Hellman On Private Equity: Big Egos And Testosterone
The New York Times Dealbook blog picked up the Fortune story about private equity pioneer Warren Hellman and his comments at an Arthur and Toni Rembe Rock Center for Corporate Governance event at the law school:
Private equity firms like Stephen A. Schwarzman’s Blackstone Group, which went public with a $4.7 billion I.P.O. in June, and those that plan to like K.K.R., are doing so, not from competitive drive but from something far more basic.
“It’s plain and simply a five-letter word that begins with G and ends in D,” Mr. Hellman told Fortune. “Nothing more.”
Hellman & Friedman, known for its successful buyouts of companies like Levi Strauss, Young & Rubicam, and most recently selling DoubleClick to Google for $3.1 billion, will never be a public company, he told a small gathering recently at Stanford Law School.