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'''Lionel I. Pincus''' (March 2, 1931 — October 10, 2009)<ref name=who>{{cite book |title=Who's Who In America - 2009 |year=2009| edition=63|accessdate=2009-07-12 |publisher=[[Marquis Who's Who]]}}</ref><ref>[https://www.google.com/hostednews/ap/article/ALeqM5jjRqZTTKgz3AZbviw1l9MpJYnyDAD9B921A00 Founder of Warburg Pincus dies], The Associated Press, 10 October 2009.</ref> was an American businessman and philanthropist. He was the founder of the [[private equity]] firm [[Warburg Pincus]], running it from 1966 to 2002,<ref name=contrarian/><ref>{{cite news |title=Warburg poised to raise $15bn |author=Politi, James |publisher=[[Financial Times]] |date=2007-04-26 |accessdate=2009-07-19 |url=http://www.ft.com/cms/s/0/be592c4e-f437-11db-88aa-000b5df10621.html}}</ref><ref>{{cite news |title=We'll Do It Our Way |author=Berman, Phyllis |date=2006-05-08 |accessdate=2009-07-19 |publisher=[[Forbes]] |url=https://www.forbes.com/global/2006/0508/048.html}}</ref> and later became the chairman [[emeritus]] of the company.<ref name=who/>
'''Lionel I. Pincus''' (March 2, 1931 — October 10, 2009)<ref name=who>{{cite book |title=Who's Who In America - 2009 |year=2009| edition=63|publisher=[[Marquis Who's Who]]}}</ref><ref>[https://www.google.com/hostednews/ap/article/ALeqM5jjRqZTTKgz3AZbviw1l9MpJYnyDAD9B921A00 Founder of Warburg Pincus dies], The Associated Press, 10 October 2009.</ref> was an American businessman and philanthropist. He was the founder of the [[private equity]] firm [[Warburg Pincus]], running it from 1966 to 2002,<ref name=contrarian/><ref>{{cite news |title=Warburg poised to raise $15bn |author=Politi, James |publisher=[[Financial Times]] |date=2007-04-26 |accessdate=2009-07-19 |url=http://www.ft.com/cms/s/0/be592c4e-f437-11db-88aa-000b5df10621.html}}</ref><ref>{{cite news |title=We'll Do It Our Way |author=Berman, Phyllis |date=2006-05-08 |accessdate=2009-07-19 |work=[[Forbes]] |url=https://www.forbes.com/global/2006/0508/048.html}}</ref> and later became the chairman [[emeritus]] of the company.<ref name=who/>


