Blackstone’s Jon Korngold has been winning deals since he was nine years old. Back then, the venue was a flea market rather than a boardroom, and the prize was often a random antique rather than a multibillion-dollar company. But he was a deal hound nonetheless, and he often got a better price than his mom, who collected antiques, could.
Fast-forward 40 years, and Korngold makes deals on a much bigger scale as head of growth investing and co-head of technology investing at Blackstone, the mammoth private equity firm. Korngold has developed a reputation as a savvy investor, thanks to profitable deals such as Blackstone’s buyout of Bumble. But now he’s maneuvering through the toughest time in more than a decade for growth companies, as businesses that put growth ahead of profits have suffered a reckoning in valuations over the past year.
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