Joan Solotar - Scale as Advantage at Blackstone
Private Capital
Joan Solotar is global head of Blackstone Private Wealth and a member of the firm’s management committee. Joan’s career tracks the fascinating evolution of Wall Street in the past thirty years. Joan worked on three notable IPOs: DLJ in 1995, Goldman Sachs in 1999, and Blackstone in 2007, and we discuss the strategic reasons behind them. She was tapped to lead the development of Blackstone’s private wealth group, which has since grown to $250 billion. We talk about the state of the industry she covered in the 1990s, the challenge of building a two-sided marketplace in...
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Mark Strauch - Fishing in a Different Pond
Private Capital
Mark Strauch is a founding partner and president of the private equity firm Alpine Investors, known for its unique CEO training program. With a background in Industrial Engineering from Lehigh University and subsequent business studies focused on finance, his career spans operational roles at companies like Electronic Arts, entrepreneurial ventures such as the early cloud concept Desktop.com, and significant leadership challenges, including orchestrating a complex turnaround as CEO of Business Engine. Mark provides a detailed look into Alpine's operational methodology. He explains the origins...
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Paul Carbone - The Advantage of Family Capital
Private Capital
Today we are going to hear the story of one of the most interesting firms to spring from a significant family office. JB and Tony Pritzker approached today’s guest, Paul Carbone, with the idea of expanding their direct investments into a free-standing firm called Pritzker Private Capital. Paul takes us through that journey and we discuss the importance of a well-defined value system, the benefits of family capital, partnering with other families, the difference between flexible and patient capital, the problem with club deals, and why direct investing is not for everyone. ...
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Jason Mudrick - The Debt Landscape
Private Capital
Jason Mudrick is the Founder and Chief Investment Officer of the $3.4 billion Mudrick Capital Management, a firm renowned for its expertise in navigating complex credit situations and distressed opportunities. With a career spanning multiple market cycles, Jason brings a wealth of experience and a unique perspective on the evolving landscape of distressed investing. Forgoing a law career at Skadden, he did M&A at Merrill and then joined Contrarian Capital where he learned debt at the right-hand of Jon Bauer. Taking the leap after the financial crisis, Jason started Mudrick...
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Matt Fleissig - The Service Matrix
Private Capital
Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO. Pathstone is a great case study for the major trends in wealth management over the last ten years. Pathstone’s DNA was from the well-known Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD. Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story, and we'll explore how they navigated the...
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Michael Fisch - Buying Market Leaders
Private Capital
Michael Fisch is a founder and the CEO of American Securities, a $23 billion private equity firm that originated in the Rosenwald family office. This is a great story of a fabled family office turning their investment DNA into a thriving private equity firm by buying market-leading businesses. William Rosenwald, son of Julius Rosenwald who built Sears Roebuck, started the family office back in the 1940s, investing in private companies. Michael’s mentor, Chuck Klein, took them to the next level in the 1980s and offered a role to 30-year-old Michael, who turned around and...
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Jim Tananbaum - AI and the Language of Biology
Private Capital
Today’s guest is Jim Tananbaum of Foresite Capital. One of the most exciting places AI is revolutionizing is drug discovery, so I was very excited to have Jim on today. Jim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management. During the last three decades, Jim has been a thought partner for some of the most impactful and fastest-growth companies of their generation, including: 10x Genomics, Amerigroup, and Jazz Pharmaceuticals. ...
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Mark Gerson - Master of Networks
Private Capital
Today’s guest is Mark Gerson of 3i Members. Mark is a remarkable entrepreneur, philanthropist, and master at creating networks. He is most well known for founding Gerson Lehrman Group, the original and largest expert network in the world, and most recently, 3i Members, a global deal network for investors, all of whom have exited a company or led a family office. Mark is also the chairman of United Hatzalah, a network of volunteer medics in Israel, and the cofounder of the African Mission Healthcare Foundation, which supports missionaries performing medical care in Africa. ...
