Blackstone (NYSE:BX) today announced that Joe Baratta, the firm's Global Head of Private Equity, will join its board of directors. 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. Inside Blackstone's Plans to Create an Entertainment Empire Sean Russo is my researcher. BARATTA: and nice calling card. BARATTA: And, you know, philanthropy in the U.K. is at a different scale than in the U.S. Well talk a little bit about your time in London later. So you move to the U.K. RITHOLTZ: Youre an hour to hop from all the key places . By Andrew Ross Sorkin . We have been speaking with Joe Baratta. Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities Martin Brand Head of North America Private Equity and Global Co-Head of Technology Investing Kenneth Caplan Global Co-Head of Real Estate Gilles Dellaert Global Head of Blackstone Insurance Solutions And in fact, I invited him to come talk to our partner group. BARATTA: Yes. RITHOLTZ: I never would have guessed that. RITHOLTZ: You could just access everything online as well , BARATTA: Fewer of them. Disputes over compensation and firings, and potentially over layoffs, could push both sides into fresh legal battles. I mean, it was certainly not expected. RITHOLTZ: Yeah, supposed to be sort of loosely fashion day . Terms and Conditions. Im Barry Ritholtz. So when youre adjusting your investment posture, youre basically saying were going to take more risk or less risk . I know there are lots of different funds. BARATTA: Exactly. RITHOLTZ: Really interesting. And there, we were two young Americans, no language skills, like what are we supposed to do? Its one firm made unified. You mentioned private credit. And to me, that was a more comfortable form of investing and where I wanted to bet my career. BARATTA: Were not seeing evidence of it in the portfolio. So its a whole broad spectrum of investing in the energy complex focused on the transition from hydrocarbons to renewable sources. And the fact that financing costs are higher, kind of its neither here nor there because our returns are not predicated really on the cost of financing. Just like life gets in the way and I had, you know, a cool career going and I stuck with it. And I was like, geez, okay, well . RITHOLTZ: Oh, really? So I think thats kind of the realm were in. Kirk Falconer - January 10 2022 + I was 29. RITHOLTZ: Really quite interesting. BARATTA: Yeah. Yeah. We started doing deals on our own. 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. And, you know, why is that? So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? Switchboard: +1 (212) 583-5000. Ive studied finance, it was my major at Georgetown, and I was hoping to get a job somewhere, and I got a job at Morgan Stanley which way exceeded my dreams at that point. Blackstone's Joe Baratta: long-life private equity funds 'now an asset BARATTA: Yeah. 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. They also share their perspectives on the opportunity in live entertainment, one of our high-conviction investment themes. Its been almost a year. 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. On average, Joseph trades about 53,227 units every 51 days since 2020. Again, were not perfect. RITHOLTZ: You know, were both sitting here , RITHOLTZ: Who wear ties? 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. 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. To view recent press releases, click here. And by the time theyre 30, they wanted to have, like, declared victory on their career. That sounds like a fascinating organization. So Im really proud of what they did there, and its a great show. Matthew Delly on LinkedIn: Areas of thematic investing focus from We still continue, in many of our companies, to struggle to fill open roles. So given the change in size of private equity over the past 25 years, is there a sweet spot? Signup for our newsletter to get notified about sales and new products. RITHOLTZ: And then we talked about the companies that youre on the boards of, but youre also a trustee of the Tate Foundation, which I assume is related to the giant Tate Museum in London. Then we did other similar investments, particularly with real estate content, the pubs all own their real estate. I mean, his family dates back to like Louis Quatorze. 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. There werent that many people. Yeah. The Mysterious Man Behind - Institutional Investor So a big part of what we do is trying to figure out where we dont want to invest, and whats going to be dislocated by ubiquitous broadband back in 2005, 06, 07, and now, AI with a rate of sophistication of that technology. Hes probably 42 or 43. Is finding the back of the net the hardest job in football? 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. NEW YORK-- ( BUSINESS WIRE )--Blackstone (NYSE:BX) today announced that Joe Baratta, the firm's Global Head of Private Equity, will join its . 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. And for a while, it looked like the lower quality the stock was, the better it did. Joseph Patrick Baratta Global Head of Private Equity The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. 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. 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. "This is a platform we will build on in the life. You know, people knew who we were. Blackstone is one of the worlds leading investment firms. So, yes, youre right, like, in the long run, fundamentals drive, determine share prices. Youve been there for 25 years. Where are you looking around the world? 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. But thats not uncommon to see private equity firms taking companies private and transacting with public companies. Joseph Baratta net worth, bio and Blackstone Inc insider trades. 