Ronald Burkle, the grocery magnate and founder of Los Angeles investment firm Yucaipa, may not like the media's portrayal of him — especially the coverage in The New York Post — but that hasn't stopped him from talking with Forbes for a profile piece about his rise from a grocery bag boy to a billionaire.
The article covered a lot of ground including his early life working at grocery stores to his most recent project — a joint bid with Eli Broad for the Tribune Co. — but perhaps the most important detail is his plan for a new type of investment fund that he calls a "corporate governance" fund. It's a logical development for an investor who has made it a point to play fairly with trade unions rather than brushing them aside. Burkle cited Warren Buffett and Kirk Kerkorian as the inspirations for his new vehicle.
Burkle explained to Forbes that a recent discussion with Kerkorian inspired him to create the fund. Burkle was impressed by Kerkorian's ability to force General Motors to expedite its restructuring and discuss a merger with Renault and Nissan while only holding a 10% stake in the automaker.
Forbes said the fund “sounds a bit like a Carl Icahn-style purchase of a block of shares in a troubled company, followed by agitation for maximizing shareholder value.”
Thanks to his association with trade unions, and his close friend former President Bill Clinton, odds are he won't have any trouble raising capital. —Matthew Wurtzel
See story from Forbes
See related profile from The Deal
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