Masters in Business

Henry Cornell on Merchant Banking (Podcast)

10 snips
May 15, 2020
Henry Cornell, founder of Cornell Capital and a key player in Goldman Sachs' merchant banking division, shares insights from his impressive career in finance. He discusses his transition from law to banking, the growth of Goldman's presence in Asia, and the distinct nature of merchant banking compared to private equity. Cornell also highlights the strategic value of building CEO networks for deal sourcing and reflects on the importance of understanding digital trends. Plus, he reveals his philanthropic efforts supporting Navy SEAL families and local community work in NYC.
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ANECDOTE

From Tokyo Boom To Building Goldman In Asia

  • Henry Cornell moved to Tokyo in 1988 during Japan's boom and witnessed its subsequent crash firsthand.
  • He then opened Goldman Sachs' Asia presence and grew the team from about 10 to over 1,000 by 2000.
INSIGHT

Merchant Banking Equals Private Equity

  • Cornell treats 'merchant banking' and 'private equity' as functionally the same: providing capital to support business growth.
  • He notes merchant banking has historical roots while private equity is a newer term for similar activity.
ANECDOTE

Early Consumer Bets In China

  • In China Cornell invested in consumer businesses: bicycles, pork, apple juice, and contract sneaker manufacturing.
  • He also invested early in Ping An Insurance and watched it grow dramatically over a decade.
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