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. And so, we bought the pub business. And I know the size, it was 32, 33, 34, $35 billion. So I wanted to get a job at a private equity firm. BARATTA: Well, you have to get him back. RITHOLTZ: So eventually you leave Morgan Stanley, you ended up at Tinicum Incorporated and McCown De Leeuw & Company. We had our second real estate fund, which was I think about $1.2 billion or $1.3 billion. BARATTA: I mean, as much as we could. RITHOLTZ: Really intriguing. I mean, you know, this is probably 2002. BARATTA: Steve Schwarzman, our co-founder and CEO and chairman and, you know, amazing mentor and great businessman. Mr.Barattahas served on the boards of many past Blackstone portfolio companies and currently serves as a member or observer on the boards of Ancestry, Candle Media, First Eagle Investment Management, Medline and Merlin Entertainments Group. So certain elements of technology, particularly in software, we think are much more attractive than they were a couple years ago, not to say they look overwhelmingly cheap, but certainly more attractive than they were. In the U.K., we own the Savoy Group of Hotels, which is the Connaught and Claridges and Savoy. He also sits on the firms Management Committee. Joseph P. Baratta serves as Global Head of Private Equity and Director of the Company of the Company. Mr. Baratta was elected to the board of directors effective March 2, 2020. 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. BARATTA: How could a kid from Sacramento be a Dallas Cowboys fan? And they introduced me to and I wont name names, hes a wonderful guy. The firm had had , RITHOLTZ: Do you need language skills in England, or is it . BARATTA: Patience. BARATTA: I think private credit has filled the hole for these smaller businesses, but really not on the full banking suite. All of our earlier podcasts on your favorite pod hosts can be found here. Two years ago, Joe Baratta couldnt figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. What are you reading right now? But its nothing like it is today. How do you keep all that straight? And by the time youre in your 50s, with some wisdom, you can be really good at the job. And so we did, but we were kind of trying to do deals by airplane from New York, and thats not functional. But in the moment, it was less wonderful. And, you know, cost structures are a little less efficient there may be than in the U.S. now. RITHOLTZ: Right. BARATTA: You know, I had young kids. And, you know, I grew up at the foothills of the Sierra Nevada Mountains, and I love to go there. You can stream and download our full conversation, including any podcast extras, iTunes, Spotify, Stitcher, Google, Bloomberg, and Omny. Now, the firm had assets. And we did we became more cautious. Its where we play. You saw it in the financial services sector. BARATTA: So I think we just raised a small credit fund, which is $900 million, and then we had an M&A advisory business. The goal: to help bring brand . RITHOLTZ: You dont have the same labor costs. People were declaring last summer, were already in a recession. BARATTA: Well., they definitely did that. RITHOLTZ: across all these different inputs. RITHOLTZ: Really quite fascinating. Switchboard:+1 (212) 583-5000. Mr. Baratta currently serves as Global Head of Private Equity and a Member of the Board of Directors of Blackstone, a leading global investment firm. I mean, you have a bunch of companies that have trillion dollar-plus market caps. What are some of your favorites? For office-specific contact information, please visitour offices page. Joseph Baratta Net Worth (2023) | wallmine Theres really no absolutes. That had to be a giant challenge, especially given what was taking place. I do really think they nailed it. Joseph Baratta is Global Head of Private Equity and a member of the firm's Management Committee. We back them with capital and support, and we let them run the businesses. We also discuss how Private Equity has developed over the past three decades from a small $50 billion alternative to a massive multi-trillion dollar investment sector. Like, the last $30 billion deal we did, I mean, we bought Medline in 2021. Theres nothing intimidating about those institutions, and then I knew some people who are involved. You have your way. And the total AUM of our private equity business, AUM assets under management is roughly $80 billion, $90 billion. Im assuming these are both related M&A-type . And really, most of our expansion started with our real estate business, because its a little bit easier to expand globally in real estate because its more asset-based rather than like . It sounds like a good background for someone who eventually ends up buying companies. Joseph Baratta | Year Up By submitting this request, you consent to receive email from Blackstone. RITHOLTZ: And businesses just have to exist. He is an entrepreneur, attorney, consultant, and advocate for independent investment advisers, which is a $97 trillion industry. RITHOLTZ: Thats very interesting because we typically think of private equity as looking at these mature non-public companies. Barry Ritholtz. BARATTA: But they were private equity. RITHOLTZ: Thats right. And so, in terms of where our teams are spending time, its in and around sort of public markets. And, you know, what I sort of decided as well, fragmented industries, where you could drive consolidation that had happened already in the U.S., things like, in the U.K., pubs. You could only wear black shoes. And, yes, if Jerry needs some help, you know, he knows who to call. You know, that did not happen when we were kids. BARATTA: I had agreed to go before September 11th happened. You mentioned real estate, private equity, M&A. I mean, for us, in corporate private equity, no. We combined it with another one. This seems to really be a potential sea change. Hes way more interesting than me. Tell us a little bit about the work you do with them. And then by the time youre in your 40s, you can actually be good at this job. RITHOLTZ: At what point does size become the enemy? Mr.Barattahas served on the boards of many past Blackstone portfolio companies and currently serves as a member or observer on the boards of. Before joining Blackstone, Mr. Baratta was with Tinicum Incorporated and McCown De Leeuw & Company. There were a few firms, couple of big leaders like KKR. 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. 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. 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. 