone’s president and chief operating officer. One priority upon his ascension was getting the U.S. private equity group refocused on finding deals themselves instead of waiting for opportunities from bankers — the riding-the-roller-coaster method, in short. “They thought we had peaked.”. Since 2010 he has been in charge of discretionary investments and advisory activities for a group of private clients. Schwarzman is now chairman of President Trump’s strategic policy forum. “A mistake a lot of firms make is to take the most prolific deal partner and say, ‘Now we’re going to make you a manager.’ That’s a different skill set,” says Blackstone president James. “Now you’ve got the reverse trend: You have increasing cost of capital over time as rates go from really low levels to higher levels, and economic growth is a bit more muted than it was in the mid-’90s and mid-2000s.”. Gray has grown the real estate portfolio to $102 billion, the largest in the world, by making some big bets, including the 2007 acquisition of Hilton Worldwide. Premium. Chief Executive Officer Stephen Schwarzman puts a cardboard cutout of himself in front of his computer to attend Zoom meetings. In 2010, Baratta was made head of Europe. The co-managing owners of the RailRiders, David Blitzer and David Abrams, disclosed the identities and backgrounds of the 21 people who comprise the team’s local ownership. Soon after the IPO, Blackstone purchased GSO Capital Partners, a credit investment firm. Since 2003, Chris has developed an international Multi-Family Office model with a holistic approach centred around Clients and focused on wealth management. Calhoun says he specifically chose Blackstone after running a company owned by private equity firms and seeing how each approached the operations role. By the middle of the decade, private equity was minting millionaires and billionaires at a record pace. Blackstone’s real estate group had an office there, but the firm had executed only a couple of European private equity investments from New York. Meanwhile, institutional investors struggled to make good on the commitments to private equity that they had made years earlier. Stefka joined the Group in 2008. She has worked in Geneva since 2002 and before joining the Group she acquired a solid experience as accountant in the fiduciary and trust sectors, international medical assistance, IT development and the automobile industry. Blitzer and Harris, whose combined fortune exceeds $6 billion, were looking to add baseball to a portfolio that already includes the Philadelphia 76ers, the New Jersey Devils, and a stake … During her 12 years with Ashmore, Oksana was responsible for over $500mm of Ashmore funds invested in the Natural Resources, Logistics, and Industrial sectors. The firm’s recent acceleration belies its slow beginnings. Even though he was called back for a second interview at KKR — the most intimidating experience of his life, he says — he took a job with a midmarket private equity firm called McCown De Leeuw & Co. A few years later he joined Tinicum, the family office for industrial deal maker Derald Ruttenberg. Blackstone was in the middle of investing its third private equity fund and its second real estate fund. A year later he decided he wanted to work in private equity. “They all understood that improving the operations of companies was becoming the most important part of the equation. In 2012 the magazine Bilan listed him as one of the 300 most influential figures in Swiss economics. Calhoun, former CEO and president of GE Infrastructure, had been CEO of Nielsen since 2006, shortly after it was acquired by five private equity firms, including Blackstone. Sandeep graduated with a Master of Business Administration (MBA), Finance and Marketing from the Faculty of Management Studies – University of Delhi. She is fluent in French, English, Portuguese and Spanish, holds a CFC in commerce and an LBA certificate, and is currently pursuing her studies at the Society of Trust and Estate Practitioners  (STEP). But like Schwarzman, Baratta had a gift for timing: From 2006 to 2008, as the industry was expanding and asset prices were hitting highs, Baratta slowed down. By the 1990s, Blackstone was becoming a seminal deal maker and expanding into real estate and the fund of hedge funds that would become BAAM. ‘So-and-so did it this way, why change it?’ For Joe good enough is never good enough.”. Josh Harris, David Blitzer and the New Jersey Devils are making a significant and impactful donation to RWJBarnabas Health’s Emergency Response Fund to help combat the challenges presented by the … 108 likes. A man less talked about as a potential CEO-in-waiting is Baratta. In a business still led by many of the men who pioneered private equity in the late 1970s and ’80s, executives earned a lot of street cred if they got their hands dirty early. Ronald Love. In 2007, Janet was invited to form Tegris, a venture capital and asset management boutique, by a former Blackstone colleague, who had been working at Rothschild New York for 10 years. Since 2008 the firm has become a juggernaut in deal making, and not just because of its talent. He is a Doon School alumni. She is a key member of the Rockfort Advisors family helping the fund management focus in addition to her core focus on compliance, client servicing and operations. Historically, the deal origination team would populate the board until the day before the IPO, when industry executives would be added. After the technology bubble burst in 2000, institutional investors sought alternative investments, which they believed would behave differently from public stocks and bonds. Fundraising was difficult, and the industry still had billions in cash that hadn’t been invested. Vik Sawhney was an investment banker at the time. A few years later he joined Tinicum, the family office for industrial deal maker Derald Ruttenberg. Schwarzman was lauded for bringing in Tony James to handle day-to-day management in 2002. Her last role was with the regional compliance team, helping to support as many as thirteen overseas subsidiaries and two other joint ventures.Deloris graduated from the University of London with an Honours Degree in Banking and Finance. Blackstone itself took three years to finish fundraising for Blackstone Capital Partners VI, which was started in 2008. With the Federal Reserve’s loose monetary policy, the cost to borrow money to fix companies was low, and pension funds and others were funneling record amounts to private equity managers. Kiong Mei-Yi is a pioneer member of Rockfort Advisors and serves in areas of Business Operations, Client Relationship and Services Management. In 2011, Steve Schwarzman invited Janet to return to Blackstone to work with David Blitzer, who had led Blackstone’s London office for 10 years and was heading up a new Tactical Opportunities Fund in New York.  In 2013, Tiger Global Management, a hedge fund, recruited Janet to work with the Founder on research and to oversee his office, which she devoted herself to until December 2014. Sandeep has over 25 years of work experience in banking and finance. He is a Doon School alumni. In 2011, Steve Schwarzman invited Janet to return to Blackstone to work with David Blitzer, who had led Blackstone’s London office for 10 years and was heading up a new Tactical Opportunities Fund in New … Goodman, 59, was granted about $200 million worth of restricted shares in 2015 to give him a larger stake in the firm and encourage him to stay until retirement age. Gray is a favorite for succession; he is also reportedly interested in running for public office and was under consideration for Treasury secretary in the Trump administration. And David Blitzer … In 2018 he founded his own wealth management firm, Rockfort Advisors in Singapore, and is looking after a selective network of entrepreneurial families. Two years later Blackstone raised its first private equity fund and started investing in properties left for dead by the savings-and-loan crisis, which began unfolding in 1986. Special situation investments, Assistant Vice President, Operations and Client Services, Manager – Operations and Client Services. Blackstone and six others teamed up to acquire technology provider SunGard for $11.3 billion in 2005 — the biggest transaction since the notorious RJR Nabisco deal in the late 1980s. Independent Consultant In a nod to his future private equity career, Baratta says his father could have done quite well being so early to the fitness trend, but he only owned the number of clubs he could manage himself.
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