John Vogelstein

John Vogelstein (born December 9, 1934) is an American businessman who, with Lionel Pincus, established the "venture capital megafund" in the 1960s, while running the private equity firm Warburg Pincus.[1][2] He joined Pincus and the firm from Lazard Freres in 1967.[3][4] Pincus was the founder and chairman[5] while Vogelstein was vice chairman[6] and then president.[7][1] During his time at Warburg Pincus, the company became the financial industry’s first $100 million fund in 1981, and the first $1 billion fund in 1986.[8][1] He and Pincus went on to raise billions of dollars to invest in companies across diversified industries.[9] He ran the company with Pincus until 2002, when they both stepped down.[10][4]

John Vogelstein
Born(1934-12-09)December 9, 1934 (age 87)
New York City, US
NationalityAmerican
Occupation(s)President, Vice-chairman Warburg Pincus
SpouseBarbara Louise Manfrey
ChildrenFred and Andrew

Early life and education

Vogelstein was born in New York City. His parents were Ruth and Hans Vogelstein.[11] He was a student at the Taft School in Watertown, Connecticut.[12] Vogelstein then attended Harvard College for two years before leaving at age nineteen to begin his career in finance at Lazard.[13][14]

Career

Vogelstein was at Lazard for 13 years, rising to become its head of research and then partner in early 1964,[15] when he was 29.[13][14] After a disagreement with senior partner Andre Meyer in 1967, he joined Lionel Pincus in founding the specialized financial services firm that would become Warburg Pincus,[13][4] Vogelstein and Pincus developed the strategy of very large, long-term and diversified investments.[2][8] As executive vice president, Vogelstein led the company’s negotiations in deals that included Twentieth Century Fox, Humana and Mattel.[8][16] He was a member of the board of Twentieth Century Fox in the late 1970s, and elected to the board of production company Filmways after it was acquired by Orion Pictures in 1982.[17][18] Vogelstein is credited for engineering Warburg Pincus’s 1984 financial rescue of toy company Mattel in which $231 million was invested.[2][19][20] As the largest shareholder in Mattel, Warburg Pincus managed the toy maker’s recovery and quadrupled its 45% investment in seven years.[21][22] Vogelstein and Pincus also negotiated the $1 billion rescue plan of Mellon Bank in 1988, using the “good bank-bad bank” structure wherein Mellon created a new bank to house troubled loans.[23][21]

He was the company’s president and vice chairman until 2002.[10][4] He became a senior adviser for Warburg Pincus starting in 2002[16] and remained a special limited partner of the firm.[24] As of 2013, Vogelstein led the investment firm New Providence Asset Management, as chairman and general partner.[25][14]

Personal life

Vogelstein married Barbara Louise Manfrey in 2000. His previous marriages ended in divorce.[11] He has two sons, Fred and Andrew.[26] Vogelstein served as the chairman of the Taft School,[11] Third Way,[25] and chairman emeritus of the New York City Ballet[24] and Prep for Prep.[27]

References
  1. Janeway, D. W. H. (8 October 2012). Doing Capitalism in the Innovation Economy: Markets, Speculation and the State. Cambridge University Press. p. 91. ISBN 9781139789905.
  2. Gupta, Udayan (3 March 1987). "Megafund Chief Pincus Speaks Softly, Carries a $1.17 Billion Venture Stake". The Wall Street Journal.
  3. Fabrikant, Geraldine (11 October 2009). "Lionel Pincus, Who Helped Bring Investors to Private Equity, Dies at 78". The New York Times. Retrieved 3 October 2020.
  4. Berman, Phyllis (8 May 2006). "We'll Do It Our Way". Forbes. Retrieved 2 October 2020.
  5. "Lionel Pincus, 78, founder, chairman of Warburg Pincus". Boston Globe. Associated Press. 13 October 2009. Retrieved 3 October 2020.
  6. Lattman, Peter; Miller, Stephen (13 October 2009). "Wall Street Leader Helped Shape Private-Equity Arena". The Wall Street Journal. Retrieved 3 October 2020.
  7. Harmetz, Aljean (10 February 1983). "Orion Group Gets Filmways". The New York Times. Retrieved 3 October 2020.
  8. Fisher, Daniel (4 September 2013). "Warburg Pincus: The Merchant Of Modest". Forbes. Retrieved 2 October 2020.
  9. Rehfeld, Barry (23 October 1994). "Profile; Even in Hard Times, He's Still the Top Player in Town". The New York Times. Retrieved 1 October 2020.
  10. Scannell, Kara; Sender, Henny (29 April 2002). "Fund's Completion Marks Milestone For Warburg Pincus's New Leaders". The Wall Street Journal. Retrieved 2 October 2020.
  11. "WEDDINGS; Barbara Manfrey, John Vogelstein". The New York Times. 23 April 2000. Retrieved 1 October 2020.
  12. "John L. Vogelstein". Third Way. Retrieved 2 October 2020.
  13. Reich, C.; Meyer, A. (1983). Financier: The Biography of Andre Meyer: A Story of Money, Power, and the Reshaping of American Business. Morrow. ISBN 9780688015510.
  14. "John L. Vogelstein". Bloomberg. Retrieved 2 October 2020.
  15. "Lazard Freres Names New Partner". New York Times. 10 February 1964. Retrieved 1 October 2020.
  16. Saito-Chung, David (6 February 2013). "Lionel Pincus Ignited Venture Capital's Boom Invest: His private-equity moves spurred growth firms". Investor's Business Daily.
  17. Harmetz, Aljean (21 September 1979). "Hirschfield in Talks with Fox". New York Times. Retrieved 1 October 2020.
  18. Harmetz, Aljean (10 February 1982). "Orion Group Gets Filmways". The New York Times. Retrieved 1 October 2020.
  19. Bannon, Lisa; Lublin, Joann S. (4 February 2000). "Jill Barad Resigns as Mattel CEO As Toymaker's Results Suffer". The Wall Street Journal. Retrieved 1 October 2020.
  20. Berman, Phyllis (12 August 1985). "Destiny's Plaything". Forbes.
  21. Anders, George (19 July 1990). "Is Warburg Pincus's Magic Waning?". The Wall Street Journal.
  22. Gellene, Denise (3 July 1989). "Mattel Isn't Toying Around : Firm Manages Dramatic Comeback From Near-Disaster". LA Times. Retrieved 1 October 2020.
  23. Fitzpatrick, Dan (8 April 2008). "The Return of 'Good Bank-Bad Bank'". The Wall Street Journal. Retrieved 22 October 2020.
  24. Bandell, Brian (2 March 2018). "Disbarred attorney sells South Beach condo for $15M". South Florida Business Journal. Retrieved 19 March 2021.
  25. Bierman, Noah (6 Oct 2014). "Third Way in struggle for the Democratic Party's soul". Boston Globe.
  26. Beyus, Linda. "The Dedication". No. Fall 2002. Taft Bulletin. Retrieved 2 October 2020.
  27. "Board of Trustees". www.prepforprep.org. Retrieved 2023-02-24.
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