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. When did that beckon? Privacy Policy Blackstone: long-life private equity funds 'now an asset class' RITHOLTZ: Makes a lot of sense. Roger Staubach, Tony Dorsett, Tony, RITHOLTZ: Oh, really? RITHOLTZ: So how much of this is a function of a trend we sort of began in the 1990s? 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. BARATTA: Well, what brings me energy and joy in my job is investing capital and working with companies. Thats interesting. RITHOLTZ: So heres the really interesting observation that youre making, Blackstone has boots on the ground in all these different sectors. 2013-2023 The Information. Blackstone Joe Baratta Finance Manager Boca Raton, FL INFINITI of Coconut Creek, +10 more Joe Baratta I/O Psychologist, Trustee, Vice Chair Lake Tahaoe School Board, CEO TBIG Investments. It changed the way we communicated with each other. All Rights Reserved. I have my way. And, you know, Ive lived in great places. RITHOLTZ: I was waiting for you to say, and it was 10:00 a.m. and they broke open the bottles of Bordeaux. We had actually two investments in Germany in telecom infrastructure that in that moment, were doing that great. You can stream and download our full conversation, including any podcast extras, iTunes, Spotify, Stitcher, Google, Bloomberg, and Omny. And enjoy the journey. I think because the private equity investing model has been really good for our clients, which are state pension plans, sovereign wealth funds, you know, ensuring the retirement safety of many tens of millions of people. BARATTA: Yeah, Im 29 when Im asked. 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. I think were 4,500 , BARATTA: or something like that. 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? Who cares about brown shoes? If you enjoy this conversation, well, be sure and check out any of the previous 500 or so weve done over the past eight years. BARATTA: And I had very modest expectations like, geez, if I can last two or three years, at least I will have done it. 40+ "Joe Baratta" profiles | LinkedIn And then, like I said, theyre very accessible. 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. We actually have assets where those are going in, or were investing in components that are part of . For press inquiries, contact[emailprotected]. Business models are changing. 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. Were seeing maybe wage increases beginning to decline. RITHOLTZ: A broad spectrum of different holdings. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. RITHOLTZ: So we see a lot of hype business come along. You know, in the market, its like if you start at the wrong time, if youre wrong for a few quarters, like, boom, like the career is abbreviated. 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. Mr.Barattajoined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. Those do seem to be valued relatively more attractively. So, you know, you could go to France, maybe they didnt love, you know . So that is one sector that were investing, and that a decade ago, we wouldnt. JosephBarattais the Global Head of Private Equity and a member of Blackstones Board of Directors. It takes a long time to figure out like how you get good at something and the particular way you want to do it. What is . Scottish & Newcastle was a big brewer up in Scotland at that time. RITHOLTZ: And have done a pretty nice job, right? Elon Musk May Yet Meet Twitter Executives in Court - New York Times 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. 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. They introduced me to the head of a significant private equity firm in Europe. In the long run. So thats been a really important book Ive read recently, and I think hes great. RITHOLTZ: First of all, how did you first get involved with them? How are you looking at the investment environment today? 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: I can imagine. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. BARATTA: Wind, solar, electrifying the economy, getting off of oil and gas, and its all kinds of companies engaged. BARATTA: I just got done with Daisy Jones & The Six . I mean, there is some degree of like heightened caution concern, because when you do take rates up and really tighten financial conditions, there are consequences in the economy at some point. Yes. 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. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest, Joe Baratta is the Global Head of Private Equity at PE giant Blackstone, where he has worked since 1998. 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. So, as an investor, you have to be nimble. 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: in Europe. But for listeners, you know, you dont have the same capital costs. I would be remiss if I did not thank the fine team who help put this conversation together each week. 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. BARATTA: That was very yeah, and you couldnt wear brown shoes. BARATTA: Yeah, right after I graduated college, I went to Georgetown in 1993. 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. Global Head of Private Equity, Joe Baratta, shared insights on how Blackstone is thinking long-term in this business cycle and how investors can prepare - by focusing intently on sector &. 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. I mean, at least, it was back then. 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. I think that also theres a bunch of businesses that are manufacturing things that must exist in the physical world, you know, to cool or heat the environment, food, the distribution of essential medical products, whole energy transition. For office-specific contact information, please visit our our offices page. Venture capital was the nomenclature for everything that was basically a private investment. Thank you, Joe, for being so generous with your time. BARATTA: Yeah. How do I contact Joseph Baratta? RITHOLTZ: So lets talk a little bit about some of those places.

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