Archive for Casey Sullivan

Meet the 14 people leading The Carlyle Group’s $53 billion lending division that’s been on a tear recently

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We profiled 14 leaders on Carlyle's $53 billion lending division.
  • The Carlyle Group's lending division has been a major focus of the firm's CEO Kewsong Lee.
  • The credit team has more than doubled its assets under management over the past four years. 
  • These are the 14 people leading Carlyle's $53 billion lending division. 
  • Visit Business Insider's homepage for more stories.

One of Kewsong Lee's biggest priorities as CEO of The Carlyle Group has been to build out a lending division that offers new financial products for investors and serves as a true equal to its longstanding private-equity team, which has bought thousands of companies over its 34 years of existence, from luxury fashion brand Golden Goose to digital content company Getty Images.

Carlyle's credit team has been around since 1999, but only over the past four years have its investing professionals begun to assemble as a single, global unit, organized across industry verticals and embedded in the firm's broader organization. Its assets under management, meanwhile, have expanded from $25 billion to $53 billion under the same time frame.

Read more: Meet Kewsong Lee, the private-equity exec who's now running the show solo at Carlyle. 20 insiders lay out why the move signals a big transformation at the $221 billion firm.

This has taken place under the watch of a new leader tapped in 2016 by Lee, who at the time was Carlyle's co-CEO. Lee had observed the expansion of private credit within PE firms following the rollout of the Dodd-Frank Act, expansive regulation put in place in the wake of the 2008 financial crisis that included curtailing the amount of lending that can be done by large banks. 

To take advantage, Lee tapped into one of Carlyle's large clients, the Canada Pension Plan Investment Board, where Mark Jenkins led the firm's global private investment group. Lee hired Jenkins in September of 2016 and the veteran investor switched sides - from limited partner to general partner - and set out to assemble his team.  

"The approach Kew and I agreed on was to put strength on strength with what we were already doing on the private equity side," Jenkins told Insider in a recent interview.

Read the full story here: Carlyle's credit crew: Meet the 14 people leading the PE giant's $53 billion lending division that has been red-hot during the pandemic

Read the original article on Business Insider

Inside the ill-fated relationship between Vista Equity Partners’ Robert Smith and Nate Paul, the Austin investor embroiled in a political scandal

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Vista CEO Robert Smith and cofounder Brian Sheth were early backers of Austin real-estate investor Nate Paul

A scandal in Texas spilled onto the national stage this month after reports said Attorney General Ken Paxton was being investigated by the FBI on allegations of bribery and abuse of office in connection with an Austin real-estate developer who was a political donor.

It marked a dramatic, high-profile escalation of the controversy surrounding Paxton and Nate Paul, the real-estate investor whom the FBI raided last year for still undisclosed reasons.

What isn't as well known is that Paul, who is now 33, counted Vista Equity Partners' Robert Smith and longtime Vista executive Brian Sheth among his early supporters.

Read more: Inside Vista Equity Partners, where a top exec is negotiating a messy exit and questions about its future loom large

Smith, who is 57, is the chief executive of Vista, a $58 billion software-focused private-equity firm. In October he admitted taking part in a tax-evasion scheme and using millions in unreported income to buy and renovate a vacation home in Sonoma, California; buy two ski properties and a piece of commercial property in France; and build and improve a residence in Colorado, where he funded charitable activities.

Smith settled with the US government for $140 million.

Sheth, who is 44, was Vista's No. 2 executive, before a Nov. 26 announcement marked his immediate exit. 

The Vista executives, who are both billionaires, invested with Paul as he was building his real-estate investment firm, World Class Capital Group, dating back to at least the early 2010s, people who have worked with Paul said. Paul founded his firm in 2007. Business Insider spoke with 15 people to learn more about the relationship between the three men, and the connections between Vista and World Class Capital.

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Once friends, now estranged: Inside the ill-fated relationship between Vista CEO Robert Smith and Nate Paul, the Austin investor embroiled in a political scandal

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How to land a job at Blackstone, according to the private-equity giant’s president and its head of HR

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Blackstone president and COO Jon Gray was hired as an analyst at the firm in 1992

Jon Gray still remembers what it was like when he was hired as an entry-level analyst at a seven-year-old private-equity shop in New York City in 1992.

"It was a tiny place ... I think there were 80 or 90 people," Gray said of Blackstone, a firm that would go on to become the world's largest alternative investment manager and, during Gray's time as head of global real estate, its largest property owner.

Fresh out of the University of Pennsylvania, Gray was interviewed by the Blackstone cofounders Stephen Schwarzman and Pete Peterson themselves. He couldn't have predicted that he would eventually be named Blackstone's president and chief operating officer in 2018, becoming one of the most powerful executives on Wall Street.

"For me, a kid from suburban Chicago, I was like, 'Oh my gosh, this seems really exciting.' And it was obviously terrifying being interviewed," he recalled. "And by the way, starting was terrifying. I remember being so nervous having my first job here."

DON'T MISS NEXT WEEK: Elite recruiters from The Carlyle Group, Apollo, and Bain Capital will break down how to get hired in private equity

Blackstone, which has more than $560 billion in assets under management, was ranked as the hardest interview among private-equity firms on Wall Street Oasis, a website that aggregates data submitted by users into reports about financial firms. 