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David Salem - Know What You Own
Private Capital
David Salem has had a remarkable career. He did his undergrad at Middlebury, went to Harvard Business School where he sat next to Seth Klarman, then went to work with Jeremy Grantham at GMO where he became a partner. He started The Investment Fund for Foundations, a groundbreaking way for smaller endowments to benefit from professional investing and scale, and had David Swensen of the Yale Investment Office, Jack Meyer of the Harvard Management Company, and Seth Alexander of MIT, as well as many other talented investors on his board. He went on to advise George Soros on his...
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Jennifer Prosek - Power of Storytelling
Private Capital
Jennifer Prosek has built a powerhouse communications firm by focusing on asset management. She asked herself, "Why does the financial industry not care about its brand, and why are they so on the back foot about everything?" I was particularly keen to talk to her about how firms struggle to differentiate, especially as formerly low-profile parts of the industry, such as private equity funds, now look to expanding across the wealth channel and begin to look more like consumer brands. We talk about how she built her firm from small beginnings; how family offices should think...
info_outlineRebecca Patterson was most recently Chief Investment Strategist at Bridgewater Associates where she was on the Executive Committee and was a frequent author of Bridgewater’s Daily Observations. Previously, she was CIO of Bessemer Trust, overseeing $85 billion in client assets. Before joining Bessemer, she worked globally for JP Morgan where she was Chief Investment Strategist and ran the private bank’s global currency and commodity trading desk. Rebecca actually started out as a journalist for the St. Petersburg Times and Dow Jones. Rebecca is a member of the Council on Foreign Relations and is Chair of the board of the Council for Economic Education.
Investors and policy makers all want to hear what Rebecca thinks, but today we discuss how she thinks. How she does her analysis of the markets and economic issues, how she wrote the Daily Observations at Bridgewater, and how her experience in journalism taught her to rapidly assimilate data and opinion to form a coherent and useful narrative. Please enjoy my engaging conversation with Rebecca Patterson.
NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.
COUNCIL FOR ECONOMIC EDUCATION: https://www.councilforeconed.org
FULL BIO:
Rebecca Patterson was most recently Chief Investment Strategist at Bridgewater Associates. In this capacity, she helped shape the firm’s agenda for researching and building systematic strategies to trade global financial markets and was responsible for overseeing the development of new investment solutions. Rebecca was a frequent author of Bridgewater’s Daily Observations and met regularly with investors and policymakers. She was also a member of Bridgewater’s Executive Committee, Investment Committee, and Commercial and Business Strategy Committee, in addition to being a Partner and helping to lead the firm’s Diversity & Inclusion (D&I) efforts.
With more than 20 years of investment management experience, Rebecca came to Bridgewater after serving as Chief Investment Officer at Bessemer Trust, where she oversaw $85 billion in client assets. She was also a member of the firm’s Management Committee and helped launch its D&I Committee. Before joining Bessemer in 2012, she spent 15 years at JP Morgan where she worked as a researcher in the firm’s investment bank in Europe, Singapore, and the US. She also served as a Chief Investment Strategist in the firm’s asset management arm and ran the private bank’s global currency and commodity trading desk.
Rebecca is currently a member of the Council on Foreign Relations and the Economic Club of New York and is Chair of the Board of the Council for Economic Education. She is on the board of directors of the Bretton Woods Committee. She has served on the New York Federal Reserve’s Foreign Exchange and Investor Advisory Committees and served on and chaired the University of Florida’s Investment Corporation’s Advisory Board. Rebecca has been named to American Banker’s Most Powerful Women in Finance for six consecutive years. She holds an MBA from New York University, an MA in International Relations from The Johns Hopkins University School of Advanced International Studies, and a BS in Journalism from the University of Florida. She is married and has two teenage girls.
Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.
FOLLOW JOE: https://twitter.com/joereillyjr
WEBSITE: https://www.circulus.co/
INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964
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