Silver Lake Preps Expansion With Leadership Shake-Up
The private equity firm named co-CEOs in a reshuffle that moves Mike Bingle to emeritus status.
Silver Lake Management is making leadership changes as the private equity firm prepares to expand the asset base of two investment strategies early next year.
Managing partners Egon Durban and Greg Mondre will now serve as Silver Lake’s co-chief executive officers while managing partner Ken Hao will fill the position of chairman, according to a statement from the firm Monday. As Silver Lake starts the next cycle of investing with its flagship, large-scale private equity strategy, managing partner Mike Bingle will become vice chairman and take on an emeritus title.
Silver Lake focuses on technology deals, working with more than $43 billion in assets and committed capital out of offices in Silicon Valley, New York, London, and Hong Kong. The firm said it plans to increase the asset base of its flagship private equity and structured equity/debt investing strategies during the first quarter of 2020.
“We are focused on growing Silver Lake’s platform of global technology investing, positioning us to partner with the world’s premier management teams to leverage our deep domain expertise, tap extensive industry relationships, and drive innovation to achieve long-term investment success,” said Durban, Mondre, and Hao, in the statement.
Under the leadership reshuffling, Joe Osnoss was promoted to managing partner, the role Bingle is relinquishing as he shifts positions. Osnoss, who joined Silver Lake in 2002, is on the investment committees for Silver Lake Partners, its flagship strategy, and Silver Lake Alpine, which invests in structured equity and debt.
“Smooth leadership transitions are a hallmark of our firm,” said Bingle, who has worked for Silver Lake for about two decades, in the statement. As managing partner emeritus, Bingle will keep investing “significant personal capital” in Silver Lake’s deals while helping the firm find new investment opportunities, according to the statement.
Silver Lake has been making large-scale investments in technology with its $15 billion fund, which closed in 2017 to seek deals using the firm’s flagship private equity strategy, according to its statement at the time. Silver Lake Partners V exceeded its $12.5 billion target, getting capital from public and corporate pensions, sovereign wealth funds, insurers, family offices, and the technology industry.
Silver Lake Alpine mainly focuses on “non-control” deals in technology that give the firm “downside” protection, according to its website. AMC Entertainment and Motorola Solutions are among the group’s deals.
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Meanwhile, co-CEO Durban will be influential in Silver Lake’s latest high-profile investment: $500 million into City Football Group, a private owner of soccer clubs globally, according to a November 27 statement from the private equity firm. Silver Lake said the deal valued City Football Group at $4.8 billion.
Silver Lake’s funding will help City Football Group expand globally and develop its technology and infrastructure assets, according to the statement. Created in 2013, City Football owns stakes in clubs such as Manchester City in the U.K., New York City FC, and Girona Futbol Club in Spain.