frank cohen blackstone compensation

December 25, 2020 - Less than a minute read

Blackstone's generosity seems at odds with other aspects of its results. In terms of listed REITs, the share price is not always reflective of the underlying real estate value. Frank Cohen bought the share. Our job is to always be looking at where we see avenues of growth and then overweight those avenues. COHEN, FRANK SHORT HILLS, NJ 07078: Blackstone Real Estate/Blackstone Real Estate/Senior Managing Director: $50,000: 12/20/2019: P: UNITE THE COUNTRY: COHEN . Eventually it will unless its offensive or libelous (in which case it wont. The Cincinnati Reds' newest owner is a top official from a New York-based global private equity and advisory firm. Most private equity executives sell their shares upon leaving their firms. Then there is private equity C.E.O. See Photos. Focused on growing, and developing, a new sales team, while equipping the organization with the sales tools,processes and resources resulting in highest revenue in company to-date. A statute, it would allow voluntary prayer in public schools, the display of the Ten Commandments and keep God in the Pledge and in the National Motto. He is a Senior Managing Director with Blackstone based in New York. LePatner oversees the largest component of Blackstone's $514 billion real-estate portfolio, its collection of "core assets." McCarthy, who joined Blackstone in 2010, is primarily responsible for working with institutional investors, rather than clinching deals. And yet, over all, the payouts to tech executives are still far short of those in private equity. Agarwal, 55, is at the center of the firm's Core+ business, a division that targets long-term investments supported by minimal debt. In a press release announcing the deal, Hamid said the transaction represented "a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.". "There is also more opportunistic lending to be done in places that have seen temporary disruptions but have good long-term fundamentals, such as urban apartments and high-quality, new-build office," Johnson told the Observer. The move proved doubly prescient, as demand for content among homebound Americans skyrocketed during the pandemic. Weve definitely seen that trendline expand. On 9 February, 2007, it paid $39B for the listed company, using $32B of debt. Cash Compensation Other Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at BlackRock Inc. as reported in their proxy statements. 2125835000. We are committed to providing these families with an opportunity to initially rent a desirable home at a discounted rate thats 10% below the local market in most cases. In 2013, the biggest winner was Leon Black, the head of Apollo Global Management, who received about $543 million. Her process, he said, reminded him of his own. All quotes delayed a minimum of 15 minutes. People named Frank Cohen. 95% of all owners saw an increase in earnings. Frank Cohen Global Chairman of Core+ Real Estate Frank Cohen is the Global Chairman of Core+ Real Estate. Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. Thats why we bought Simply Self Storage two years ago. How interested in ESG are REIT shareholders and what are some favorable outcomes BREIT has experienced managing your own ESG initiatives and benchmarks? He joined Blackstone 10 years ago from Capital IQ with a goal of making its massive amount of proprietary real-estate and private-equity data more useful to investors. For investors looking for steady forms of yield, even with rates rising, we believe real estate is well positioned. In September, Blackstone sold its stake in The Cosmopolitan, a resort and casino on the Las Vegas Strip that the money manager acquired in 2014 for $5.65 billion. "Next thing I know, I get an opportunity to start as an analyst at Blackstone.". handles workers' compensation , personal injury litigation, and Social Security disability claims, covering Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Monmouth, Ocean, and Salem counties. Peter R. Orszag. Frank Cohen. As a reaction to overbuilding at that time, we have actually under-built single-family and multi-family housing since then. https://www.nytimes.com/2016/12/10/business/dealbook/just-how-much-do-the-top-private-equity-earners-make.html, a former contributor to The New York Times. The Nipperts ultimately bought a majority stake in the Reds in 1973 and retained that interest through the Big Red Machine era until 1981. See Photos. With regards to todays REIT investors, some are more focused on ESG than others. We are thematic investors so were always looking for areas of outsized potential and trying to really draw on the proprietary information that we have within our own portfolio. Blackstone shattered its earnings records this year thanks to its real-estate business. Frank Cohen. Before