Gregg S. Hymowitz | |
---|---|
Born | November 16, 1965 |
Education | |
Occupation(s) | Businessperson, activist investor, philanthropist |
Known for | Chairman, CEO, and founder of EnTrust Global |
Board member of | EnTrust, Purus Marine, flyExclusive |
Spouses | Marcella Guarino Hymowitz (m. 2013)Debby Hymowitz (div. 2007) |
Children | 6 |
Gregg S. Hymowitz (born November 16, 1965) [1] is an American billionaire who is the chairman, chief executive officer and founder of EnTrust Global, [2] a diversified alternative investment firm. [3] [4] Hymowitz is an activist investor, known for his bold investment strategy. According to Forbes , he has an estimated personal net worth of $1.7 billion as of May 2024. [5]
Hymowitz is from Bellmore, New York. [6] His father and grandfather owned a sponge manufacturing business which they lost in the 1980s, and this experience inspired him to "make sure [he] always had something to fall back on." [7] He received a Bachelor of Arts degree, Phi Beta Kappa, from the State University of New York at Binghamton in 1987. He later graduated cum laude from Harvard Law School with a Juris Doctor in 1990. [8] He was the 1985 Harry S. Truman Scholar from New York, the 1987 British Hansard Society Scholar and the 2004 recipient of the Governor's Committee on Scholastic Achievement Award. [8]
He began his career as an attorney at Skadden, Arps, Slate, Meagher & Flom where he focused on mergers and acquisitions before joining Goldman, Sachs & Co. as a vice president in 1992. [1]
In 1997, he left Goldman to establish Entrust Global (originally EnTrust Capital). [1] When founding Entrust, Hymowitz and his colleagues personally handled asset gathering and investment decisions to build a small but strong portfolio. [9] By the end of the year, the firm had over $1.1 billion in assets and was continuing to expand. [10] In 2016, Legg Mason purchased a 65% stake in EnTrust for $400 million, with Hymowitz also retaining a 35% stake. [11] Under Legg Mason, EnTrust was merged with Permal Group, assuming the name of EnTrustPermal. [12] The firm rebranded to EnTrust Global in 2019. [13] As of 2024, it had $18.8 billion in assets under management. [5]
In February 2020, Legg Mason was acquired by Franklin Resources for $4.5 billion. Instead of being incorporated into Franklin Resources as a result of the deal, Hymowitz agreed to reacquire EnTrust by buying back Legg Mason's share of EnTrust. [14] [15] Hymowitz later sold a 20% minority stake in EnTrust to the Brunei Sovereign Wealth Fund. [5]
EnTrust Global and GMF Capital formed EG Acquisitions, a blank-check special-purpose acquisition company. EG Acquisitions filed for a $250 million IPO in April 2021. [16] In October 2022, it was announced that EG Acquisitions would merge with private jet company flyExclusive, taking the company public with a combined value of $600 million. [17]
In 2018, a large portion of the capital Hudson Executive Capital LP acquired for its stake in Deutsche Bank investment came from Hymowitz's EntrustPermal. [18] [19] EnTrust Global has a 25% stake in Alma Capital, [20] and is a co-investor with the US-based activist firm Third Point LLC, with a $650 million stake in Nestlé. [21]
EnTrust Global has also provided capital to Politan Capital Management, through which it invested in healthcare companies Centene Corporation in 2021, [22] and Masimo in 2022. [23]
In 2015, the firm launched Blue Ocean Funds, a maritime lending division. [24] [25] [26] As of March 2019, they had financed more than fifty vessels with an investment of over a billion dollars in commitments, of which $600 million has been deployed, taking advantage of the lack of bank lenders in the maritime sector. [27] [28] In December 2020, EnTrust Global closed a $2.1 billion fundraising for the Blue Ocean Fund. [29] EnTrust Global raised an additional $925 million for the Blue Ocean Fund between April and June 2021, [30] and acquired Maas Capital from Dutch bank ABN Amro. [31] On April 25, 2024, Blue Ocean completed its acquisition of alternative investment fund manager Offshore Merchant Partners, which specializes in the maritime and energy industries. [32]
