Man City investor Silver Lake shakes up top leadership
Egon Durban, the technology dealmaker turned entertainment powerbroker, has been made co-chief executive of US private equity group Silver Lake, one week after he acquired a stake in City Football Group in a deal that set a new record for sports valuations.
His appointment comes amid a shake-up of responsibilities for the four managing partners who took over leadership of Silver Lake in 2011, and indicates how Mr Durban has cemented his power base while recasting the firm as a major owner of sports and entertainment rights.
Silver Lake paid $500m for just over 10 per cent of CFG, which owns Manchester City football club, current champions of the English Premier League.
The deal, led by Mr Durban, caps a decade in which the California-based firm pivoted from investing in out-of-favour technology companies such as Skype and Dell to building a portfolio of media and entertainment assets including mixed martial arts franchise UFC and Donald Trump’s former Miss Universe pageant.
In reshuffling its top four executives, Silver Lake may both be preparing for a new round of fundraising and acknowledging how the shape of the firm has shifted since Mr Durban’s 2012 investment in Endeavor, the Hollywood media group and talent agency.
Two of the four — Mr Durban and former Goldman Sachs banker Greg Mondre — will share the top executive job at the firm. A third, Ken Hao, becomes chairman.
But Mike Bingle, the final member of the quartet, will become “emeritus managing partner and vice-chairman”, and is expected to run his family office from a desk in Silver Lake’s New York building.
Mr Bingle will also “look to source new opportunities for Silver Lake on an investment-by-investment basis,” according to a statement from the firm.
“We would like to recognise Mike Bingle for his exceptional investment acumen and incalculable contributions to Silver Lake’s success over the past twenty years,” Mr Durban, Mr Mondre and Mr Hao said in a joint statement. “He is our close friend and partner.”