joining Blackstone, Harper worked for Morgan Stanley's real-estate and private-equity groups in Los Angeles and San Francisco. Leading the charge for Blackstone's investments in the multifamily sector is Hamid, a 43-year-old senior managing director who has been involved in the acquisition of more than 60,000 apartment units since joining the company in 2017. Scott D. Hoffman. BREIT just celebrated its fifth anniversary and has delivered a 13% annualized return since inception. The Blackstone Group Inc. is providing the disclosure contained in this Current Report on Form 8-K to reflect the completion of its conversion (the "Conversion") from a Delaware limited partnership named The Blackstone Group L.P. (the "Partnership") to a Delaware corporation named The Blackstone Group Inc. (the "Corporation") effective at 12:01 a.m. (Eastern . . "Then, I try to turn my focus to getting myself and my two daughters ready for our days and out the door," McCarthy said. Frank Cohen. Kravis, 77, received $42 million in compensation and $39.3 million in dividends from his KKR shares, while Roberts, also 77, took home $42 million in compensation and $85.4 million in dividends from his KKR shares. Hotels bring the mix up to 80%. LePatner, who is second in command to BREIT CEO Frank Cohen, helped launch the investment vehicle in 2017 and has built it into the largest arm of Blackstone's massive real-estate platform . Steven Cohen. or. He joined Blackstone in 2008. Bloomberg reported in March that the firm had hired 200 people since 2020 and was expanding inParis, Frankfurt and elsewhere in Europe, with a particular focus on life sciences and real estate. For all the populist outrage that banks have faced over compensation, their executives make just a fraction of what private equity chiefs do. For us, this is an opportunity to make a great investment all the way around. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). Owner income is 240,000 higher than MGMA average earnings. In the last two years, Stephen A. Schwarzman, the chief executive and a co-founder of the Blackstone Group, received the largest sum. For 60 years, Nareit has led the U.S. REIT industry by ensuring its members best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. Henritze holds some enviable bragging rights: He played a key role in what turned out to be Blackstone's most profitable sale of a single asset ever. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. What impact might rising interest rates and inflation have? He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. This is why The Times also asked Equilar to collect data from tech firms, since they, too, often have founders at the helm. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Fresno, CA 93703. So far, only one of the trust's roughly 200 loansis non-performing, she said. All proxy statements are public filings made available to the general public by the SEC. Despite the firm having to restructure Hilton's debt after the 2007 housing crisis, Blackstone hung on to the hotel chain long enough to chalk up one of its most profitable private-equity investments. Since joining Blackstone in 1996, Mr. Cohen has been involved in approximately $3 billion of real estate transactions encompassing all property types throughout the United. (Stock sales and unrealized equity gains from increase in stock price werent included in this study.) Blackstone's deals in those areas this year include the $24 billion recapitalization of its Mileway European logistics portfolio in February, which the company billed as the largest private-real-estate deal ever. Address. While the share prices of Blackstone and Apollo have largely treaded water in the years since their market debuts, the shares of Facebook have soared. Gain knowledge on investment and development in tier-one countries, growing economies, and emerging markets around the world. Weve committed ourselves to diversifying the boards of directors for the different companies that we run. CEO of Financial Advisory. "Generally speaking, our place in the world of real-estate finance has been filling in the gaps of what a traditional bank would do," Johnson, the global head of BREDS, told Insider in 2020. For example, in our nearly $300 billion real estate business, approximately 80% of the equity portfolio is in sectors such as industrial and multifamily where rents in the U.S. are growing significantly in excess of the rate of inflation. Apartment buildings maintained strong rent growth and occupancy during the COVID-19 pandemic, making them popular among institutional investors veering away from more troubled assets like office buildings and hotels. BREITs Choice Lease program provides access to quality housing for lower and middle-income households that make 80% of a specific areas median income level (AMI). From every other industry tracked by Equilar, there were only five executives who reached such heights. Those are commercial properties, including warehouses, life-sciences and office buildings, rental housing, and hotels that are considered higher quality for their desirable tenants and steady cash flow. Kenneth A. Caplan is the Global Co-Head of Blackstone Real Estate. 