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Thomas Lee started doing leveraged buyouts in the 1970s, before the term had even been coined to describe such deals. The death of Thomas H. Lee sent shock waves Friday through Wall Street, where decades ago he helped create one of its biggest businesses. Mr. Lee, who started doing leveraged buyouts in the 1970s, before the term was coined and the tools to finance the deals had been invented, died Thursday, his colleagues and family said.
Pete Stavros and Nate Taylor have been serving as co-heads of KKR’s private-equity business in the Americas. KKR & Co. is promoting a pair of executives to a new role overseeing the firm’s $165 billion private-equity business in a push to improve coordination and communication across regions. Pete Stavros and Nate Taylor , who have been serving as co-heads of the firm’s private-equity business in the Americas, will become global co-heads, KKR executives said. In their new roles, they will add responsibility for the firm’s private-equity businesses in Europe and Asia.
Blackstone Inc. became one of the world’s most powerful financial firms by investing on behalf of large institutional investors. To boost growth, it decided to offer its products to individuals. Its new fund was a huge success, becoming the biggest Blackstone had ever raised. Then it became a crisis.
Carlyle to Name Banking Veteran Harvey Schwartz as CEO
  + stars: | 2023-02-05 | by ( Miriam Gottfried | ) www.wsj.com   time to read: 1 min
Carlyle Group Inc. plans to name investment-banking veteran Harvey Schwartz its new chief executive, according to people familiar with the matter, as the private-equity firm’s founders seek a fresh start after a botched succession plan. Carlyle is expected to unveil on Monday the appointment of Mr. Schwartz, who most recently served as co-president of Goldman Sachs Group Inc., the people said. He spent more than two decades at the bank, building and leading various businesses.
Blackstone Earnings Fall as Firm Misses Asset Target
  + stars: | 2023-01-26 | by ( Miriam Gottfried | ) www.wsj.com   time to read: 1 min
Blackstone Inc.’s net income fell during the fourth quarter, and the investing giant’s assets under management came in shy of the $1 trillion target it expected to reach in 2022 as fundraising weakened in some of its strategies aimed at individual investors. The New York investment firm reported net income of $557.9 million, or 75 cents a share, compared with a profit of $1.4 billion, or $1.92 a share, during the same period a year earlier.
Marsh & McLennan’s market capitalization climbed to over $80 billion during the decade Dan Glaser spent as its chief executive. Dan Glaser , the former chief executive of insurance broker and benefits company Marsh & McLennan Cos., is joining private-equity firm Clayton, Dubilier & Rice LLC as an operating partner. Mr. Glaser, who said in September that he would be retiring after a 40-year career in insurance, will work for a new financial-services unit that CD&R recently launched, firm executives said.
A Blackstone real-estate vehicle aimed at individual investors will get an investment from the University of California. The University of California is putting $4 billion into a Blackstone Inc. real-estate vehicle aimed at individual investors, providing crucial ballast for a fund that has been beset by a wave of redemptions. The investment will come in the form of common equity in Blackstone Real Estate Income Trust Inc., known as BREIT, and will be subject to the same fees and terms the vehicle’s other shareholders get, Blackstone executives said. The typical BREIT investor has the option to sell shares monthly, but University of California manager UC Investments will effectively be committing to hold its shares for six years.
Other world leaders who died in 2022 include former Soviet leader Mikhail Gorbachev, who died in August. The final days of 2022 saw the loss of some exceptionally notable figures, including Pope Emeritus Benedict XVI. Here is a roll call of some influential figures who died in 2022 (cause of death cited for younger people, if available):___JANUARY___Dan Reeves, 77. A Cuban-born artist whose radiant color palette and geometric paintings were overlooked for decades before the art world took notice. A prolific character actor best known for playing villains and tough guys in “The Manchurian Candidate,” “Ocean’s Eleven” and other films.
