Welcome to another episode of Goldman Sachs' exchanges great investors.

I'm Alison Mass, chairman of investment banking in Goldman Sachs' global banking and markets,

and your host for this episode.

Today, I have the pleasure of sitting down with Jeffrey Pearlman, the CEO of Warburg-Pinkus.

Warburg-Pinkus is one of the pioneers of private equity investing having raised its first fund in 1971.

Today, it has about $90 billion in assets under management, offices around the world, and a relatively new CEO.

I'm excited to hear how Jeff plans to build on his firm's legacy amid all of the opportunities and challenges

faced by private equity firms today. So Jeff, welcome to the program.

Thanks for having me. Before I get to your career, I want to start with your firm. Take us back to

1971 when Warburg-Pinkist launched its first PE fund and tell us a little bit about what the investing world looked like then.

And what was the opportunity that your firm's leaders saw then?

Yeah, this may not surprise you, Alison, but that does predate me.

But going back to that first fund, Lionel Pinkus was really a visionary for the

industry, really coined the term private equity. And when I look back in 1971, we raised at the time

was a $41.5 million fund. I think the Wall Street Journal at the time said, wow, where is

where Pinkett's going to be able to invest all of this capital? That much money.

And if you went back also, what was unique was we called all the capital on day one.

Obviously today we all are used to capital calls, the capital being invested over multiple

years.

But candidly, no one trusted their investors in those days.

It was a new product in that regard.

So we called all the capital on day one.

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