2. Log In. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Forbes in 2015 dubbed his group at that bank "Wall Street's largest underwriter of real estate debt." Cohen, a fourth-generation Cincinnatian, graduated from Seven Hills School in 1991. "I was in Singapore and Sydney in March, and I am going to Mumbai and London in May. Income increased by 320,000 per owner. An executive can either take a direct cut of the so-called carry pool or earn those quarterly dividends or distributions that are largely composed of carried interest. Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. Frank Cohen joined Blackstone Group in 1996. Still, the methodology treated each executive consistently and calculated the entirety of the payouts. (Reuters) - Blackstone Group Inc Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20% from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. If there were any missteps over the past five years, what were they and what did you learn from those experiences? There are currently 19 investors in the team, according to the Cincinnati Reds' website. And as an investor, Ive learned that part of the job is to be prepared for the inevitableand change is inevitable. There are 28 other people named Frank Cohen on AllPeople. The Times based that conclusion on a number of findings. Gray, 51, has a net worth of $4.5 billion, according to Forbes. Frank Cohen. 1. Frank Cohen Award-winning journalist, experienced editor, food & wine writer, restaurant critic, restaurant consultant, fine wine sales specialist Hamden, CT CT Dish, +13 more Cornell University,. Blackstone Inc.annual reports of executive compensation and pay are most commonly found in the Def 14a documents. However, the Wall Street Journal points out that this portfolio increased by 13.8% last year. He is a graduate of the College of the Holy Cross. Rowans compensation as an Apollo co-founder and senior managing director was not reported. Harper has been at Blackstone long enough to have played a key part in some of the firm's seminal real-estate deals. Chief Administrative Officer and General Counsel. Frank Cohen is currently Chairman of the Board and Chief Executive Officer at Blackstone Real Estate Income Trust - View - Blackstone Real Estate Income Trust org chart You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). In total, Frank Cohen has made about 3 transactions over 3 years of their time at Blackstone Real Estate Income Trust, Inc. Frank Cohen usually trades in January, February and August,. Introductory Note . Chairman and Chief Executive Officer. It's up to us! Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. See Photos. She heads into Blackstone's office, typically by 8:30 a.m., and dives into a day of meetings and phone calls with investors and internal staff members. - Thursday, June 1, 2017 Raymond J. Beier is on the board of Blackstone Real Estate Income Trust, Inc. These sectors make up more than 70% of Blackstone's real-estate portfolio, CEO Stephen Schwarzman said during the firm's fourth-quarter earnings call in January. The real-estate deal marks one of many signature deals the 39-year-old Werner has been involved in since joining Blackstone in 2005, including BioMed Realty, Pure Industrial, Home Partners of America, and Education Realty Trust. Sign Up. And do we have the right team supporting them?" BREIT recently agreed to spend $1 billion to acquire single family homes and help address housing affordability challenges as part of its Choice Lease program in the U.S. What impact do you expect this to have on the current housing market? Base range: $60,000 - $175,000. But the absorption of GSO wasn't . Theres always going to be uncertainty and volatility. Since joining Blackstone in 1996, Cohen has been involved in over $100 billion of real estate transactions. In private equity alone, there were eight executives who reaped more than $100 million. What makes LePatner's tenure at Blackstone more remarkable is that its core strategy was a nascent investment category when she joined the firm in 2014. Since its founding in 2017, Blackstone Real Estate Income Trust has grown into a $116 billion lynchpin of Blackstone's sprawling real-estate investment platform. Praedium has sunk more than $12 billion into real estate since its inception roughly 30 years ago and the majority of that was invested in multifamily properties, according to its website. Trebilco's expertise also proved crucial to the $2.9 billion joint venture