YouSaid · the spoken record

Joseph Baratta

lines on the record: 83
first: 2023-04-14
most recent: 2023-04-14
sittings or episodes: 1
sources: podcast

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“I think that it changes so much and fundamentally that you can't hold on to like, you know, absolutes. There's really no absolutes. There's some risk management things that you always need to be mindful of. But I could have evolved more quickly as an investor over time. And I continue to learn that lesson.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“That did not happen when we were kids. And they sort of by the time they're 30, they want to have had like declare victory on the career. That doesn't happen and enjoy the journey. It takes a long time to figure out like how you get good at something and the particular way you want to do it. And you have to enjoy that process and enjoy the time it takes. And then by the time you're in your 40s, you can actually be good at this job. And by the time you're in your 50s with some wisdom, you can be really good at the job, but it doesn't just happen like that. And I think people just need to relax, take a deep breath in the early days, do what's asked of them, do it as well as they can, and move on to the next step.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the one thing I've seen in this generation of people like me and you is we all were impatient. We all wanted to get there fast, but I think it's entered a new level because people start so early. You have to do so much to get in college. We're hiring summer interns now who are 19 and 20 years old.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he's amazing. And in fact, I invited him to come talk to our partner group. We had a global partner off-site in private equity in London in September. I had him come to talk about what it means to be from where you should be deriving your happiness. It's not just like the next deal, the next promotion, the name in the paper, whatever, you got to get it elsewhere. And I think it's really important for people who are workaholics, who are high achievers to put, you know, everything that we're doing every day into context and to find happiness kind of outside that box. So that's been a really important book I've read recently. And I think he's great.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been really fortunate in my life where I've had, you know, along the way, in the journey, Morgan Stanley at McCandaloo at Tinacum, which is the Ruttenberg family. In each of those places, I've had somebody who really helped me in my career and with whom I'm very close even today. And then at Blackstone, Steve Schwarzman changed my life and Tony James, who started when I was about four years into Blackstone and really helped transform the firm and make it what it is today. Those two men really were extremely important in my professional development, my personal development, great, amazing mentors.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think they nailed it. I really think they nailed it. The other one I love is White Lotus, which is fantastic. Not a black zone related thing. Also awesome.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“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 to the streamer. So I'm really proud of what they did there and it's a great show.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Where the music is amazing, the whole aesthetic of it is amazing, the acting is amazing, the music is great. And it also happens to be a production of one of our portfolio companies, Hello Sunshine. Oh, really? And it is the perfect example of what we thought.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I just had young kids from 2004 until 2010. We were having babies. And one of the places we'd always go is either Tape Britain or Tape Modern. It could consume Saturdays with kids running around. And like I said, they're very accessible. There's nothing intimidating about those institutions. And then I knew some people who were involved. And I met the director one day. And they asked me to get involved.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Steve, Steve will put you in touch. Yeah, the tate is such a significant cultural institution in the UK. It's funded largely by the state. The Tate Foundation is the private philanthropic arm of the Tate that helps fund special projects, whether it's exhibitions or building new buildings, the Big Tate Modern Gallery was in large part funded by private donations. And, you know, philanthropy in the UK is at a different scale than in the US. So for not a lot of money, I could get engaged in the arts in a really important cultural institution where in the UK it's less sort of focused on the elite and more focused on like the democratization of art and culture for the people of the UK. And I really identified with that.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Roger Stawback, Tony, Dorset, Tony, he'll those guys. And then, of course, now, look, they're fun to watch. I love football. I don't miss a game. And yes, if Jerry needs some help, you know, he knows who.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, with all respect to the Joneses who run that team, and I've done ticketly this offseason, they've done a nice job. I've been at Dallas Cowboys fan since I'm seven years old. And you say, how could a kid from Sacramento be a Dallas Cowboys fan? And the answer is America's team. I was watching the 10 a.m. Gameback talk about linear TV. There were two games, one at 10, one at one, and the Cowboys playing in the NFC East were always on the 10 a.m. game. And it was America's team. So I'm watching the Cowboys like every Sunday. And then when the Niners got good, I became a contrarian and said, no, I'm going to root for the Cowboys. Really? Even though they lost Joe Montana, Jerry.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“It may be invest, it's certainly investable for venture investors and smaller guys who are willing to sort of dig holes in the ground and hope something comes out. I mean, for us in corporate private equity, no, 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. This and invest it like look at Disney in large part was hugely enabled by streaming services because of the amazing content it owned. So it was a beneficiary of the technology change. But cable television models or satellite TV, like those suffered. And so we're trying to find the businesses that are going to be enabled and benefited by AI. And avoid the things that are going to be dislocated.