Out of some 19,000 applicants for the company's 2020 first-year analyst class, just 94 people were hired — an acceptance rate of 0.5% — according to data that Blackstone shared with Business Insider. 

In October, we spoke with Gray, headhunters who recruit for the firm, and Blackstone's global head of human resources to learn what it takes to stand out. From how to ace interviews to deals you need to be familiar with, here's what they told us.

SUBSCRIBE NOW TO READ THE FULL STORY: Blackstone president Jon Gray reveals how to stand out to land a job at the ultra-competitive firm, which hired just 0.5% of applicants for 2020 analyst jobs

Read the original article on Business Insider

How to land a job at Blackstone, according to the private-equity giant’s president and its head of HR

blackstone young professionals 4x3
Blackstone president and COO Jon Gray was hired as an analyst at the firm in 1992

Jon Gray still remembers what it was like when he was hired as an entry-level analyst at a seven-year-old private-equity shop in New York City in 1992.

"It was a tiny place ... I think there were 80 or 90 people," Gray said of Blackstone, a firm that would go on to become the world's largest alternative investment manager and, during Gray's time as head of global real estate, its largest property owner.

Fresh out of the University of Pennsylvania, Gray was interviewed by the Blackstone cofounders Stephen Schwarzman and Pete Peterson themselves. He couldn't have predicted that he would eventually be named Blackstone's president and chief operating officer in 2018, becoming one of the most powerful executives on Wall Street.

"For me, a kid from suburban Chicago, I was like, 'Oh my gosh, this seems really exciting.' And it was obviously terrifying being interviewed," he recalled. "And by the way, starting was terrifying. I remember being so nervous having my first job here."

DON'T MISS NEXT WEEK: Elite recruiters from The Carlyle Group, Apollo, and Bain Capital will break down how to get hired in private equity

Blackstone, which has more than $560 billion in assets under management, was ranked as the hardest interview among private-equity firms on Wall Street Oasis, a website that aggregates data submitted by users into reports about financial firms. 

Out of some 19,000 applicants for the company's 2020 first-year analyst class, just 94 people were hired — an acceptance rate of 0.5% — according to data that Blackstone shared with Business Insider. 

In October, we spoke with Gray, headhunters who recruit for the firm, and Blackstone's global head of human resources to learn what it takes to stand out. From how to ace interviews to deals you need to be familiar with, here's what they told us.

SUBSCRIBE NOW TO READ THE FULL STORY: Blackstone president Jon Gray reveals how to stand out to land a job at the ultra-competitive firm, which hired just 0.5% of applicants for 2020 analyst jobs

Read the original article on Business Insider

Former employees at powerhouse law firm Jones Day claim there is a ‘boys’ club’ culture and sexual discrimination

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Jones Day, the major law firm that made headlines this week when attorneys complained to The New York Times about their employer's role in election-related litigation, is facing accusations of sexism in the workplace that, lawsuits say, led to unfair advantages for men.

Three federal lawsuits filed between 2016 and 2019 have contained claims of gender and pregnancy discrimination against the firm.

One, filed in April 2019, claims that the firm discriminates against women by paying them less than male peers, while another, brought by a married couple who once worked together at Jones Day, claims the firm does not give men and women the same amount of leave time after having a child.

A third, filed in 2018 by former partner Wendy Moore over wrongful termination and gender discrimination, was settled last year. 

Business Insider found separate allegations that have not been previously reported or filed in a suit. The findings are a result of interviews with dozens of people who have worked at the firm. The people who shared allegations did so on the condition of anonymity for fear of repercussions, though their identities are known to us.

Dave Petrou, senior manager of global public relations at Jones Day, did not respond to emails and follow-up phone calls about these previously unreported allegations.

SUBSCRIBE NOW TO READ THE FULL STORY: Former employees at Jones Day claim there is a 'boys' club' culture and sexual discrimination at the powerhouse law firm representing Trump's campaign

Read the original article on Business Insider

Big Law career guide: how firms are navigating the new normal, which practice areas are faring the best, and how pay is shaping up

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We've been tracking hot practice areas, start dates for 2020 associate classes. Here's everything we know.

The legal industry has seen its fair share of disruption from the coronavirus pandemic: Many law school graduates were — and still are — stuck in a state of limbo, while top law firms have seen pay cuts, layoffs, and furloughs. 

Still, there have been some bright spots. Restructuring lawyers have seen a surge in activity as clients looks to navigate the crisis, and firms with strong labor and employment practices are getting a boost as clients navigate cutting jobs and workplace safety issues. 

And the Bureau of Labor Statistics reported in July that the legal industry added 1,900 jobs since the past month, continuing an upward trend that may be indicative of the industry's growth and recovery.

We've been tracking hot practice areas, how revenues are shaping up for Big Law firms, and start dates for 2020 associate classes. Here's everything we know. 

Career prospects

Delayed start dates for first-year associates

Summer associate programs

Compensation and headcount

How law students are grappling with uncertainty 

Winners and losers

If you have any additional information for us, contact this reporter at [email protected], DM on Twitter @caseyreports, or Signal message at 646 376 6017.

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