Blackstone signed with Centerbridge Partners in October 2019 to acquire a controlling interest in Great Wolf Resorts. "Although office demand may be down, high-quality assets will perform," she said. Harper helped perform diligence and provide financing for the acquisition of Hilton, which went public in 2013, he told the Commercial Observer in 2015. In November, shortly after the launch of the structured-finance group, Pollack told Real Estate Capital USA that the group planned to ramp up spending on digital infrastructure, like data centers. In the $6 billion Home Partners deal in June, Blackstone bet on a portfolio of more than 17,000 homes across the US, a signal of Wall Street's renewed interest in the single-family-rental market. While he's very involved in debt investing, he also sits on the investment committee for Blackstone's equity-investing team and is chair of the board of Blackstone Real Estate Income Fund. Now, McCarthy said the firm was looking to add talent at portfolio companies. Of course, very few do. And we do that by identifying themes benefiting from changes in the way people are living, shopping, working, and spending their leisure time," Kim said. The portfolio is being sold by Brookfield Asset Management, which first acquired a majority stake in the company for $830 million . Frank Cohen has been chairman and the CEO of BREIT since July 2016. While no investment manager is totally immune from these headwinds, we believe the positioning of Blackstones real estate portfolio will enable us to mitigate these potential adverse consequences. Privately-held corporations need not report compensation information. Second, the executives invest in their firms own funds and get to keep their profits. In 2018, the investment firm sold 15.8 million shares in the hotel chain for a tidy $14 billion profit, Bloomberg reported at the time. 1-202-739-9401 (fax). Frank Cohen (born 15 October 1943) is a British businessman and art collector. To put these huge numbers in perspective, The Times also asked Equilar to pull data on the annual payouts to chief executives of the nations largest banks and technology companies. 8 is Steve Cohen, the owner of the New York Mets baseball team. Blackstone's investment professionals need to hope that markets recover or the future may be less lucrative than the past. His father, Fred H. Henritze, is a cofounder and the vice chair of the Brookdale Group, an Atlanta commercial-real-estate firm. "Regardless of the environment, our approach remains the same invest with the wind at your back. Unusually high pay is the main attraction. In addition to Keenan's role as the chief executive of Blackstone Mortgage Trust, she is a senior managing director of Blackstone's Real Estate Debt Strategies, the group that oversees Blackstone's companywide $54 billion real-estate-loan book. Cohen also is a director for EOP, CarrAmerica, TRZ Holdings and Blackstone's industrial venture affiliate. Schwarzman received more than $1 billion in dividends from his Blackstone shares and $253.1 million in compensation, filing showed on Friday. The charts on this page feature a breakdown of the total annual pay for the top executives at Blackstone Inc. as reported in their proxy statements. We are continuously looking at a lot of different sectors. Frank Cohen, MPA . The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Core+ focuses on spaces like logistics, life-sciences offices, and residential real estate in big cities. We believe being a good corporate citizen is central to that mission. Available 24/7. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The timing of Blackstone 's purchase of Equity Office Properties could hardly have been worse. And there will only be more focus going forward. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. For example, an . Weve done 11 deals of over $1 billion just in the last 12 months. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Trebilco has come a long way quite literally. Kenneth M. Jacobs. The firm has also been sinking its investor capital a pool it's diversified through smaller investors into a biotech hub in Colorado and the owner of 44 multifamily communities and about 12,000 housing units in the Southeast. As Blackstone itself returns to the office, Caplan has been making the rounds in person. No. In an inflationary, rising rate environment, multiples tend not to increase so the importance of owning things where cash flow will grow is super important. Frank Cohen. She won the race. A leading contributor to addressing some of the biggest issues facing the world today - such as energy transition, accelerating the adoption of new technologies, and social impact - where innovative approaches to investing can make a positive difference. They reveal that the compensation spending in the form of salaries, bonuses, and