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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything

ISBN: 978-1-118-20546-4
256 pages
September 2012
The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything (1118205464) cover image

Inside the Trillion Dollar Industry That Owns Everything

What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms. The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything takes the reader behind the scenes of these firms: their famous billionaire founders, the overlapping stories of their creation and evolution, and the outsized ambitions that led a group of clever bankers from small shops operating in a corner of Wall Street into powerhouse titans of capital. This is the story of the money and the men who handle it.

Go inside the private worlds of founders Henry Kravis, Steve Schwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and built the some of the most powerful and most secretive houses of money in the world.

  • With numerous private equity firms going public for the first time, learn how these firms operate, where their money comes from and where it goes, and how every day millions of customers, employees, and retirees play a role in that complex tangle of money
  • Author Jason Kelly tells the story of how thirty some years ago a group of colleagues with $120,000 of their own savings founded what would become one of the largest private equity shops in the world, completing the biggest buyout the world has ever seen, and making them all billionaires in the process
  • Presents a never-before-seen look inside a secretive and powerful world on the verge of complete transformation as the industry and its leaders gain public profiles, scrutiny, and political positions

Analyzing the founders and the firms at a crucial moment, when they've elevated themselves beyond their already lofty ambitions into the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined, trillion-dollar corners of the global economy and what it portends for these new tycoons.

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A Visual Tour of Private Equity xi

Deciphering Private Equity xv

Prologue xix

Chapter 1 Find the Money 1

Chapter 2 All the Money in the World 19

Chapter 3 The L Word 43

Chapter 4 You Bought a Toilet Seat? “When Was the Last Time” 55

Chapter 5 Modern Art 73

Chapter 6 Put on Your Boots 95

Chapter 7 Aura of Cool 111

Chapter 8 Hundreds and Billions 123

Chapter 9 Take This Exit 141

Chapter 10 The Taxman Cometh 155

Chapter 11 It’s a Steve, Steve, Steve World 165

Chapter 12 Not-So-Private Equity 187

Afterword 199

Notes 203

Acknowledgments 211

About the Author 215

Index 217

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JASON KELLY is a reporter with Bloomberg News based in New York. He covers the global private equity industry and is a frequent contributor to Bloomberg Television and Bloomberg Businessweek. During his ten years with Bloomberg, Kelly has also followed the technology industry and written about issues ranging from the aftermath of Hurricane Katrina to economic development during the war in Afghanistan. Prior to joining Bloomberg, he was the editor in chief of digitalsouth magazine, a publication focused on technology and finance in the Southeast and Texas.

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Subtitled Inside the Trillion Dollar Private Equity Industry that owns Everything, Kelly tries to demystify the complex world of private equity through telling the stories of the leading characters and key firms in the industry.

A Bloomberg news reporter, Kelly is familiar with his subject and he traces the mushrooming of this industry from a relatively small niche area of financial service into a globally powerful phenomenon.

The book has a timely edge given the presidential candidacy of Mitt Romney, a former chief executive of Bain Capital, and is certainly well researched.

Kelly notes that he is trained to look for surprise and that as he researched the book, the omnipresence of the industry surprised even him. So much is owned by the industry, and the appetite to run the numbers on businesses that are not, appears to be relentless.

Kelly does his best to make the complex simple with glossaries and charts; it is a challenging read nonetheless.

Although interesting for the general reader, the book will be of most interest to those who work in the global financial services industry and who can relate readily to the firms under consideration here. (Irishtimes.com, November 2012)

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October 05, 2012
The New Tycoons: Inside the Trillion Dollar Private Equity Industry that Owns Everything

BLOOMBERG NEWS Reporter Jason Kelly Takes Readers Behind the Curtain of Private Equity

 In his New Book

THE NEW TYCOONS

Inside the Trillion Dollar Private Equity Industry That Owns Everything 

Private equity is everywhere.  Firms like KKR, Blackstone, TPG, and Carlyle have a hand in what we wear and what we eat, by owning some of the world's biggest brands—from Hilton to Dunkin' Donuts and Toys"R"Us to J. Crew. Their influence doesn't stop there. They're investing on behalf of governments, university endowments, and pensions, giving them responsibility for billions in retirement savings. The companies they own employ millions of workers. 

In The New Tycoons (Wiley; September 2012; Hardcover and eBook), Bloomberg News reporter Jason Kelly demystifies the complex world of private equity by telling the stories of the top firms and their leaders. The book details how their role as investors, owners, and employers has put them at the center of our lives. 

Through in-depth, exclusive interviews with private equity chieftains including Stephen Schwarzman, David Rubenstein, David Bonderman, Henry Kravis, and others, The New Tycoons explores a cottage investing industry that's blossomed into a global financial force. With on-the-ground reporting, personal observations and richly drawn anecdotes, Kelly takes the story far from Wall Street and into companies controlled by private equity, examining how the business affects us as workers and taxpayers. With the presidential candidacy of former Bain Capital CEO Mitt Romney, and the industry's deepening influence on Main Street, understanding private equity and where it's headed is more important than ever. The New Tycoons offers a compelling examination of a massive, often overlooked, economic engine. You'll discover the untold stories of the most important firms and game-changing individuals that own everything. 

The New Tycoons:

  • Explains how two cousins, a restless former Carter administration policy adviser, a pair of out-of-work investment bankers and a lawyer fighting a highway extension in Texas all used the same basic idea to become billionaires.
  • Explores how a long-secret industry copes with the scorching spotlight created by Bain Capital founder Mitt Romney's quest for the White House. Details the response to political pressure about their tax rates, accusations of rampant job destruction, and the rigors of answering to public shareholders. 
  • Goes inside KKR's $7.3 billion deal for Dollar General, detailing how a highly sought CEO zeroed in on everything from how the diet soda tasted to sales of toilet seats to revive the retailer.
  • Details private meetings with the world's largest investors, including some the biggest U.S. pensions, as the private-equity managers woo them for new commitments, those investors balk at their fees, and the workers at private-equity controlled companies lobby for a voice.

Jason Kelly is a reporter with Bloomberg News based in New York. He covers the global private equity industry. During his ten years with Bloomberg, Kelly has also followed the technology industry and written about issues ranging from the aftermath of Hurricane Katrina to economic development during the war in Afghanistan.  

The New Tycoons

By Jason Kelly

Wiley; September 2012

ISBN: 9781118205464

Hardcover and eBook available

 

Media Contact:  Jocelyn Córdova, jcordova@wiley.com

Please visit Wiley’s Press Room for information on this and other books/journals/authors/company news

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