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Henry began her career at Merrill Lynch in its investmentbanking and private equity group. The firm’s transaction types include buyouts, growth investments, and turnarounds. Prior to joining BayPine, she was the head of investor relations at Declaration Partners.
And that was very important because when this was the dawning of what is now a big analyst program across the country in all banks and investmentbanks. There was no m and a departments in any investmentbank really until the very late seventies. And I was fortunate to be accepted to both.
Just really a fascinating history from, from a private company to a publiccompany back to a, a partnership. He is uniquely situated because he has run both public mutual funds as well as privates, including late stage venture private equity credit down the list. They’ve been around literally nearly a century.
And so, in terms of where our teams are spending time, it’s in and around sort of public markets. RITHOLTZ: That’s very interesting because we typically think of private equity as looking at these mature non-publiccompanies. RITHOLTZ: — firms or private equity firms? BARATTA: Yeah. BARATTA: Yeah.
And what was interesting was the first leveraged buyout of a publiccompany happened when I was in graduate school. KKR took a stock exchange company called who Houdaille, private, and it was the first time there’ve been — RITHOLTZ: ’79 or something like that? It was between corporate law and investmentbanking.
One, two, there was a theory that these businesses had volatile cash flows and therefore couldn’t be leveraged, which was the, you know, the whole point of leveraged buyouts. And finally that they were companies run by children, young, young, young folks. That was a very, very good investment.
You know, there used to be companies that have a hundred and $200 million market caps that would go public, but it’s been, it’s been made much more difficult to be a publiccompany. There are far fewer people that play with those companies. ’cause we have a whole thematic approach to an area.
So, I graduated from business school in 1987 and went to GE Capital for two years, financing leveraged buyouts. I mean, you know, I probably shouldn’t have been doing it because I had been a journalist covering public schools and knew nothing about leveraged buyouts. COHAN: Everybody wanted to be an investment banker.
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