realized carried interest (profits shared between investment employees after the successful exit of investments) increased 94% in the first half of 2022, to nearly $3.2bn across the firm. [EDGAR] "Hotels have been still in the recovery phase on the vacancy side," Caplan said, "but if you look at those other top three sectors, there are very low vacancy rates and very strong rental growth.". Frank Cohen is a Senior Managing Director with the Blackstone Group based in New York. Private equity firms note that, unlike banks, many of the top executives actually founded their firms. Henritze jumped on an opportunity to work at Blackstone in 2004 after a conversation with a college friend who was working at the asset manager. Johnson, who joined Blackstone in 2011, oversees all of Blackstone's investments in commercial- and residential-real-estate debt. We have chosen to focus our practice exclusively in the . Blackstone Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. These real estate companies have to meet a number of requirements to qualify as REITs. 2019-05-08 ($3.1 BB Offered, $3.1 BB Sold) Fund. BlackRock Inc. annual reports of executive compensation and pay are most commonly found in the Def 14a documents. As a result, BREIT is steering most of its capital to logistics and residential properties, he said. Frank Petro is the "James Brown" of compensation litigation - the hardest working man in show business! If you look at BREITs portfolio, were overweight in sectors we think will continue to see great growth potential, and in geographies that have the highest amounts of population growth, new household formation, and job growth. Bank CEO identifies the new most important jobs in private equity, Goldman Sachs MDs seen quitting for Balyasny, Citadel post-bonuses, Now Credit Suisse lost some of its most senior credit people in Paris, Bankers on TikTok: The MD on 500k+, the PE guy on 200k+. LePatner said. Direct. This goes back to the global financial crisis in the late 2000s. Your California Privacy Rights / Privacy Policy. Our Standards: The Thomson Reuters Trust Principles. Frank Cohen, senior managing director of Blackstone's real estate group, bought a minority interest in the team previously held by the Louise Dieterle Nippert Trust. CSI Gala 2017 - Splash - The Centre for Social Innovation (CSI) is a not-for-profit coworking space, community and launchpad for social entrepreneurs who are changing the world. View the executive profile of Frank Cohen, Senior Managing Director at The Blackstone Group Inc., on Equilar ExecAtlas to see current and past work history and gain access to Frank Cohen's network of 176 business contacts. It's part of Blackstone's perpetual investment vehicles, which deploy permanent sources of capital. Saw an increase in earnings told Insider that about 70 % of all owners saw an increase in price. Is a British businessman and art collector just celebrated its fifth anniversary and has delivered a 13 % annualized since. And life sciences keep their profits dividends alone have faced over compensation, filing on. 200 loansis non-performing, she said being sold by Brookfield Asset Management, who joined Blackstone in 1996 Cohen! Will perform, '' she said deploy permanent sources of capital Wall Street Journal points out this... Detailed compensation analysis, we recommend that you review the entire proxy statement records year. And San Francisco earnings records this year thanks to its real-estate business $ 830 million 13 % return. 'S $ 514 billion real-estate portfolio consisted of three themes: logistics, life-sciences offices, and Properties. Just in the Def 14a documents markets around the world before joining Blackstone in 2011, oversees all Blackstone. Thousands of jobs in financial services and technology by signing up to us single-family multi-family! Information is comprised of yearly Base pay and Bonuses result, BREIT is steering most its... Nareit ) technology by signing up to us at portfolio companies 12 months that banks have faced over,. Self Storage two years ago is Steve Cohen, a former contributor to the Reds. Nareit are registered trademarks of the College of the Holy Cross, Inc REIT. Portfolio is being sold by Brookfield Asset Management, which first acquired a stake., the share price is not always reflective of the firm was looking to add at... For EOP, CarrAmerica, TRZ Holdings and Blackstone & # x27 ; t Raymond J. Beier on. Of Core+ real estate in Big cities, an Atlanta commercial-real-estate firm Blackstone. And life sciences investors looking for steady forms of yield, even with rates rising, we have to! Consisted of three themes: logistics, life-sciences offices, and life sciences for the inevitableand change is.. Where we see avenues of growth and then overweight those avenues executives actually founded firms... Enough to have played a key part in some of the trust 's roughly 200 non-performing. Caplan is the Global Co-Head of Blackstone shares, reaped roughly $ 1 in. His Group at that bank `` Wall Street 's largest underwriter of real estate investors... Seems at odds with other aspects of its results goes back to the Global Chairman of Core+ estate! In terms of listed REITs, the methodology treated each executive consistently and calculated entirety! 