==Early life==
==Early life==
Pincus was born to a [[American Jews|Jewish]] family<ref name=Chernow>{{cite book|first= Ron|last=Chernow|url=https://books.google.com/books?id=OGZsDQAAQBAJ&q=pincus#v=snippet&q=pincus&f=false|authorlink=|title=The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family|pages=662 |publisher= Vintage|date=November 15, 2016|ISBN=9780525431831}}</ref> in Philadelphia, Pennsylvania, the son of Henry (d. 1949)<ref>{{cite news|title=Henry Pincus|date=1949-11-24|publisher=[[The New York Times]]}}</ref> and Theresa Celia ([[Married and maiden names|née]] Levit, d. 1982)<ref>{{cite news|title=Obituary #1|date=1982-11-12|publisher=[[The New York Times]]}}</ref> Pincus.<ref name=who/> His grandparents were Jewish<ref name=Chernow /> immigrants from [[Jews in Russia|Russia]] and [[Jews in Poland|Poland]].<ref name=profile94>{{cite news |title=Even in Hard Times, He's Still the Top Player in Town |publisher=[[The New York Times]] |date=1994-10-23 |page=F8 |author=Rehfeld, Barry}}</ref> After being educated at [[The Hill School]],<ref>https://www.investors.com/news/management/leaders-and-success/warburg-pincus-founder-financial-pioneer-venture-capital/</ref> he graduated from the [[University of Pennsylvania]] with a [[Bachelor of Arts]] degree in [[English literature|English]] in 1953.<ref name=who/><ref>{{cite news |title=E.M. Warburg & Co. Chooses New President and Chief Officer |publisher=[[The New York Times]] |date=1966-01-19 |page=58}}</ref> His family had [[apparel]] [[retailing]] and [[real estate]] businesses; rather than join those businesses, he pursued an [[Master of Business Administration|MBA]] at [[Columbia Business School]], graduating in 1956.<ref name=who/><ref name=profile87>{{cite news |title=Megafund Chief Pincus Speaks Softly, Carries a $1.17 Billion Venture Stake |author=Gupta, Udayan |date=1987-03-09 |publisher=[[The Wall Street Journal]] | page=15}}</ref>
Pincus was born to a [[American Jews|Jewish]] family<ref name=Chernow>{{cite book|first= Ron|last=Chernow|url=https://books.google.com/books?id=OGZsDQAAQBAJ&q=pincus#v=snippet&q=pincus&f=false|authorlink=|title=The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family|pages=662 |publisher= Vintage|date=November 15, 2016|isbn=9780525431831}}</ref> in Philadelphia, Pennsylvania, the son of Henry (d. 1949)<ref>{{cite news|title=Henry Pincus|date=1949-11-24|work=[[The New York Times]]}}</ref> and Theresa Celia ([[Married and maiden names|née]] Levit, d. 1982)<ref>{{cite news|title=Obituary #1|date=1982-11-12|work=[[The New York Times]]}}</ref> Pincus.<ref name=who/> His grandparents were Jewish<ref name=Chernow /> immigrants from [[Jews in Russia|Russia]] and [[Jews in Poland|Poland]].<ref name=profile94>{{cite news |title=Even in Hard Times, He's Still the Top Player in Town |work=[[The New York Times]] |date=1994-10-23 |page=F8 |author=Rehfeld, Barry}}</ref> After being educated at [[The Hill School]],<ref>https://www.investors.com/news/management/leaders-and-success/warburg-pincus-founder-financial-pioneer-venture-capital/</ref> he graduated from the [[University of Pennsylvania]] with a [[Bachelor of Arts]] degree in [[English literature|English]] in 1953.<ref name=who/><ref>{{cite news |title=E.M. Warburg & Co. Chooses New President and Chief Officer |work=[[The New York Times]] |date=1966-01-19 |page=58}}</ref> His family had [[apparel]] [[retailing]] and [[real estate]] businesses; rather than join those businesses, he pursued an [[Master of Business Administration|MBA]] at [[Columbia Business School]], graduating in 1956.<ref name=who/><ref name=profile87>{{cite news |title=Megafund Chief Pincus Speaks Softly, Carries a $1.17 Billion Venture Stake |author=Gupta, Udayan |date=1987-03-09 |publisher=[[The Wall Street Journal]] | page=15}}</ref>


==Career==
==Career==
Pincus joined [[Ladenburg Thalmann]], an [[investment banking]] firm, in 1955, and became a partner in the firm at age 29.<ref name=profile94/> He formed Lionel I. Pincus & Co., Inc., a financial consultancy, in 1964.<ref name=who/><ref name=profile87/><ref name=board>{{cite news |title=Pincus Joins Warburg Board |date=1965-11-09 |publisher=[[The New York Times]] |page=61}}</ref> 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.<ref name=profile94/><ref name=board/> The company was renamed to E.M. Warburg Pincus in 1970,<ref name=profile94/> and to [[Warburg Pincus|Warburg Pincus LLC]] in 2001.<ref>{{cite news |url=https://www.reuters.com/article/privateEquity/idUSN117231520091011 |title=Warburg Pincus founder Lionel Pincus dies | accessdate=2009-10-12 |date=2009-10-11 |publisher=[[Reuters]] | first=Paritosh | last=Bansal}}</ref>
Pincus joined [[Ladenburg Thalmann]], an [[investment banking]] firm, in 1955, and became a partner in the firm at age 29.<ref name=profile94/> He formed Lionel I. Pincus & Co., Inc., a financial consultancy, in 1964.<ref name=who/><ref name=profile87/><ref name=board>{{cite news |title=Pincus Joins Warburg Board |date=1965-11-09 |work=[[The New York Times]] |page=61}}</ref> 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.<ref name=profile94/><ref name=board/> The company was renamed to E.M. Warburg Pincus in 1970,<ref name=profile94/> and to [[Warburg Pincus|Warburg Pincus LLC]] in 2001.<ref>{{cite news |url=https://www.reuters.com/article/privateEquity/idUSN117231520091011 |title=Warburg Pincus founder Lionel Pincus dies | accessdate=2009-10-12 |date=2009-10-11 |publisher=[[Reuters]] | first=Paritosh | last=Bansal}}</ref>


