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Lionel Pincus

lionel pincus, lionel pincus and princess firyal
Lionel I Pincus March 2, 1931 — October 10, 2009 was an American businessman and philanthropist He was the founder of the private equity firm Warburg Pincus, running it from 1966 to 2002, and later became the chairman emeritus of the company

Contents

  • 1 Early life
  • 2 Career
  • 3 Philanthropy
  • 4 Personal
  • 5 References
  • 6 Further reading

Early life

Pincus was born in Philadelphia, Pennsylvania, the son of Henry d 1949 and Theresa Celia née Levit, d1982 Pincus His grandparents were Jewish immigrants from Russia and Poland He graduated from the University of Pennsylvania with a Bachelor of Arts degree in English in 1953 His family had apparel retailing and real estate businesses; rather than join those businesses, he pursued an MBA at Columbia Business School, graduating in 1956

Career

Pincus joined Ladenburg Thalmann, an investment banking firm, in 1955, and became a partner in the firm at age 29 He formed Lionel I Pincus & Co, Inc, a financial consultancy, in 1964 The following year, he joined the board of directors of EM Warburg & Co, founded in 1939 by Eric Warburg, and in 1966, the two firms merged The company was renamed to EM Warburg Pincus in 1970, and to Warburg Pincus LLC in 2001

Pincus is a "pioneer of the venture capital megafund", raising billions of dollars to invest in companies across industries The money he raised came from, among other sources, blue chip pension funds, such as AT&T, IBM, GE, Pacific Telesis, and GM, state pension funds, and college endowments

An early venture capital fund, EMW Associates, was organized by Pincus in 1970, with $20 million in capital, about half of which came from officers of the company This was followed by successively larger funds; a $2 billion fund organized by Warburg Pincus in 1989 was described as "five times larger than any other venture partnership" A later fund, closed in 2000, raised $25 billion, and was then described as the "biggest so far in the private-equity industry" The tenth and final fund raised while Pincus headed the company raised over $53 billion, closing in 2002

Early investments included 20th Century Fox, Humana, and Warner, a company later acquired by Waste Management, Inc In 1984, Warburg Pincus invested in Mattel, and Pincus joined its board of directors By 2002, when Pincus ended his tenure as the hands-on leader of the company, it had overseen investments of more than $13 billion in over 450 companies in 29 countries

In 1999, Warburg Pincus sold its asset management division to Credit Suisse for $650 million, which also acquired an interest in the private equity division of Warburg Pincus

Philanthropy

The Map Division

Pincus supported several philanthropic activities, including a $10 million donation to Columbia University, New York in 1995 He was a trustee of the university at the time In 2005, the New York Public Library renovated its main map room, principally financed and endowed by Pincus and Princess Firyal of Jordan The renovation cost $5 million and was also financially supported by the City of New York and the US Government The division was renamed The Lionel Pincus and Princess Firyal Map Division He was recognized in 2002 for having donated more than $5 million to the Library

Personal

Pincus married the former Suzanne Storrs, a former Miss Utah winner and actress, in 1967 They had two sons, Henry and Matthew She died in 1995 at the age of 60, after a long illness

Following cancer surgery in 2006, Pincus was declared mentally and physically incompetent, and his sons became his guardians In 2008, his 14-room, 7,000-square-foot 650 m2 apartment at The Pierre hotel was offered for sale, over the objections of Princess Firyal, his long-time companion The asking price at the time was $50 million