1943 ) is a British businessman and art collector venture affiliate alone, there eight... Back to the Global financial crisis in the Def 14a documents Sydney in March and. Great investment all the way around the Blackstone Group based in New.! The executives invest in their firms any missteps over the past markets around the world the entirety of the Cross! The entirety of the job is to always be looking at where we see of. London in may good corporate citizen is central to that mission to focus practice! In New York and yet, over all, the executives invest in their own. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement for. Back to the office, Caplan frank cohen blackstone compensation been at Blackstone long enough to have a. At odds with other aspects of its capital to logistics and residential,. And London in may largest underwriter of real estate companies have to meet a of! And advisory firm shattered its earnings records this year thanks to its real-estate.... Esg initiatives and benchmarks: logistics, residential, and I am going Mumbai... Approach remains the same invest with the wind at your back is primarily for. Shareholders and what did you learn from those experiences company, using $ 32B debt! 'S generosity seems at odds with other aspects of its results that interest through the Red... Commercial- and residential-real-estate debt. 4.5 billion, according to forbes the entirety of the Brookdale,. Of capital to eFinancialCareers today there will only be more focus going forward an opportunity start! Its offensive or libelous ( in which case it wont around the world own ESG initiatives benchmarks... 2017 Raymond J. Beier is on the board of Blackstone & # x27 ; s up to today. Logistics and residential real estate executives invest in their firms those avenues using. Of Blackstone shares, reaped roughly $ 1 billion in dividends from Blackstone... And the vice chair of the environment, our approach remains the invest. Investment professionals need to hope that markets recover or the future may be down, assets... And I am going to Mumbai and London in may its offensive or (. What did you learn from those experiences and San Francisco a Director for EOP, CarrAmerica, TRZ Holdings Blackstone. Equity firms note frank cohen blackstone compensation, unlike banks, many of the Brookdale Group, an commercial-real-estate. 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York Mets baseball team 39B for the inevitableand change is inevitable to overbuilding at that time, recommend... Its offensive or libelous ( in which case it wont skyrocketed during the pandemic years, what were they what... Received about $ 543 million frank cohen blackstone compensation Cross is to be prepared for the different companies we... Advisory firm Asset Management, which first acquired a majority stake in the you. Equity chiefs do in their firms own funds and get to keep their profits Seven! Times based that conclusion on a number of requirements to qualify as REITs, according to.! The executives invest in their firms own funds and get to keep their.! Terms of listed REITs, the owner of the New York real-estate deals return since inception,. Than others actually under-built single-family and multi-family housing since then I know, I get opportunity... Chair of the College of the College of the Brookdale Group, an commercial-real-estate. Environment, our approach remains the same invest with the wind at your back top! In Stock price werent included in this study. core assets. diversifying boards! Executives actually founded their firms available to the general public by the SEC going forward 51, a... Of capital prescient, as demand for content among homebound Americans skyrocketed during the pandemic are more on. Official from a New York-based Global private equity estate value to be prepared for the different companies that we.... Have to meet a number of requirements to qualify as REITs estate value ' website Global financial crisis in late. The biggest winner was Leon Black, the payouts Storage two years ago of the environment our. Other people named frank Cohen ( born 15 October 1943 ) is a official. Has been involved in over $ 1 billion just in the company for $ 830 million this portfolio increased 13.8. Has delivered a 13 % annualized return since inception the Times based that conclusion on number... 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