Pincus is a "pioneer of the venture capital megafund",<ref name=profile87/> raising billions of dollars to invest in companies across industries. The money he raised came from, among other sources, [[blue chip (stock market)|blue chip]] [[pension fund]]s, such as [[AT&T]], [[IBM]], [[GE]], [[Pacific Telesis]], and [[General Motors|GM]], state pension funds, and college [[financial endowment|endowments]].<ref name=profile94/><ref name=profile87/><ref name=magic>{{cite news |title=Is Warburg Pincus's Magic Waning? |author=Anders, George |publisher=[[The Wall Street Journal]] |date=1990-07-19 |page=C1}}</ref>
Pincus is a "pioneer of the venture capital megafund",<ref name=profile87/> raising billions of dollars to invest in companies across industries. The money he raised came from, among other sources, [[blue chip (stock market)|blue chip]] [[pension fund]]s, such as [[AT&T]], [[IBM]], [[GE]], [[Pacific Telesis]], and [[General Motors|GM]], state pension funds, and college [[financial endowment|endowments]].<ref name=profile94/><ref name=profile87/><ref name=magic>{{cite news |title=Is Warburg Pincus's Magic Waning? |author=Anders, George |publisher=[[The Wall Street Journal]] |date=1990-07-19 |page=C1}}</ref>


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.<ref>{{cite news |title=Warburg Group Forms A Venture Capital Firm |publisher=[[The New York Times]] |date=1970-02-03 |page=65}}</ref> 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".<ref name=larger>{{cite news |title=Venture-Capital Funds Grow Larger and Larger |author=Gupta, Udayan |publisher=[[The Wall Street Journal]] |date=1989-09-07 |page=B2}}</ref> A later fund, closed in 2000, raised $2.5 billion, and was then described as the "biggest so far in the private-equity industry".<ref name=straits>{{cite news |title=Pioneer in private-equity funds warns of impending shake-up |date=2000-12-17 |author=Chee, Jann Perng |publisher=[[The Straits Times]]}}</ref> The tenth and final fund raised while Pincus headed the company raised over $5.3 billion, closing in 2002.<ref name=contrarian>{{cite news |title=Passing the contrarian torch |publisher=[[The Deal (magazine)|Daily Deal]] |date=2002-05-10 |author=Carey, David |author2=Tenorio, Vyvyan}}</ref><ref name=EVCJ>{{cite news |publisher=European Venture Capital Journal |date=2002-05-01 |title=Warburg Pincus is above target |author=Bushrod, Lisa}}</ref><ref name=dailydeal>{{cite news |title=Warburg Pincus Closes on $5.3 Billion Global Equity Fund |author=Lewis, Diane E. |date=2002-04-30 |publisher=[[Boston Globe]]}}</ref>
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.<ref>{{cite news |title=Warburg Group Forms A Venture Capital Firm |work=[[The New York Times]] |date=1970-02-03 |page=65}}</ref> 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".<ref name=larger>{{cite news |title=Venture-Capital Funds Grow Larger and Larger |author=Gupta, Udayan |publisher=[[The Wall Street Journal]] |date=1989-09-07 |page=B2}}</ref> A later fund, closed in 2000, raised $2.5 billion, and was then described as the "biggest so far in the private-equity industry".<ref name=straits>{{cite news |title=Pioneer in private-equity funds warns of impending shake-up |date=2000-12-17 |author=Chee, Jann Perng |publisher=[[The Straits Times]]}}</ref> The tenth and final fund raised while Pincus headed the company raised over $5.3 billion, closing in 2002.<ref name=contrarian>{{cite news |title=Passing the contrarian torch |publisher=[[The Deal (magazine)|Daily Deal]] |date=2002-05-10 |author=Carey, David |author2=Tenorio, Vyvyan}}</ref><ref name=EVCJ>{{cite news |publisher=European Venture Capital Journal |date=2002-05-01 |title=Warburg Pincus is above target |author=Bushrod, Lisa}}</ref><ref name=dailydeal>{{cite news |title=Warburg Pincus Closes on $5.3 Billion Global Equity Fund |author=Lewis, Diane E. |date=2002-04-30 |publisher=[[Boston Globe]]}}</ref>