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a solution in source of a problem. Exactly. And it's cool. And Bitcoin or whatever, there's probably a real store of value, but that's not really investable for us.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“A lot I agree with you. I mean, 100%. Like I said, there's a few fundamental enabling technologies that happen. Ubiquitous broadband internet to your house, to your mobile device, which really enabled a change in retail and media models and communication models. And now this. You know, the blockchain, when it came, people were like, hmm, I always want like, what's the use case? Right.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, probably is not the future, and a lot of businesses are going to be dislocated. So a big part of what we do is trying to figure out where we don't want to invest. And what's going to be dislocated by ubiquitous broadband back in 2005, six, seven, and now AI with a rate of sophistication of that technology.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say in my 25 year history of Blackstone, there were certain industries that were growth industries that we were investing in in the mid-90s and late 90s and early 2000s that now are no longer investable. As an investor, you have to be nimble. You have to have like an open mind and realize that things are changing industry structures are changing. Business models are changing. 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 watch media, changed the way we shopped, changed the way we found information. It changed the way we communicated with each other. And now I think AI could be, it probably is one of those other major sea changes where business models turning on human beings doing rote tasks.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Bigger technology companies, software businesses that have proven they've got really durable sticky revenue models. Maybe they're not run that efficiently. You can take margins up. That's another in-market that we're investing in today that maybe a decade ago we wouldn't have been.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, the whole notion of energy transition is a market that, you know, a decade ago, energy investors were investing in upstream oil and gas. Or in midstream companies. And today, the clear direction of travel is toward weaning ourselves of these big economies off of hydrocarbons for power. So that is one sector that we're investing in that a decade ago we wouldn't. And also there's new business models, new media models. You know, we spent a lot of time looking at traditional media businesses that linear TV satellite broadcast. regional sports networks, all those things that the direction of travels, those aren't really investable. The streaming”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what brings me energy and joy in my job is invest in capital and working with companies. So the way I do this job in addition to managing a bunch of our people and engaging and other stuff at the firm is I want to keep a hand in the investing and engaging with our companies. So yeah, there's a few companies where I'm closely involved. And I sit on the board and I help their management teams plot strategy and deal with important strategic issues. Our model is not to run the companies. We find great management teams. We back them with capital and support and we let them run the businesses. So we operate from a board level and really focused on key strategic and risk management variables.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“If Apple decides it wants to buy something for 10, 20, 30, 40, it doesn't blink and there are a lot of companies like that.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's not necessarily a problem to do that with some of our friendly competitors, but really our preference is to do it just by ourselves. The answer is we can't really get deals much bigger than $10 to $15 billion done on our own. And I think that's right now a little bit. Plus, the financing markets are less liquid and there's less quantum available. So I think that's kind of the realm we're in. And like I said, those companies aren't too big to make good returns with. I mean, you have a bunch of companies that have trillion dollar plus market caps.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I think the biggest deal that's been done in the last 10 years is around $30 billion. And that, you know, yeah, to get that done, we had to work with two of our competitors, which is fine, but we prefer to buy things on our own, just Blackstone, with our limited partners.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very hard for us to assemble much more than a $5 billion equity check. And there are thousands of companies in the US that are $10 to $15 billion plus enterprise value company. 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. And there are many more $10 billion companies today than there was 12 or 15 years ago. I think the large end of the market we think is the most attractive, it's where we play, it's where we have competitive differentiation, and it's where you find better quality businesses.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think if you look at the evolution of the size of private equity transactions over the last decade, they haven't grown very much, notwithstanding the fact that the equity capital market cap is like three or four times bigger than it was in 2007. We bought Hilton in June of 2007. And I don't know the size he was $32,000, $3,000, $4,000, $5 billion. Like the last $30 billion deal we did, I mean, we bought Medline in 2021. In 2021. So I actually think at the large end of the private equity market, we're undercapitalized.