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. Blackstone already manages $439 billion across alternative assets such as private equity and real estate, and is looking for ways to grow further. The estimated net worth of Joseph Baratta is at least $105.31 million as of April 3rd, 2023. BARATTA: You know, the book I most recently finished, by Arthur Brooks, a book on happiness. Whats appealing? RITHOLTZ: So Joe Montana, Jerry Rice didnt suck you in. Mr. Baratta was elected to the board of directors effective March 2, 2020. BARATTA: Yes. RITHOLTZ: Theyre nice sized property, nice set group of . It seems like private equity is qualitatively different than it was back in the early days. 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 &. RITHOLTZ: And have done a pretty nice job, right? BARATTA: you know, company-based. When I started at Blackstone, I think weve just started investing our third private equity fund. 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. RITHOLTZ: Thats really interesting. RITHOLTZ: You start out in California. Blackstone secured $8.2 billion for a second long-life offering, 70 percent more than the strategy's 2016-vintage debut fund. RITHOLTZ: By the way, there are a lot of different names for Blackstone. RITHOLTZ: You know, were both sitting here , RITHOLTZ: Who wear ties? It takes a long time to figure out like how you get good at something and the particular way you want to do it. 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. And I met the director one day and, you know, they asked me to get involved. And weve become better at what we do in buying control of companies, engaging with them, making them better, helping them grow. So, yes, youre right, like, in the long run, fundamentals drive, determine share prices. BARATTA: A growing economy, zero cost to capital, markets compounding at 15, 16, 17 percent. BARATTA: I mean, with all respect to the Joneses who run that team, you know . RITHOLTZ: And when you say Steve, for those people who may not be familiar with . You guys seem to play across a lot of different sizes. How are you looking at the investment environment today? You know, economically, thats a big thing. BARATTA: If Apple decides it wants to buy something for, you know, 10, 20, 30, 40, it doesnt blink, and there are a lot of companies like that. Mr.Barattajoined Blackstone in 1998 and in 2001 he moved to London to help establish Blackstones corporate private equity business in Europe. But, yes, thats the kind of thing were talking about. Its a great group of people, great organization. I grew up in Sacramento, California. Tell us about those experiences. 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 . The music is great. You see it in real-time across real estate, across labor . Happy to be here. Am I exaggerating that at all or . And there, we were two young Americans, no language skills, like what are we supposed to do? Yeah. We actually have assets where those are going in, or were investing in components that are part of . RITHOLTZ: Im not being sarcastic. Joseph P. Baratta serves as Global Head of Private Equity and Director of the Company of the Company. Tell us a little bit about the work you do with them. The Tate is such a significant cultural institution in the U.K. Its funded largely by the state. Private equity was still, Id say, in the first phase of its existence, and Blackstone was one of them. We do think, at some level, it does affect the cost structures. Big software companies including Microsoft and Salesforce are racing to incorporate the technology behind ChatGPT, known as generative artificial intelligence, into their products to attract new users and boost profits. stonco lighting catalog. We had actually two investments in Germany in telecom infrastructure that in that moment, were doing that great. Just like life gets in the way and I had, you know, a cool career going and I stuck with it. Im not saying were clairvoyant and we handled everything perfectly. 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. Clever. Portions of this site are directed only to persons in certain jurisdictions. "The current volatile and unpredictable environment reinforces . And we did we became more cautious. He is the Global Head of Private Equity at Blackstone. Maybe theyre not run that efficiently. 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. I know the Savoy is in the U.K. and in Europe. The transcript from this weeks, MiB: Joe Barratta, Blackstones Global Head of Private Equity, is below. BARATTA: And I had very modest expectations like, geez, if I can last two or three years, at least I will have done it. RITHOLTZ: which is very different than the Nordic countries. Elon Musk May Yet Meet Twitter Executives in Court. Theres a little more friction in those types of industries. Blackstone secured $8.2 billion for a second long-life offering, 70 percent more than the strategy's 2016-vintage debut fund. You know, that did not happen when we were kids. Previously, Mr. Baratta served as the Senior Managing Director at the Blackstone Group, Private Equity Group. 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. When did that beckon? 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. The first job for Morgan Stanley was McCown De Leeuw. In the real estate, its Blackstone Real Estate Partners, and then there are variants on that theme. RITHOLTZ: Yeah. He was the senior guy at that time. But youre looking at valuations and what sort of multiples you want to pay. So the rate of increases is declining. But thats not really investable for us. Clearly, there was a ton of hype in crypto. 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. RITHOLTZ: And everybody started drinking and we looked at each other, can we have a drink that morning? Deceptive. RITHOLTZ: So let me interrupt you right there. at the top of the firm, you know, Steve, John, a few others of us who are on the management committee are really able to push down into the organization like what were seeing and to change investment behaviors. RITHOLTZ: based on whats going on. Its obvious in the public markets, things get frothy. 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. And by the time youre in your 50s, with some wisdom, you can be really good at the job. BARATTA: crisis. Those two men really were extremely important in my professional development, my personal development, great, amazing mentors. Ive been following that series . But I dont think were going to go back to the days of 2019 to 2021. BARATTA: watch media, changed the way we shop, changed the way we found information. 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. That doesnt happen. 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: Exactly. RITHOLTZ: in The Atlantic. Barry Ritholtz. Im Barry Ritholtz. BARATTA: And it is this perfect example of what we thought Hello Sunshine could do, the convening power to assemble that amazing ensemble cast, amazing music creators, and create something that is really important to, in this case, Amazon Prime, to be an important counterparty of the streamer. How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Its very hard for us to assemble much more than a $5 billion equity check. Youve been there for 25 years. RITHOLTZ: Post Brexit, is that the driver? 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. The Fed was saying, no, its transitory or whatever adjective they used. Atika Valbrun is our project manager. You know, energy prices are higher. 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. But what it is, is we have to figure out what businesses are going to be disrupted and avoid those, and figure out what mature businesses will be enabled by this and invest in it. And in fact, I invited him to come talk to our partner group. Im assuming these are both related M&A-type . 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. But wed prefer to buy things on our own, just Blackstone with our limited partners. We were looking at taking remember the Vivendi at that time? This website uses cookies, including third-party cookies, in order to obtain information about your visit to the website and make this website better. RITHOLTZ: Oh, really? And today, the clear direction of travel is toward weaning ourselves or these big economies off of hydrocarbons for power. 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 . RITHOLTZ: Happy to have you. And so we sort of followed our real estate colleagues, where they went and establish a toehold, became successful. BARATTA: looking at the divestiture from Vivendi. There are 23 older and 2 younger executives at Blackstone Inc. From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life. Ive heard people say Blackstone, Blackstone Group, Blackstone Partners. BARATTA: Well, I think if you look at the evolution of the size of private equity transactions over the last decade, actually, they havent grown very much, notwithstanding the fact that the equity capital market cap is like three or four times bigger than it was in 2007. It has to be growing. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $43,777,685. 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. 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? I found this to be a fascinating conversation because Joes career has very much paralleled the growth of private equity. BARATTA: Its a great building that had a beautiful collection. 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. BARATTA: I think it was 2005, when we started to look at in China and in India, in particular, and also Japan. These are physical assets. We combined it with another one. RITHOLTZ: Really interesting.

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