Early investments included [[20th Century Fox]], [[Humana]], and Warner, a company later acquired by [[Waste Management, Inc.]]<ref name=straits/> In 1984, Warburg Pincus invested in [[Mattel]], and Pincus joined its board of directors.<ref>{{cite news |title=Mattel Investor Group Gets 45% Stake In Exchange for Rescue Financing Pact |author=Williams, John D. |publisher=[[The Wall Street Journal]] |date=1987-07-13 |page=29}}</ref> 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.<ref name=EVCJ/><ref name=dailydeal/>
Early investments included [[20th Century Fox]], [[Humana]], and Warner, a company later acquired by [[Waste Management, Inc.]]<ref name=straits/> In 1984, Warburg Pincus invested in [[Mattel]], and Pincus joined its board of directors.<ref>{{cite news |title=Mattel Investor Group Gets 45% Stake In Exchange for Rescue Financing Pact |author=Williams, John D. |publisher=[[The Wall Street Journal]] |date=1987-07-13 |page=29}}</ref> 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.<ref name=EVCJ/><ref name=dailydeal/>


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.<ref>{{cite news |title=Credit Suisse to Acquire a Warburg, Pincus Unit for $650 Million |publisher=[[The New York Times]] |date=1999-02-16 |accessdate=2009-07-15 |author=Oppel, Richard A. Jr. |page=C1 |url=https://www.nytimes.com/1999/02/16/business/credit-suisse-to-acquire-a-warburg-pincus-unit-for-650-million.html?scp=1&sq=warburg%20credit%20suisse&st=cse}}</ref>
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.<ref>{{cite news |title=Credit Suisse to Acquire a Warburg, Pincus Unit for $650 Million |work=[[The New York Times]] |date=1999-02-16 |accessdate=2009-07-15 |author=Oppel, Richard A. Jr. |page=C1 |url=https://www.nytimes.com/1999/02/16/business/credit-suisse-to-acquire-a-warburg-pincus-unit-for-650-million.html?scp=1&sq=warburg%20credit%20suisse&st=cse}}</ref>


==Philanthropy==
==Philanthropy==
[[Image:MApDivision6618.JPG|thumb|right|The Map Division]]
[[Image:MApDivision6618.JPG|thumb|right|The Map Division]]
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.<ref>{{cite news |title=Billionaire's Gift Helps Columbia to Exceed Its Fund-Raising Goal |date=1995-12-01 |accessdate=2009-07-15 |author=Berger, Joseph |page=B1 |publisher=[[The New York Times]] |url=https://www.nytimes.com/1995/12/01/nyregion/billionaire-s-gift-helps-columbia-to-exceed-its-fund-raising-goal.html}}</ref> 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.<ref>{{cite news |title=Restoring Vivid Palette of Library's Map Chamber|author=Collins, Glenn |page=B3 |date=2005-12-05 |publisher=[[The New York Times]]}}</ref> He was recognized in 2002 for having donated more than $5 million to the Library.<ref>{{cite web|url=http://www.nypl.org/pr/objects/pdf/ar2002.pdf |title=The New York Public Library Annual Report 2002 |date=2002-07-01 |accessdate=2009-07-15 |publisher=[[New York Public Library]] |deadurl=yes |archiveurl=https://web.archive.org/web/20081208021636/http://www.nypl.org/pr/objects/pdf/ar2002.pdf |archivedate=December 8, 2008 }}</ref>
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.<ref>{{cite news |title=Billionaire's Gift Helps Columbia to Exceed Its Fund-Raising Goal |date=1995-12-01 |accessdate=2009-07-15 |author=Berger, Joseph |page=B1 |work=[[The New York Times]] |url=https://www.nytimes.com/1995/12/01/nyregion/billionaire-s-gift-helps-columbia-to-exceed-its-fund-raising-goal.html}}</ref> 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.<ref>{{cite news |title=Restoring Vivid Palette of Library's Map Chamber|author=Collins, Glenn |page=B3 |date=2005-12-05 |work=[[The New York Times]]}}</ref> He was recognized in 2002 for having donated more than $5 million to the Library.<ref>{{cite web|url=http://www.nypl.org/pr/objects/pdf/ar2002.pdf |title=The New York Public Library Annual Report 2002 |date=2002-07-01 |accessdate=2009-07-15 |publisher=[[New York Public Library]] |deadurl=yes |archiveurl=https://web.archive.org/web/20081208021636/http://www.nypl.org/pr/objects/pdf/ar2002.pdf |archivedate=December 8, 2008 }}</ref>
{{clear}}
{{clear}}