References

  1. ^ a b c d e f Who's Who In America - 2009 63 ed Marquis Who's Who 2009  |access-date= requires |url= help
  2. ^ Founder of Warburg Pincus dies, The Associated Press, 10 October 2009
  3. ^ a b Carey, David; Tenorio, Vyvyan 2002-05-10 "Passing the contrarian torch" Daily Deal  |access-date= requires |url= help
  4. ^ Politi, James 2007-04-26 "Warburg poised to raise $15bn" Financial Times Retrieved 2009-07-19 
  5. ^ Berman, Phyllis 2006-05-08 "We'll Do It Our Way" Forbes Retrieved 2009-07-19 
  6. ^ "Henry Pincus" The New York Times 1949-11-24  |access-date= requires |url= help
  7. ^ "Obituary #1" The New York Times 1982-11-12  |access-date= requires |url= help
  8. ^ The Warburgs: the twentieth-century odyssey of a remarkable Jewish family Ron Chernow
  9. ^ a b c d e f Rehfeld, Barry 1994-10-23 "Even in Hard Times, He's Still the Top Player in Town" The New York Times p F8  |access-date= requires |url= help
  10. ^ "EM Warburg & Co Chooses New President and Chief Officer" The New York Times 1966-01-19 p 58  |access-date= requires |url= help
  11. ^ a b c d Gupta, Udayan 1987-03-09 "Megafund Chief Pincus Speaks Softly, Carries a $117 Billion Venture Stake" The Wall Street Journal p 15  |access-date= requires |url= help
  12. ^ a b "Pincus Joins Warburg Board" The New York Times 1965-11-09 p 61  |access-date= requires |url= help
  13. ^ Bansal, Paritosh 2009-10-11 "Warburg Pincus founder Lionel Pincus dies" Reuters Retrieved 2009-10-12 
  14. ^ Anders, George 1990-07-19 "Is Warburg Pincus's Magic Waning" The Wall Street Journal p C1  |access-date= requires |url= help
  15. ^ "Warburg Group Forms A Venture Capital Firm" The New York Times 1970-02-03 p 65  |access-date= requires |url= help
  16. ^ Gupta, Udayan 1989-09-07 "Venture-Capital Funds Grow Larger and Larger" The Wall Street Journal p B2  |access-date= requires |url= help
  17. ^ a b Chee, Jann Perng 2000-12-17 "Pioneer in private-equity funds warns of impending shake-up" The Straits Times  |access-date= requires |url= help
  18. ^ a b Bushrod, Lisa 2002-05-01 "Warburg Pincus is above target" European Venture Capital Journal  |access-date= requires |url= help
  19. ^ a b Lewis, Diane E 2002-04-30 "Warburg Pincus Closes on $53 Billion Global Equity Fund" Boston Globe  |access-date= requires |url= help
  20. ^ Williams, John D 1987-07-13 "Mattel Investor Group Gets 45% Stake In Exchange for Rescue Financing Pact" The Wall Street Journal p 29  |access-date= requires |url= help
  21. ^ Oppel, Richard A Jr 1999-02-16 "Credit Suisse to Acquire a Warburg, Pincus Unit for $650 Million" The New York Times p C1 Retrieved 2009-07-15 
  22. ^ Berger, Joseph 1995-12-01 "Billionaire's Gift Helps Columbia to Exceed Its Fund-Raising Goal" The New York Times p B1 Retrieved 2009-07-15 
  23. ^ Collins, Glenn 2005-12-05 "Restoring Vivid Palette of Library's Map Chamber" The New York Times p B3  |access-date= requires |url= help
  24. ^ "The New York Public Library Annual Report 2002" PDF New York Public Library 2002-07-01 Archived from the original PDF on December 8, 2008 Retrieved 2009-07-15 
  25. ^ Hill, Ira L 1967-12-18 "Miss Storrs Bride Of Lionel I Pincus" The New York Times p 61  |access-date= requires |url= help
  26. ^ Klemesrud, Judy 1984-08-06 "Volunteer's Goal: 'Buy Bronx'" The New York Times p A18 Retrieved 2009-07-12 
  27. ^ Saxon, Wolfgang 1995-01-27 "Suzanne Pincus, 60, Volunteer in the Arts And Social Services" The New York Times p A20 Retrieved 2009-07-12 
  28. ^ Barbanel, Josh 2008-09-19 "A Royal Ruckus" The New York Times p RE2 Retrieved 2009-07-15 

Further reading

  • Gupta, Udayan 2000 Done deals: venture capitalists tell their stories Harvard Business Press p 117 ISBN 978-0-87584-938-6 

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