THE MONEY: Gores’ Beverly Hills private equity firm Platinum Equity started raising its third fund in 2012 and spent much of the last year deploying the cash. Great year for private equity drove Gores to a double-digit net worth gain. Value of his Detroit Pistons also jumped by $50 million, according to Forbes.
BUZZ: Platinum Equity had another active year, buying Volvo’s North American construction rental business for $1.1 billion in December and Australian advertising company for $400 million in January. Gores grew up in Flint, Mich., spent lot of time in home state running his NBA Detroit Pistons. Lives in one of L.A.’s most exclusive neighborhoods, Beverly Park, few houses down from his older brother and fellow private equity billionaire, Alec. Cut his teeth at Alec’s eponymous shop before starting Platinum Equity in 1995. Third Gores brother, Sam, runs Beverly Hills agency Paradigm. Sports nut finds time to coach his children in soccer and basketball when he’s not at work or flying around world looking at deals.
$3.5 billion s17%
LAST YEAR: $3 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
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