Tyler Henritze Leaving Blackstone RE
In an article about Tyler Henritze leaving Blackstone RE, I read "He negotiated the right to market his track record on Blackstone’s real estate deals when he starts his firm, said people familiar with the matter."
How common/rare is this when senior executives leave? He wasn't a co-head like Ken Caplan, he didn't lead a geographical region, etc. Seemed to just be a partner that led some big deals.
Also, when people leave to start their own thing, do they lose all their unvested carry? Or is that also negotiated on a case by case basis?
I was totally unaware this was something people had to negotiate. How would a firm be able to seriously expect you to not say "I worked on XYZ deals at my prior firm" when you're going somewhere else/starting your own?
The carry question though is case by case, depends on what you had in your employment agreement.
There are plenty of firms that often don’t provide formal track record attribution. Golden Gate, HIG, Sun, Platinum, for example. More common than you would think. Typically it’s in situations with founders or cultures that are known to be sharper elbowed.
And BX RE is definitely sharp elbowed
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