Advent to Buy Maxar Technologies for About $4 Billion
  + stars: | 2022-12-16 | by ( Miriam Gottfried | ) www.wsj.com   time to read: 1 min
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Fanatics expects to complete an IPO but plans to wait until some of its newer business lines are more established. Fanatics Inc. has raised about $700 million from a group of investors, pushing the sports-merchandising company’s valuation to $31 billion, according to people familiar with the matter. About two-thirds of the new money came from parties that hadn’t previously invested in the company, including private-equity firm Clearlake Capital Group LP, which led the round, and investment bank LionTree LLC, the people said. Prior Fanatics investors such as Silver Lake, Fidelity Management & Research Co. and SoftBank Group Corp. were also among the participants, they said.
Blackstone Real Estate Income Trust Inc. has been has been one of Blackstone’s biggest sources of growth in recent years . Blackstone Inc. shares took a big hit after the investing giant’s real-estate fund aimed at wealthy individuals said it would limit redemptions. Blackstone Real Estate Income Trust Inc., more commonly known as BREIT, said Thursday in a letter posted to its website that the amount of withdrawals requested in October exceeded its monthly limit of 2% of its net-asset value and its quarterly threshold of 5%.
Leon Black, at a 2015 conference in California, stepped down as Apollo’s chief executive and chairman last year. A woman sued Leon Black , alleging the billionaire co-founder of Apollo Global Management Inc. attacked and raped her in 2002 at the home of disgraced financier Jeffrey Epstein . In the suit, filed Monday in New York State Supreme Court, the woman, Cheri Pierson, alleges that Mr. Black raped her in a private suite in Epstein’s Manhattan mansion. Ms. Pierson says she entered the room believing she was going to give Mr. Black a massage in a meeting prearranged by Epstein.
To mark the occasion, eight-time Oscar-winning composer Alan Menken, who nabbed two statuettes for his work on the movie, spoke with CNN about his memories from the making of the prescient classic. Alan Menken, composer: “Aladdin” was started almost simultaneously with “(The Little) Mermaid.” While we were still working on “Mermaid,” we had started “Aladdin,” had a whole take on it and it was shelved. We’re winking at everything and making fun.” We were making fun of a genre, but making fun of a genre clearly can bleed over to making fun of a people. Alan Menken, seen here this month, spoke to CNN about his memories of working on the animated 'Aladdin.' Alan Menken, lower right, with Ron Clements and John Musker and behind the scenes on 'Aladdin' in 1992.
Ryan Cohen is the face of an investing revolution that captivated amateur traders, punished Wall Street and favored memes over fundamentals. Many of his other bets belong to a more conservative playbook. The 37-year-old billionaire, who made his fortune with online pet retailer Chewy Inc., gained fame during a period of market frenzy last year when he used a stake in struggling videogame retailer GameStop Inc. to push out the executive team and become chairman. His enigmatic tweets—including a picture of himself with chopsticks up his nose—helped his investment gain viral popularity as a so-called meme stock and motivated his followers to seek revenge against professional traders who had bet against the company.
Jeff Zucker resigned from CNN in February after he failed to disclose a consensual relationship with a colleague. Former CNN President Jeff Zucker is in talks with private-equity firm RedBird Capital Partners to run a roughly $1 billion fund investing in sports and media, according to people familiar with the matter. The move would mark Mr. Zucker’s return to the business world since he resigned from CNN in February after he failed to disclose a consensual relationship with a colleague.
The deal is the latest in a string of divestitures by St. Louis-based Emerson Electric, which took part in a Seoul exhibition earlier this year. Emerson Electric Co. is selling a majority stake in its climate-technologies business to Blackstone Inc. in a transformational deal for the industrial company that would value the unit at $14 billion including debt and mark the biggest private-equity buyout in months at a time when such activity has been choked off by market volatility. The deal, expected to be announced Monday, would give Blackstone a 55% stake in the unit, which sells compressors and other HVAC products and services used in commercial and residential heating and cooling as well as cold storage, executives from both companies said. Emerson would retain a 45% stake.
Under CEO Bill Ford, shown in 2019, General Atlantic has made its name by taking minority stakes in rapidly growing companies. General Atlantic is buying Iron Park Capital Partners LP, executives said, as the big investment firm seeks to expand its lending capabilities during what is shaping up to be a golden age for private credit. Iron Park will become General Atlantic Credit, with Iron Park founder Tripp Smith becoming CEO of the unit, the executives from both firms said. Mr. Smith also will join General Atlantic’s management committee.