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I think private market valuations are driven to a large degree by what's going on in the public markets. So, if your alternative as a company is to go public at a given price, you're probably not going to sell it to a private equity firm at a much lower price. So yes, private equity valuations are influenced very significantly by what's going on on the public markets. That's why as an investor, I'm much happier today because we're able to buy things more cheaply. And the fact that financing costs are higher kind of isn't either here nor there because our returns are not predicated really on the cost of financing. They're predicated on buying a good business, doing something to make it grow more quickly and having an attractive exit when we come to sell it, which means it has to be a good business. It has to be growing. And the financing, the cost of financing and the quantum isn't the biggest driver of our returns.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, there's no question that financing costs are higher, both debt and equity. Which is a healthy thing because I think the cost of global cost capital was too low induced by super low rates and capital allocation to riskier assets, institutional investors chasing return”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we don't spend too much time thinking about when that might end and the ramifications of it. We do think at some level it does affect the cost structures. You know, energy prices are higher inflation is significant. And, you know, cost structures are a little less efficient there maybe than in the US now. So we're very much open for business in Europe, in the UK. The conflict has definitely been a drag to some degree in the economy and introduces some uncertainty. But if we can find a great business at a reasonable price in Europe, we're going to buy it.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“What we've found is that control is important in India. You know, you want to be able to control the exit, you want to be able to ensure that you're bringing in best in class management that's really perfectly aligned with you economically. That's a big thing. And sin of alignment in India has been a harder thing. And I think largely you want to avoid highly regulated industries where you're relying on the government to do something. There's a little more friction in those types of industries. And so we've 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. So taking advantage of the currency declining, a lower cost base in India, but revenues denominated in dollars or euros.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Not only post Brexit, but now in this kind of world of inflation and dislocation and conflict near the continent, all of that is conspiring, I think, to make markets look relatively attractive, in particular in the UK, where we own a lot of assets and we'll continue to buy businesses. India is very attractive. It is a rapidly growing economy with a highly educated workforce that with supply chain dynamics now moving toward Southeast Asia and India. We've had a big business there for a long time and we see you.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that also there's a bunch of businesses that are manufacturing things that must exist in the physical world. To cool or heat the environment, food, the distribution of essential medical products, the whole energy transition, these are physical assets. And we want to invest not just in digital virtual assets, but also in physical assets. So I think that's, and the market hasn't loved owning manufacturing industrial type businesses. Those do seem to be valued relatively more attractively.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think a big chunk of what we do over our history has been taking companies private and doing corporate carve-outs from public companies. So non-core assets that a large company is divesting, family-owned businesses. Sometimes we buy things from our competitors, particularly if we think we can make them a lot bigger through acquisition or other things. But that's not uncommon to see private equity firms taking companies private and transacting with public companies. In terms of sectors, I think we real value dislocations have happened in the technology industry. 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”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“What's appealing? Well, we're spending in our private equity business. We're spending all of our time looking at things that touch the public markets because that is where the valuation correction has really happened where you can transact at prices lower today than they were two years ago. And so corporate carve outs, public to privates, you know, the last few deals we've done, a bit of large corporate carve out from a large important American corporate Emerson, we bought their climate technologies business called Copeland. We recently announced to take private of a technology company called CVENT. Which was publicly traded. And so in terms of where our teams are spending time, it's in and around sort of public market situations. That's very interesting.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“We're seeing maybe wage increases beginning to decline, so the rate of increases. Is declining, we're seeing some companies have less pricing power maybe than they had a year ago, but we're seeing solid demand. We're seeing full employment. We still continue in many of our companies to struggle to fill open roles. So overall, the picture we see is of a reasonable economy with some risks to the future, but whatever recession we may have, I don't think is going to be really significant.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“We're not seeing evidence of it in the portfolio. I mean, there is some degree of heightened caution concern because when you do take rates up and really tighten financial conditions, there are consequences in the economy at some point. But we're not seeing it.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Think starting with the fundamentals, the economy's quite sound. Seeing in our businesses real stability across most sectors.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“And we sold what we could as much as we could to your point, like it's hard to turn on a diamond and say, sell the whole portfolio. We can't do that, but we can. Things that are mature, things where we've realized value, sometimes we've taken companies public and we can sell stock.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that's what we were able to do to a large degree is to become more conservative, to become more cautious on valuations. As we started seeing evidence of inflation and thinking that rates were probably going to go up at some point. Again, we're not perfect. I'm not saying we're clairvoyant and we handled everything perfectly. In general, we became much more sort of risk-averse risk off in that mid-2021 period.