==Personal==
==Personal==
Pincus married the former [[Suzanne Storrs]], a former [[Miss Utah]] winner and actress, in 1967.<ref name=profile94/><ref>{{cite news |title=Miss Storrs Bride Of Lionel I. Pincus |author=Hill, Ira L. |publisher=[[The New York Times]] | date=1967-12-18 |page=61}}</ref><ref>{{cite news |title=Volunteer's Goal: 'Buy Bronx' |author=Klemesrud, Judy |date=1984-08-06 |accessdate=2009-07-12 |publisher=[[The New York Times]] |page=A18 |url=https://www.nytimes.com/1984/08/06/style/volunteer-s-goal-buy-bronx.html?&pagewanted=all}}</ref> They had two sons, Henry A. Pincus (married to Ana Terzani) and Matthew S. Pincus (married to Sarah Min). She died in 1995 at the age of 60, after a long illness.<ref>{{cite news |title=Suzanne Pincus, 60, Volunteer in the Arts And Social Services |author=Saxon, Wolfgang |date=1995-01-27 |accessdate=2009-07-12 |publisher=[[The New York Times]] |page=A20 |url=https://www.nytimes.com/1995/01/27/obituaries/suzanne-pincus-60-volunteer-in-the-arts-and-social-services.html}}</ref><ref>{{cite news |title=Sarah Min and Matthew Pincus |author=|date=September 25, 2005 |accessdate=|publisher=[[The New York Times]] |page= |url=https://www.nytimes.com/2005/09/25/fashion/weddings/sarah-min-and-matthew-pincus.html}}</ref>
Pincus married the former [[Suzanne Storrs]], a former [[Miss Utah]] winner and actress, in 1967.<ref name=profile94/><ref>{{cite news |title=Miss Storrs Bride Of Lionel I. Pincus |author=Hill, Ira L. |work=[[The New York Times]] | date=1967-12-18 |page=61}}</ref><ref>{{cite news |title=Volunteer's Goal: 'Buy Bronx' |author=Klemesrud, Judy |date=1984-08-06 |accessdate=2009-07-12 |work=[[The New York Times]] |page=A18 |url=https://www.nytimes.com/1984/08/06/style/volunteer-s-goal-buy-bronx.html?&pagewanted=all}}</ref> They had two sons, Henry A. Pincus (married to Ana Terzani) and Matthew S. Pincus (married to Sarah Min). She died in 1995 at the age of 60, after a long illness.<ref>{{cite news |title=Suzanne Pincus, 60, Volunteer in the Arts And Social Services |author=Saxon, Wolfgang |date=1995-01-27 |accessdate=2009-07-12 |work=[[The New York Times]] |page=A20 |url=https://www.nytimes.com/1995/01/27/obituaries/suzanne-pincus-60-volunteer-in-the-arts-and-social-services.html}}</ref><ref>{{cite news |title=Sarah Min and Matthew Pincus |author=|date=September 25, 2005 |accessdate=|work=[[The New York Times]] |page= |url=https://www.nytimes.com/2005/09/25/fashion/weddings/sarah-min-and-matthew-pincus.html}}</ref>


