O'Reilly logo

The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything by Jason Kelly

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 12

Not-So-Private Equity

Out of the Shadows

With the weight of its own secretive history bearing down, private equity is finally stepping out of the shadows. That’s how I ended up in Delaware City, Delaware, watching Tony James surrounded by politicians and workers in jumpsuits. It was October 2011, and the occasion was reopening a refinery owned by PBF Energy, a venture created and funded by Blackstone with private-equity energy specialist firm First Reserve. PBF bought the closed refinery in June 2010 from Valero, which had shuttered it a year earlier.

The biggest private-equity firms are now very much in the public eye, and seeing James that day in Delaware was notable not so much for what he said, but that he or any top Blackstone ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required