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, one thing that John and Steve have done is to make sure the firm is really joined up across our investment businesses. So we share themes and we share these economic signals. And so at the top of the firm, Steve, John, a few others of us who are on the management committee are really able to push down into the organization. Like what we're seeing and to change investment behaviors.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Adjective they used. And we did, we became more cautious. And so I'm proud of how we navigated that cycle. And I think we're in a more normal world. To me, this world is normal, not abnormal. With positive real interest rates, I mean, inflation's higher than normal, but that's going to come down. But I don't think we're going to go back to the days of 2019 to 2021.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“When not only did you have the low rates, which the Fed doubled down on, you had this huge transfer payment from the federal government into people's pocketbooks, which massively accelerated the economy and rates stayed low. And then we started seeing significant signs in inflation, particularly in our real estate business with rents going up significantly, wages going up across our private equity portfolio. Beginning to see pricing power for many of our companies that they hadn't had in a long time. And we're like, whoa, this is the sign. Like this is the canary in the coal mine. There's real inflation. The Fed was saying, no, it's transitory or whatever.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Know my base case was that it wouldn't, and you'd have, I called it wonkily, like mean reversion in global cost of capital, which means rates would go up. Market risk premiums would go up. PE multiples would come down. Credit spreads would probably gap out. Not to say like we executed on that vision perfectly. I mean, we will have made some mistakes, but we definitely became much more cautious when the bull market really ramped up, in particular post-COVID.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, if you do this, if you've been doing this long enough, which fortunately I have since really 1995, you see different cycles and you see what happens when capital becomes cheap and money becomes easy and interest rates are lower or not really a factor. Valuations go up and you saw it, of course, in the late 90s in the tech sector. You saw it into financial services sector in 2006, seven, eight with a financial crisis. And so as we were watching the Fed's reaction to the financial crisis pushing rates down and keeping them down. We were like, geez, this probably is not going to last forever. And that doesn't seem to be the natural state of affairs. A growing economy, zero cost of capital, markets compounding at 15, 16, 17. What could go wrong? That probably isn't going to happen forever. And so...”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“I never would have guessed that Yeah, no, no, that's right. I mean, the firm's called Blackstone Period. And within Blackstone in our private equity funds are called Blackstone Capital Partners. In our real estate, it's Black Zone Real Estate Partners, and then there are variants on that theme. But you're not wrong. I mean, there's different names within the individual businesses, but we all work at Blackstone. It's one firm.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a real thing in Europe. I mean, at least it was faux pot back then. Yes, brown chooser for like, you know shooting or something. Oh, really?”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“That was very, yeah, and you couldn't wear brown shoes, you could only wear black shoes, you weren't taken seriously. Is that true? Yeah, yeah, no, the whole dressing custom.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“From Sacramento, like, you know, 30 years old, like pitching him on why he should, why we'd be a good partner for him. And he was in that moment completely dismissive. 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. But it ended up being, you know, that was like an example of like, I just think we were discounted.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“And the guy looks at me like I had, you know, two horns coming out of my like, who's this young American? Why am I talking to him? I mean, his family dates back to like Louis Catours. I mean, this is the ultimate French establishment. And here's this schmuck.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“Culturally World. No, the funniest story I can remember is in these early days when we were out trying to introduce ourselves to the local private equity firms. I went to Paris and went to Lazard Frere, which was, you know, that is the bastion of French establishment business And they had like bottles of Bordeaux on the conference room table. I mean, that's, you know, this is probably 2002. And they introduced me to, and I won't name names. He's a wonderful guy, but in the moment, it was less wonderful. They introduced me to the head of a significant private equity firm in Europe. And I was doing my pitch. So here I am 30 years old. He's probably 42 or 3. I'm doing my pitch on Black Sun and we're good friends. We don't have an ego. And, you know, we could help facilitate transactions, whatever the U.S. perspective and global perspective.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it's hard, and what we began to do is hire local people. So one of our first hires, now the man who runs our business in Europe, we hired this guy Lian Ellison, who's French. And we hired Germans for a brief while we had an office in Hamburg. We hired an Italian assilta firm Andrea Valeri. And so we began to hire local people who were young in their careers. These are people who were in their late 20s, early 30s, oldest maybe mid-30s. And they kind of grew up with the firm and they were able to be the translator, so to speak, both physically and culturally in some of these other countries.”
2023-04-14 · Masters in Business · Joseph Baratta on the Future of Private Equity · IDENTIFIED FROM THE TRANSCRIPT · source