Hymowitz is also the chairman of Purus Marine, [33] a holding company launched by Entrust in 2021 which invests in environmentally friendly and low-carbon maritime transportation and infrastructure. [34] Purus Marine has received investments from Itochu and First Citizens Bank. [35] [36] It provides transport vessels to industries such as offshore wind, transportation, liquefied natural gas and logistics. [37] [38] The company had a fleet of over 50 low-carbon vessels in early 2023, [38] and plans to achieve net zero carbon emissions by 2030. [39]
Hymowitz serves as Chair of EnTrust Global's Investment Committee, Compensation Committee and Financial & Control Committee, and is a member of the Blue Ocean Executive Committee. [8]
Hymowitz manages Jolli Four, LLC, a real estate firm based in Wellington, Florida. In 2021, the firm sold an estate in Wellington to equestrian Logan Marksbury for $12 million. [40]
Hymowitz has been a panelist on numerous television shows [41] such as Fox News' Cavuto on Business, [42] Bloomberg Television, [43] and CNBC's Squawk Box . [44] Hymowitz has also been involved in political fundraising, [45] [46] and was co-chair of the Dick Gephardt 2004 presidential campaign. [47] In 2001, Hymowitz was a speaker to the US House of Representatives during hearings on whether conflicts of interest impacted the research of sell-side analysts. [18]
Hymowitz is an activist investor, and has commented on activist investing's potential to help investors identify the best investment opportunities. [48] He has become known for his use of concentrated investments and "bold" investment strategies. The Wall Street Journal described him as being "behind some of Wall Street’s biggest activist bets". [6] During the 2007–2008 financial crisis, his investment strategy with EnTrust evolved to incorporate more co-investments and single-idea investments based on dislocations. [7]
In 2013, Hymowitz, as head of EnTrust Capital, raised approximately $600 million for funds controlled by shareholder activists. [49] During the COVID-19 crisis of 2020, Hymowitz stated that activist investing, by enabling the investor to have an impact on company decisions, is a good investment strategy for periods of economic dislocation. [50] Hymowitz has summarized his business philosophy as "evolve or evaporate", a motto he adopted after a conversation with singer Usher. [6]
Hymowitz is an active philanthropist, with an interest in causes related to education, social issues, and the arts. In 1995, Hymowitz established the Hymowitz Scholarship, which is awarded to full-time undergraduate students of Harpur College. [51] Hymowitz endowed the Hymowitz Professorship of Global Health at Duke University, which was named after him. In 2017, Professor David Boyd became the inaugural holder of the chair. [52]
Hymowitz participated in the FTI Consulting Great Charity Challenge which raised $2.5 million for Florida charities. [53] He has also donated to the National Multiple Sclerosis Society, [54] New York Cares, [55] and The Retreat, a non-profit organization in The Hamptons which provides support to victims of domestic violence. [56]
He was on the committee for the 2017 YAGP "Stars of Today Meet the Stars of Tomorrow Gala", [57] and is part of the New York Leadership Circle for Mikva Challenge, a non-partisan civic engagement organization. [58]
Hymowitz's wife Marcella actively promotes the arts, especially dance. She is the creative chair of the Youth America Grand Prix. During the 25th YAGP gala on April 18, 2024, YAGP unveiled the Marcella Hymowitz Creative Fellowship, which supports international dancers. The fellowship was funded with a $1 million endowment from the Hymowitz Family Foundation. [59] The Hymowitz Family Foundation has also donated to Duke University's dance program, which two of Hymowitz's children graduated from. [60]
Hymowitz is chairman of EnTrust Global and Purus Marine, [33] and is on the board of flyExclusive. [61] He was a member of the Board of Trustees at Montefiore Medical Center and served two terms as a trustee of the Riverdale Country Day School. [8]
Hymowitz was married to Debby Hymowitz, with whom he had three children, until 2007. Hymowitz later married Marcella Guarino Hymowitz in 2013, and they have three children. [62] In 2021, Hymowitz and his wife Marcella purchased five acres of ocean-front property in Parrot Cay from Bruce Willis for $6 million. [63]
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.
Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. As of December 31, 2019, the company had $730.8 billion in assets under management, including $161.2 billion in equity assets, $420.2 billion in fixed income assets, $74.3 billion in alternative assets, and $75.1 billion in liquidity assets.
Providence Equity Partners L.L.C. is a specialist private equity investment firm focused on media, communications, education, and technology investments across North America and Europe. The firm specializes in growth-oriented private equity investments and has invested in more than 170 companies globally since its inception in 1989.
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.
Permal Group is a global investment management firm focused on hedge funds and private equity funds products for international investors. Permal, founded in 1973, operates one of the oldest fund of hedge funds and manages approximately $22 billion in assets. Clients include sovereign wealth funds, pension funds, endowments, foundations, insurance companies, family offices, private banks and high-net-worth individuals. Its CEO is Omar Kodmani and its Chairman is Isaac R. Souede. Permal is headquartered in London, with offices in New York, Boston, Singapore, Paris, Nassau, Dubai, Hong Kong, and Beijing.
Apax Partners LLP is a British private equity firm, headquartered in London, England. The company also operates out of six other offices in New York, Hong Kong, Mumbai, Tel Aviv, Munich and Shanghai. As of March 2024, the firm had raised and advised funds of approximately $77 billion (USD). Apax Partners is one of the oldest and largest private equity firms operating on an international basis.
State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager, with nearly $4.14 trillion (USD) in assets under management as of 31 December 2021.
CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European and Asian private equity, secondaries, credit funds and infrastructure. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 850 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.
Mubadala Investment Company PJSC, or simply Mubadala, is a state-owned global investment management holding company that acts as one of the sovereign wealth funds of the government of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company and the International Petroleum Investment Company (IPIC) merged. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, New York, San Francisco and Beijing.
Insight Partners is a global venture capital and private equity firm that invests in high-growth technology, software, and Internet businesses. The company is headquartered in New York City, with offices in London, Tel Aviv, and Palo Alto.
Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.
Farallon Capital Management, L.L.C. is an American multi-strategy hedge fund headquartered in San Francisco, California. Founded by Tom Steyer in 1986, the firm employs approximately 230 professionals in eight countries around the world.
HGGC, LLC is an American middle-market private equity firm based in Palo Alto, California, with over $7 billion of cumulative capital commitments. Since its inception in 2007, HGGC has completed transactions with an aggregate transaction value of $50 billion. The firm was named 2014 M&A Mid-Market Private Equity Firm of the Year by Mergers & Acquisitions magazine.
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in Stamford, Connecticut. The company has the subsidiaries Foundry, Genesis, Grayscale Investments, and Luno. It also formerly owned CoinDesk.
Edelweiss Group is an investment and financial services company based in Mumbai. It was co-founded by Rashesh Shah and Venkat Ramaswamy.
Searchlight Capital Partners is a private equity firm based in the United States, United Kingdom and Canada, with $15 billion in assets under management.
Sixth Street is a global investment firm with around $75 billion in assets under management. The firm operates nine investment platforms across its growth investing, adjacencies, direct lending, fundamental public strategies, infrastructure, special situations, agriculture and par liquid credit businesses. Sixth Street invests in the equity and debt of public and private companies, acquires real estate, finances infrastructure projects, and provides start-up capital to new businesses. Sixth Street has been noted in the financial media for the unusual structure of its largest fund, which is open-ended and able to hold longer-term investments.
Rockefeller Capital Management (RCM) is an independent wealth management and financial services firm, founded in 2018. The firm offers family office, asset management, and strategic advisory services to high-net-worth individuals and families, institutions, and corporations. Its president and CEO is Greg Fleming.
Energy Capital Partners (ECP) is an American investment firm headquartered in Summit, New Jersey. It focuses on investments in the energy sector. The firm has additional offices in New York City, Houston, San Diego, Fort Lauderdale and Seoul.
Nikko Asset Management is a Japanese multinational investment company. It is one of the largest asset managers globally with about $220 billion under management as of December 2023. Currently Japan's third largest manager, Nikko aims to grow its funds under management to $415 billion by 2032.
{{cite book}}
: CS1 maint: multiple names: authors list (link)