Steven Klinsky on Building Businesses

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 20 January 2023

⏱️ 58 minutes

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Summary

Bloomberg Radio host Barry Ritholtz speaks with Steven Klinsky, founder, CEO and managing director of New Mountain Capital, which has over $37 billion in assets under management. Prior to founding New Mountain Capital in 1999, Klinsky was co-founder of the leveraged buyout group at Goldman Sachs, where he helped execute over $3 billion of pioneering transactions for Goldman and its clients. Klinsky also previously served as general partner at Forstmann Little, helping to oversee seven private equity and debt partnerships totaling over $10 billion in capital.

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0:00.0	This is Mesters in Business with Barry Redholz on Bloomberg Radio.
0:08.8	This week on the podcast, I have an extra special guest.
0:12.5	His name is Steve Klinsky and he has an absolutely storied history in the field of private
0:19.0	equity.
0:20.2	He is the person who essentially stood up the LBO department at Goldman Sachs when essentially
0:26.7	there were half a dozen or so private equity firms in the country.
0:31.4	He eventually goes to a forceman little where he's one of the first five founding partners.
0:38.2	They grew a business where they issued junk debt.
0:42.6	They very often were the white knight fighting against the so-called barbarians at the gate.
0:48.1	They believed in building businesses and far less focused on financial engineering.
0:55.4	Steve takes his experience and knowledge and stands up his own firm, New Mountain Capital,
1:01.5	which is one of the largest private equity shops in the world.
1:05.8	They have $37 billion in clients and their own funds, which they have invested across
1:12.5	a variety of disciplines from credit to strategic capital as well as taking companies private
1:21.1	and helping them grow into something more substantial than they've been in the past.
1:26.2	I thought this was a master class in how private equity works from somebody who is there
1:32.3	at the beginning, from Goldman to forceman little to his own firm and has pretty much
1:36.8	seen and done everything.
1:38.8	I found this conversation to be fascinating and I think you will also, with no further
1:44.2	ado, my conversation with New Mountain Capital's founder and CEO, Steve Klinsky.
1:50.7	So let's talk a little bit about that MBA JD.
1:53.4	That's quite a combination.
	...

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