Blackstone says the value of its corporate private-equity portfolio fell by 0.3% in the third quarter. Blackstone net income plummeted in the third quarter as the value of its private-equity portfolio declined. The New York investment firm reported net income of $2.3 million, or less than 1 cent a share, compared with a profit of $1.4 billion, or $1.94 a share, during the same period last year.
A man and his stepson were arrested this week on several Capitol riot charges. Prosecutors say Richard Slaughter and Caden Paul Gottfried fought cops in a Capitol tunnel Jan. 6. Richard Slaughter, 40, and Caden Paul Gottfried, 20, were arrested and charged Wednesday for their role in the January 6, 2021 insurrection. Gottfried was also in the tunnel and used his body weight to push against the guarding officers, according to prosecutors. Slaughter was sworn in as an Orting School District school board director in December 2021.
Blackstone will invest $500 million in insurance company Resolution Life and help it raise $2.5 billion more. Blackstone is joining with Resolution Life in a move that is ultimately expected to give the investment firm more than $60 billion in new assets to manage, executives at both companies said. Blackstone will invest $500 million in privately held Resolution Life and help it raise roughly $2.5 billion more, giving the insurance company more firepower to acquire new blocks of policies in the reinsurance and life-and-annuities sectors.
Qiagen has developed technologies that isolate and process DNA, RNA and proteins from blood, tissue and other materials. Bio-Rad Laboratories is in talks to combine with fellow life-sciences company Qiagen NV in a deal that would be worth more than $10 billion, according to people familiar with the matter. The talks have been going on for a while but any agreement isn’t likely for another few weeks or more—and there may not be one.
Meet 'SNL's' newest cast members
  + stars: | 2022-09-15 | by ( Sandra Gonzalez | ) edition.cnn.com   time to read: 1 min
(CNN) "Saturday Night Live" has added four new faces. Joining the cast as featured players in Season 48 are: Marcello Hernandez, Molly Kearney, Michael Longfellow and Devon Walker. Hernandez is a Cuban/Dominican stand up comedian, writer, and actor who has opened for comedians like Jim Breuer and Gilbert Gottfried, according to his official website. Kearney, who uses they/them pronouns, recently had a part in Amazon Prime Video's "A League of Their Own" TV series, according to IMDB. Longfellow, who hails from Phoenix, was recently featured in the "Netflix Is a Joke: The Festival," as a notable up-and-comer.
Mr. Stein was a substitute teacher, who over the years had also worked at a plumbing supply store and a funeral home. But the place where Mr. Stein, 71, spent most of his time in recent years was at the synagogue, Mr. Halle said. Mr. Stein’s daughter-in-law recently had a child, and Mr. Stein was delighted to be a grandfather for the first time. Ms. Fienberg has two sons, one living in Washington and one in Paris, and six grandchildren. As he aged, Mr. Wax had become hard of hearing, and in recent years, he did not speak much.
Persons: David, Cecil Rosenthal, , Joyce Fienberg, Melvin Wax, Rosenthal, Fienberg, Wax, Rose Mallinger, Diane Rosenthal, Sylvan Simon, Wilkinsburg, Daniel Stein, Jerry Rabinowitz, Irving Younger, “ They’ve, Jeffrey Solomon, , don’t, Solomon, David Rosenthal, “ I’ve, Mr, Richard Gottfried, Susan Kalson, Dr, Gottfried, Ms, Kalson, Steven Halle, Stein, Halle, Stein’s, , Israel — Mr, Dodie Roskies, Fienberg’s, Stephen E, Roskies, Bill Cartiff, Cartiff, Jodi Kart, Suzan, . Rabinowitz, ” Ms, Hauptman, Rabinowitz, Marie Jo Marks, Marks, Helen Nothwang, Jerry Schmitt, , I’ll, , Schmitt Organizations: Cowen Inc, Jewish Community Center, Pittsburgh Jewish, Health, Mr, Halle, , Carnegie Mellon University, University of Pittsburgh’s Learning Research, Development Center, Pirates Locations: Europe, Pa, Edgewood Borough, Mt . Washington, New York, Pittsburgh, , Ross Township, Israel, Central, Eastern Europe, Squirrel Hill, Washington, Paris
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