Following [[cancer]] surgery in 2006, Pincus was declared mentally and physically incompetent, and his sons became his guardians. In 2008, his 14-room, {{convert|7000|sqft|m2|adj=on}} 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.<ref>{{cite news |title=A Royal Ruckus |author=Barbanel, Josh |date=2008-09-19 |accessdate=2009-07-15 |publisher=[[The New York Times]] |page=RE2 |url=https://www.nytimes.com/2008/09/21/realestate/21deal3.html?_r=1}}</ref>
Following [[cancer]] surgery in 2006, Pincus was declared mentally and physically incompetent, and his sons became his guardians. In 2008, his 14-room, {{convert|7000|sqft|m2|adj=on}} 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.<ref>{{cite news |title=A Royal Ruckus |author=Barbanel, Josh |date=2008-09-19 |accessdate=2009-07-15 |work=[[The New York Times]] |page=RE2 |url=https://www.nytimes.com/2008/09/21/realestate/21deal3.html?_r=1}}</ref>


==References==
==References==
Line 51: Line 51:


==Further reading==
==Further reading==
*{{cite book |title=Done deals: venture capitalists tell their stories |author=Gupta, Udayan |publisher=[[Harvard Business Press]] |year=2000 |ISBN=978-0-87584-938-6 |page=117 |url=https://books.google.com/books?id=xU7f9Jtq-3UC&pg=PA117}}
*{{cite book |title=Done deals: venture capitalists tell their stories |author=Gupta, Udayan |publisher=[[Harvard Business Press]] |year=2000 |isbn=978-0-87584-938-6 |page=117 |url=https://books.google.com/books?id=xU7f9Jtq-3UC&pg=PA117}}


{{Private equity investors}}
{{Private equity investors}}

Revision as of 02:52, 2 August 2019

Lionel Pincus
Historical photo of Lionel Pincus
Born
Lionel I. Pincus

(1931-03-02)March 2, 1931
Philadelphia, Pennsylvania, United States
DiedOctober 10, 2009(2009-10-10) (aged 78)
New York City, United States
Alma materUniversity of Pennsylvania
Columbia Business School (M.B.A.)
Occupation(s)Businessman, banker, philanthropist
Known forFounder of Warburg Pincus
Spouse
​
​
(m. 1967; invalid reason 1995)​
ChildrenHenry 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 to a Jewish family[6] in Philadelphia, Pennsylvania, the son of Henry (d. 1949)[7] and Theresa Celia (née Levit, d. 1982)[8] Pincus.[1] His grandparents were Jewish[6] immigrants from Russia and Poland.[9] After being educated at The Hill School,[10] he graduated from the University of Pennsylvania with a Bachelor of Arts degree in English in 1953.[1][11] 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][12]

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][12][13] 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][13] The company was renamed to E.M. Warburg Pincus in 1970,[9] and to Warburg Pincus LLC in 2001.[14]

Pincus is a "pioneer of the venture capital megafund",[12] 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][12][15]

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.[16] 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".[17] A later fund, closed in 2000, raised $2.5 billion, and was then described as the "biggest so far in the private-equity industry".[18] The tenth and final fund raised while Pincus headed the company raised over $5.3 billion, closing in 2002.[3][19][20]

Early investments included 20th Century Fox, Humana, and Warner, a company later acquired by Waste Management, Inc.[18] In 1984, Warburg Pincus invested in Mattel, and Pincus joined its board of directors.[21] 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.[19][20]

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.[22]

Philanthropy

The Map Division

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.[23] 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.[24] He was recognized in 2002 for having donated more than $5 million to the Library.[25]

Personal

Pincus married the former Suzanne Storrs, a former Miss Utah winner and actress, in 1967.[9][26][27] They had two sons, Henry A. Pincus (married to Ana Terzani) and Matthew S. Pincus (married to Sarah Min). She died in 1995 at the age of 60, after a long illness.[28][29]

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.[30]

