Page 63 - Forbes - Asia (March 2020)

MIKE BINGLE, 47
SILVER LAKE, MENLO PARK, CA
ASSETS: $43 BIL NET WORTH: $1.2 BIL
Joined firm in 2000, after stints at Apollo Global and Goldman Sachs.
Within a decade became co-head of its North American operations. He
helped close deals for Ameritrade, Virtu Financial, SoFi and Ancestry.com.

SCOTT KAPNICK, 60 GREG MONDRE, 45 61
HPS INVESTMENT PARTNERS, NEW YORK CITY SILVER LAKE, MENLO PARK, CA
ASSETS: $55 BIL NET WORTH: $1.4 BIL ASSETS: $43 BIL NET WORTH: $1.2 BIL
Formerly CEO of Highbridge Capital, the hedge Joined Silver Lake in 1999. He has done deals for
fund and credit manager owned by JPMorgan. Sabre Corp., Vantage Data Centers, UGS Corp.,
Kapnick started at Goldman Sachs, where he rose GoDaddy and Motorola Solutions. He first started FEA TURES
to co-head of investment banking and co-CEO doing tech PE deals at TPG and also worked at
of Goldman Sachs International. He joined High- Goldman Sachs.
bridge in 2007 after its sale to JPMorgan to build
a credit business. In 2016, JPMorgan divested HPS.
Assets have since ballooned.
LAWRENCE GOLUB, 60
GOLUB CAPITAL, NEW YORK CITY
ASSETS: $30 BIL NET WORTH: $1.1 BIL
EGON DURBAN, 46 Founder of Golub Capital, which says it received
no tax benefit from its stake sale. A former banker
SILVER LAKE, MENLO PARK, CA
with stints at Allen & Co., Wasserstein Perella and
ASSETS: $43 BIL NET WORTH: $1.2 BIL Bankers Trust, Golub founded Golub Capital in 1994
One of four managing partners who now run the as a traditional leveraged buyout firm. In 2001, he
firm, which specializes in tech investments and pivoted and turned the firm into a lender, mostly to
manages $43 billion. Durban is best known for other PE firms like Vista Equity and Thoma Bravo.
orchestrating high-profile deals for Dell, Motorola Since the crisis, assets have grown fifteenfold.
Solutions and Pivotal Software. Was a founding
principal of the firm in 1999.

DAVID GOLUB, 57
GOLUB CAPITAL, NEW YORK CITY
KENNETH HAO, 51 ASSETS: $30 BIL NET WORTH: $1.1 BIL
SILVER LAKE, MENLO PARK, CA Joined brother Lawrence in 2003 at Golub Capital, which says it received
ASSETS: $43 BIL NET WORTH: $1.2 BIL no tax benefit from its stake sale. He’s now CEO of the firm’s publicly
Hao expanded the tech private equity firm into key Asian markets by traded Golub Capital BDC. After graduating from Harvard, Golub got a
starting offices in China and Japan. He led Silver Lake’s profitable invest- master’s in philosophy from Oxford, where he was a Marshall Scholar, and
ment in Alibaba. Hao joined Silver Lake in 2000 after spending nearly a an M.B.A. from Stanford. He was the first chairman and a longtime direc-
decade at San Francisco investment bank Hambrecht & Quist. tor of the Michael J. Fox Foundation for Parkinson’s Research.

ban, Hao, Bingle and Mondre, all under 52, are billionaires. turned former career banker Kapnick, 60, into a billionaire.
KAPNICK: BENNETT RAGLIN/GETTY IMAGES; MONDRE: JARED SISKIN-PMC/GETTY IMAGES;
A few months after the Silver Lake stake deal, Dyal’s Rees Don’t expect populist cries about income inequality to slow
bought a stake in Starwood Capital, a real-estate-oriented down the blizzard of private equity stake deals coming to
firm owned by Barry Sternlicht, which now manages $60 market. In December 2018, Blackstone, which is ramping
billion. Another Dyal deal from 2016 was a near 15% stake up its GP-stake business, bought just under a 10% stake in
in H.I.G. Capital, a private equity firm run by Sami Mnaym- a little-known New York City firm called New Mountain
neh and Tony Tamer. The stake deal gave Sternlicht an esti- Capital run by a Forstmann Little refugee named Steven
mated net worth of $3.1 billion. Mnaymneh and Tamer are B. Klinsky. Blackstone’s cash injection helped put Klinsky’s
now worth $4 billion each. Credit-oriented PE firms—which net worth at an estimated $3 billion. (New Mountain ve-
have been thriving as heavily regulated bank lenders have re- hemently denies Forbes’ valuation, arguing the net present
treated from riskier loans—are also getting in on the game. value assumes success for many years.)
Take the case of Scott Kapnick. A former co-head of in- helping. In 2017 Dyal bought another sliver of Smith’s firm,
Vista’s Smith has gone as far as to tap the well for a second
vestment banking at Goldman Sachs, Kapnick founded HPS
GOLUB: JOHN MINCHILLO/INVISION/AP Chase’s Highbridge Capital hedge fund unit. HPS’ private also sold a second stake. Kuwait’s sovereign wealth fund is
Investment Partners in 2007 while working for JPMorgan
valuing it at $7 billion. Mnaymneh and Tamer of H.I.G. have
now making investments in general partnerships, as is a
credit platform, which specialized in senior debt and mez-
firm run by Jeb Bush and another created by the family of-
zanine lending, was so successful that Kapnick became CEO
of all of Highbridge when its cofounder billionaire Glenn
fice of Richard and Betsy DeVos.
“There is a need for capital. These businesses can consume
Dubin left the bank in 2013. But in 2016, JPMorgan decided
to spin out most of HPS with Kapnick as its CEO.
a lot of capital, so the capital is important,” says Dyal Capital’s
Fast-forward two years to July 2018 and HPS was man-
aging $45 billion. Dyal’s tax-advantaged bite of HPS has
business to fund GP commitments and product extensions.”

F ORBES A SIA
MAR CH 2020 Rees. “The vast majority of our invested capital stays in the