And you have to enjoy that process and enjoy like the time it takes. What are you looking at that might not have been on the table a decade ago? BARATTA: A growing economy, zero cost to capital, markets compounding at 15, 16, 17 percent. So its a whole broad spectrum of investing in the energy complex focused on the transition from hydrocarbons to renewable sources. BARATTA: I think it was 2005, when we started to look at in China and in India, in particular, and also Japan. So I think thats kind of the realm were in. But were not seeing it. Our model is not to run the companies. How often does a new business model come along thats really notably different from what preceded it? I have my way. RITHOLTZ: And you guys, your bread and butter is not forecasting the economy. What sort of new markets are you guys considering? The estimated net worth of Joseph Baratta is at least $105.31 million as of April 3rd, 2023. 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. BARATTA: Yeah. 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. You know, we bought Hilton in June of 2007. And, you know, I needed to earn some money and I was adept in finance. BARATTA: No. He is also a member of the firms Management Committee and serves on many of the firms investment committees. BARATTA: We leaned into exiting what we could in that period. Roger Staubach, Tony Dorsett, Tony, RITHOLTZ: Oh, really? There werent that many people. But youre looking at valuations and what sort of multiples you want to pay. 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? Its a solution and source of a problem, sort of. 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. RITHOLTZ: Lets talk about books. 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. 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. They also share their perspectives on the opportunity in live entertainment, one of our high-conviction investment themes. Is this just part of the life cycle of business, or do you go through these periodic spasms where everything changes? Terms and Conditions. Incentive alignment in India has been a harder thing. 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. BARATTA: So there were still French francs and, you know, lira, and German Deutsche Marks. Deadly. Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last . RITHOLTZ: Yeah, supposed to be sort of loosely fashion day . What was it like on the private side at the end in the 90s? Blackstone Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. BARATTA: Even more mature companies. RITHOLTZ: So you lasted two or three years, and then you get tapped to go to London in 2001. That doesnt happen. We had our second real estate fund, which was I think about $1.2 billion or $1.3 billion. RITHOLTZ: You see that on the private market? 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. You want to be able to ensure that youre bringing in best-in-class management thats really perfectly aligned with you. I think Id been to London Im not even sure Id been to London. This week, we speak with Joseph Baratta, who since 2012, has served as Global Head of Private Equity at Blackstone the worlds largest alternative asset manager, with $975 billion in assets under management. And, you know, I grew up at the foothills of the Sierra Nevada Mountains, and I love to go there. 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. RITHOLTZ: Oh, really? When did that beckon? It took a year for all those local currencies, literally paper and coin currencies, to come out of circulation and have euro bills. The Tate is such a significant cultural institution in the U.K. Its funded largely by the state. Blackstone Group is talking to its biggest investors to create a "coalition of the willing" that can buy control of large companies outside its existing funds, according to Joe Baratta, head . JOSEPH BARATTA, GLOBAL HEAD OF PRIVATE EQUITY, BLACKSTONE: Thank you. BARATTA: Yeah. 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. How do I contact Joseph Baratta? Ive heard people say Blackstone, Blackstone Group, Blackstone Partners. Private credit deals tend to be sold for plus. 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. Sometimes we buy things from our competitors, particularly if we think we can make them a lot bigger through acquisition or other things. You know, people knew who we were. Publicly traded Blackstone . Learn More Get subscriber-only insights and news delivered by Barry every two weeks. You had Lehman almost go bust, I think, around that time for maybe the first or second time. Privacy Policy It sounds like a good background for someone who eventually ends up buying companies. 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. First Eagle Investment Management, you mentioned Medline earlier, Ancestry.com is probably things people are familiar with. Paris Wald is my producer. BARATTA: I think starting with the fundamentals, you know, the economy is quite sound. Barry Ritholtz. 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. Fintechs, beat down by the tech meltdown last year, are struggling to make good on their pitch to consumers. BARATTA: Yeah. The first deal we looked at was in France. 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 will learn something, and Ill have something else to do on the other side of it. Its very hard for us to assemble much more than a $5 billion equity check. I remember completely empty plane flying over to London , BARATTA: with my then girlfriend, moving to London. Joe Baratta, Blackstone Group LP's top private equity dealmaker, can't be too cautious right now. How do you keep all that straight? You know, we spent a lot of time looking at traditional media businesses that linear TV, satellite broadcast, regional sports networks, all these things, that the direction of travel isnt really investable, the streaming services, direct to consumer. RITHOLTZ: How did you first get involved with them? So you move to the U.K. RITHOLTZ: Youre an hour to hop from all the key places . BARATTA: Exactly. The dot-com had just imploded. US buyout giant Blackstone Group has announced the appointment of Joe Baratta, the former head of its European private equity team, as its new head of global private equity. Industry structures are changing. 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 dont miss a game. RITHOLTZ: Im not being sarcastic. Get subscriber-only insights and news delivered by Barry daily. And so, that didnt happen until 2002. I know the Savoy is in the U.K. and in Europe. 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. And also, there are new business models, new media models. Mr.Barattagraduated magna cum laude from Georgetown University. I mean, this is the ultimate French establishment. And the cost of financing and the quantum isnt the biggest driver of our returns. BARATTA: I had agreed to go before September 11th happened. Whats an attractive place that people probably overlooked? From 2004 until 2010, we were having babies, and one of the places we would always go is either Tate Britain or Tate Modern. BARATTA: and nice calling card. You mentioned real estate, private equity, M&A. 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. 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. RITHOLTZ: Similar to U.S. antitrust rules . You had a longer period of time to figure out if you were right or not. 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. I mean, some of your holdings like Hilton, obviously, giant. And today, were knocking on the door of 5,000. RITHOLTZ: I dont want to suggest that thats what we hear. Mr. And its cool and, you know, Bitcoin or whatever, theyre just probably a real store of value. RITHOLTZ: in Europe. So thats been a really important book Ive read recently, and I think hes great. BARATTA: Roger Staubach, Tony Dorsett, Tony Hill, those guys. 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