References

  1. ^ a b c d e f Who's Who In America - 2009 (63 ed.). Marquis Who's Who. 2009.
  2. ^ Founder of Warburg Pincus dies, The Associated Press, 10 October 2009.
  3. ^ a b Carey, David; Tenorio, Vyvyan (2002-05-10). "Passing the contrarian torch". Daily Deal.
  4. ^ Politi, James (2007-04-26). "Warburg poised to raise $15bn". Financial Times. Retrieved 2009-07-19.
  5. ^ Berman, Phyllis (2006-05-08). "We'll Do It Our Way". Forbes. Retrieved 2009-07-19.
  6. ^ a b Chernow, Ron (November 15, 2016). The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family. Vintage. p. 662. ISBN 9780525431831.
  7. ^ "Henry Pincus". The New York Times. 1949-11-24.
  8. ^ "Obituary #1". The New York Times. 1982-11-12.
  9. ^ a b c d e f Rehfeld, Barry (1994-10-23). "Even in Hard Times, He's Still the Top Player in Town". The New York Times. p. F8.
  10. ^ https://www.investors.com/news/management/leaders-and-success/warburg-pincus-founder-financial-pioneer-venture-capital/
  11. ^ "E.M. Warburg & Co. Chooses New President and Chief Officer". The New York Times. 1966-01-19. p. 58.
  12. ^ a b c d Gupta, Udayan (1987-03-09). "Megafund Chief Pincus Speaks Softly, Carries a $1.17 Billion Venture Stake". The Wall Street Journal. p. 15.
  13. ^ a b "Pincus Joins Warburg Board". The New York Times. 1965-11-09. p. 61.
  14. ^ Bansal, Paritosh (2009-10-11). "Warburg Pincus founder Lionel Pincus dies". Reuters. Retrieved 2009-10-12.
  15. ^ Anders, George (1990-07-19). "Is Warburg Pincus's Magic Waning?". The Wall Street Journal. p. C1.
  16. ^ "Warburg Group Forms A Venture Capital Firm". The New York Times. 1970-02-03. p. 65.
  17. ^ Gupta, Udayan (1989-09-07). "Venture-Capital Funds Grow Larger and Larger". The Wall Street Journal. p. B2.
  18. ^ a b Chee, Jann Perng (2000-12-17). "Pioneer in private-equity funds warns of impending shake-up". The Straits Times.
  19. ^ a b Bushrod, Lisa (2002-05-01). "Warburg Pincus is above target". European Venture Capital Journal.
  20. ^ a b Lewis, Diane E. (2002-04-30). "Warburg Pincus Closes on $5.3 Billion Global Equity Fund". Boston Globe.
  21. ^ Williams, John D. (1987-07-13). "Mattel Investor Group Gets 45% Stake In Exchange for Rescue Financing Pact". The Wall Street Journal. p. 29.
  22. ^ Oppel, Richard A. Jr. (1999-02-16). "Credit Suisse to Acquire a Warburg, Pincus Unit for $650 Million". The New York Times. p. C1. Retrieved 2009-07-15.
  23. ^ Berger, Joseph (1995-12-01). "Billionaire's Gift Helps Columbia to Exceed Its Fund-Raising Goal". The New York Times. p. B1. Retrieved 2009-07-15.
  24. ^ Collins, Glenn (2005-12-05). "Restoring Vivid Palette of Library's Map Chamber". The New York Times. p. B3.
  25. ^ "The New York Public Library Annual Report 2002" (PDF). New York Public Library. 2002-07-01. Archived from the original (PDF) on December 8, 2008. Retrieved 2009-07-15. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  26. ^ Hill, Ira L. (1967-12-18). "Miss Storrs Bride Of Lionel I. Pincus". The New York Times. p. 61.
  27. ^ Klemesrud, Judy (1984-08-06). "Volunteer's Goal: 'Buy Bronx'". The New York Times. p. A18. Retrieved 2009-07-12.
  28. ^ Saxon, Wolfgang (1995-01-27). "Suzanne Pincus, 60, Volunteer in the Arts And Social Services". The New York Times. p. A20. Retrieved 2009-07-12.
  29. ^ "Sarah Min and Matthew Pincus". The New York Times. September 25, 2005.
  30. ^ Barbanel, Josh (2008-09-19). "A Royal Ruckus". The New York Times. p. RE2. Retrieved 2009-07-15.

Further reading

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