Even before the pandemic, 40% of all new relationships that started began online. People will date in bull markets and recessions and, we’ve learned in hindsight, in quarantine.
JK: First, we knew that dating is not a fad. Given your other options, why did you decide to do this deal? TC: One of your most notable deals was in Bumble, into whose parent company you reportedly invested $2 billion at a $3 billion valuation for a controlling stake in late 2019. As result, fortunately, we have the luxury of not needing to reserve as much because we think our companies are going to run out of capital. If you recall from we spoke last time, one of the things that we’ve tried to do is look for companies that are at the upper end of the growth equity spectrum, both in terms of some of the maturity of the business, and even their growth ambitions where they may have outgrown a lot of traditional growth equity, but they haven’t yet outgrow Blackstone. The good news is many of our companies are already profitable. Want to crush competitors? Forget SoftBank, Blackstone suggests it can write $500 million checks, too We’ve got people now in San Francisco, New York and in London. JK: We’ve got about 30 people full-time dedicated to Blackstone Growth, in addition to the obviously hundreds of, if not a thousand, people more generally available to us within the Blackstone family. TC: Brass tacks, how many people are now investing this $4.5 billion alongside you? (You can also hear this longer conversation here.) (The company had assets under management at the time of roughly $500 billion it now manages just north of $600 billion.)īecause a lot has transpired since that conversation, including a $2 billion bet on the dating app Bumble that’s currently worth a stunning $7 billion - this atop $2 billion in proceeds from selling shares at Bumble’s IPO last month - we asked Korngold to catch us up on the team, what size investments they are making and whether Blackstone views blank-check companies as growing competition. Korngold was also in building mode, trying to assemble a team, and writing some early checks off of Blackstone’s sizable balance sheet. At the time, he was a recent hire, having joined that same year from General Atlantic, where he spent the previous 18 years of his career, including as a managing director and a member of its management committee. We knew this was coming back in the fall of 2019, when we first talked with Jon Korngold, the head of the new fund. The outfit says it’s the “largest first-time growth equity private fund raised in history.” You are advised to exercise caution, discretion and independent judgment with regards to the same and seek advice from professionals and certified experts before taking any decisions.īy using this site, you agree to the Terms of Service and Privacy Policy.The private equity giant Blackstone is today announcing the final close of its first growth equity fund - Blackstone Growth - with $4.5 billion in capital commitments from a wide range of family offices, entrepreneurs, endowments, strategic institutional investors, pension funds and other big wheels. The content and any output of such tools/analysis is for informational purposes only and should not be relied upon or construed as an investment advice or guarantee for any specific performance/returns advice or considered as recommendation for the purchase or sale of any security or investment. All timestamps are reflected in IST (Indian Standard Time).ĭISCLAIMER: Any and all content on this website including tools/analysis is provided to you only for convenience and on an “as-is, as- available” basis without representation and warranties of any kind. Sensex & BSE Quotes and Nifty & NSE Quotes are real-time and licensed from BSE and NSE respectively. (for corporate data, historical price & volume, F&O data). DATA SOURCES: TickerPlant (for live BSE/NSE quotes service) and Dion Global Solutions Ltd.
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