Lionel Pincus
Lionel Pincus | |
---|---|
![]() Historical photo of Lionel Pincus
|
|
Born | Lionel I. Pincus March 2, 1931 Philadelphia, Pennsylvania |
Died | Script error: The function "death_date_and_age" does not exist. New York City |
Alma mater | University of Pennsylvania Columbia Business School (M.B.A.) |
Occupation | Businessman, banker, philanthropist |
Known for | Founder of Warburg Pincus |
Spouse(s) | Suzanne Storrs |
Children | Henry Pincus Matthew Pincus |
Parent(s) | Henry Pincus Theresa Celia Levit Pincus |
Lionel I. Pincus (March 2, 1931 — October 10, 2009)[1][2] was an American businessman and philanthropist. He was the founder of the private equity firm Warburg Pincus, running it from 1966 to 2002,[3][4][5] and later became the chairman emeritus of the company.[1]
Early life
Pincus was born in Philadelphia, Pennsylvania, the son of Henry (d. 1949)[6] and Theresa Celia (née Levit, d.1982)[7] Pincus.[1] His grandparents were Jewish[8] immigrants from Russia and Poland.[9] He graduated from the University of Pennsylvania with a Bachelor of Arts degree in English in 1953.[1][10] 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.[1][11]
Career
Pincus joined Ladenburg Thalmann, an investment banking firm, in 1955, and became a partner in the firm at age 29.[9] He formed Lionel I. Pincus & Co., Inc., a financial consultancy, in 1964.[1][11][12] The following year, he joined the board of directors of E.M. Warburg & Co., founded in 1939 by Eric Warburg, and in 1966, the two firms merged.[9][12] The company was renamed to E.M. Warburg Pincus in 1970,[9] and to Warburg Pincus LLC in 2001.[13]
Pincus is a "pioneer of the venture capital megafund",[11] 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.[9][11][14]
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.[15] 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".[16] A later fund, closed in 2000, raised $2.5 billion, and was then described as the "biggest so far in the private-equity industry".[17] The tenth and final fund raised while Pincus headed the company raised over $5.3 billion, closing in 2002.[3][18][19]
Early investments included 20th Century Fox, Humana, and Warner, a company later acquired by Waste Management, Inc.[17] In 1984, Warburg Pincus invested in Mattel, and Pincus joined its board of directors.[20] 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.[18][19]
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.[21]
Philanthropy
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.[22] 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 U.S. Government. The division was renamed The Lionel Pincus and Princess Firyal Map Division.[23] He was recognized in 2002 for having donated more than $5 million to the Library.[24]
Personal
Pincus married the former Suzanne Storrs, a former Miss Utah winner and actress, in 1967.[9][25][26] They had two sons, Henry and Matthew. She died in 1995 at the age of 60, after a long illness.[27]
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.[28]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Founder of Warburg Pincus dies, The Associated Press, 10 October 2009.
- ↑ 3.0 3.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ The Warburgs: the twentieth-century odyssey of a remarkable Jewish family. Ron Chernow
- ↑ 9.0 9.1 9.2 9.3 9.4 9.5 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 11.0 11.1 11.2 11.3 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 12.0 12.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 17.0 17.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 18.0 18.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 19.0 19.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
Further reading
- Lua error in package.lua at line 80: module 'strict' not found.
- Articles with hCards
- Pages with broken file links
- 1931 births
- 2009 deaths
- American investment bankers
- American money managers
- American people of Polish-Jewish descent
- American people of Russian-Jewish descent
- American philanthropists
- Businesspeople from Pennsylvania
- Columbia Business School alumni
- Jewish philanthropists
- People from Philadelphia, Pennsylvania
- Private equity and venture capital investors
- University of Pennsylvania alumni