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Summary

Private Equity firms, once tight-knit partnerships, have broadened  their reach substantially, building or acquiring other businesses,  from giving mergers advice to managing hedge funds, to underwriting  stock and bond offerings. The majority have gone public, offering  stock to retail investors, ensuring steady access to more money,  and providing a means for which the billionaire founders (most of  whom are already in their 60s) to cash out their  holdings. This book will take the reader behind the scenes of  these firms, understanding their origins and synthesizing the  overlapping stories of their creations, evolutions and ambitions  into a narrative as they prepare for significant public scrutiny as  public companies.   The Cast of Characters:  Blackstone -- Stephen Scharzman, Tony James: A  laid-off Lehman Brothers investment banker teams with his Lehman  mentor to create a small advisory boutique. A decade later, he taps  a savvy fellow banker who oversees an expansion and public  offering, quadrupling its assets under management in a decade and  leading the charge to the public markets.  Carlyle -- William Conway, Daniel D'Aniello, David  Rubenstein: Two young Washington area CEOs team with a  lawyer and former Carter administration official to leverage their  Washington connections into the first truly global private equity  firm, tapping heretofore unknown, but massive, pockets of wealth in  the Middle East.   KKR -- Henry Kravis, George Roberts: A pair of  Midwestern cousins who want to work for themselves join their Bear  Stearns boss (who eventually leaves them for being too aggressive).  They establish themselves definitively with the then record-setting  RJR Nabisco deal, where they're dubbed Barbarians at the Gate.  Almost two decades later, they'll top themselves twice to set new  records.  TPG -- David Bonderman, James Coulter: A wealthy Texan  hires an historical trust lawyer from Washington to fight a freeway  scheduled to run through Fort Worth. The lawyer ends up staying on  as his top adviser and meets a brash young former consultant. The  unlikely pair breaks off from the billionaire to buy Continental  Airlines for $80 million, selling it a handful of years later for  20 times their money. They go on to buy the likes of Burger King  and J. Crew.

Duration: about 8 hours (08:02:04)
Publishing date: 2020-07-20; Unabridged; Copyright Year: 2020. Copyright Statment: —

• Business & Economics