- Private equity company Silver Lake announced it named managing directors Egon Durban and Greg Mondre as co-CEOs
Private equity company Silver Lake announced it has named managing directors Egon Durban and Greg Mondre as co-CEOs. Their new positions are effective immediately. And managing partner Kenneth Hao is becoming chairman and managing partner Mike Bingle will become vice-chairman and managing partner emeritus.
Silver Lake manages more than $43 billion in assets. And Mondre and Durban have worked at Silver Lake since 1999. Durban is known for overseeing the company’s investment in Dell Technologies and Skype. And Mondre oversaw Silver Lake’s investment in GoDaddy in 2011.
More recently, Silver Lake invested $500 million in Abu Dhabi’s City Football Group (CFG) — which is the owners of English Premier League soccer champions Manchester City. Durban is joining CFG’s board.
Silver Lake also announced that in the first quarter of 2020, the firm will expand its asset base for its flagship large-scale private equity strategy and its structured equity and debt investment strategy. This initiative will enhance Silver Lake’s capacity to pursue large-scale investment opportunities in technology and technology-enabled industries on a global basis.
Upon the commencement of the next cycle of capital deployment for Silver Lake’s flagship strategy, Bingle will remain active in the firm by serving on the boards of a number of current portfolio companies including Ancestry.com, Blackhawk Network, Credit Karma, Fanatics, SoFi, and Solarwinds. And Bingle will continue to invest significant personal capital in Silver Lake’s investments and will also look to source new opportunities for Silver Lake on an investment-by-investment basis. Bingle is going to remain based in the firm’s New York office, from which he plans to manage his family office.
“Smooth leadership transitions are a hallmark of our firm. I could not be prouder of all my partners at Silver Lake, what we have achieved together over the past twenty years, and our next generation of up-and-coming leaders. I am enthusiastic about the opportunity to continue investing alongside them, while also freeing up time to pursue a variety of other interests,” said Bingle.
Joe Osnoss will also be promoted to managing partner. Osnoss joined the company in 2002 and currently serves on the investment committees of the Silver Lake Partners and Silver Lake Alpine strategies. Plus he played major roles in successful investments, including Cast & Crew, Cegid, Cornerstone OnDemand, EverCommerce, First Advantage, Global Blue, Interactive Data, Instinet, LightBox, Mercury Payments, Nasdaq, Red Ventures, Sabre, and Virtu Financial.
“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,” added Durban, Mondre, and Hao in a statement. “We would like to recognize Mike Bingle for his exceptional investment acumen and incalculable contributions to Silver Lake’s success over the past twenty years. He is our close friend and partner. We are also very excited to welcome Joe Osnoss to the Managing Partner leadership team.”
Silver Lake now has 36 senior executives who have been working together at the firm for at least ten out of the firm’s twenty years in business. And Silver Lake’s flagship strategy’s portfolio companies in aggregate have averaged 15% annualized revenue growth from 2010 to 2018. Plus they have also increased total employee headcount over the same period with more than 150,000 jobs added or created during their ownership, net of any job losses via organic growth and acquisitions.
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