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Tuesday, Oct 4, 2022

The 50 Wealthiest Angelenos: Alec Gores – #19

The money and the buzz on each of L.A.’s wealthiest.

THE MONEY: Gores and his technology-oriented buyout firm, Gores Group, seeing portfolio companies appreciate as economy recovers. Firm expected to close fund topping $1 billion this summer. Subsidiary companies completed several acquisitions in past year, including Lineage Power Holdings’ purchase of telecom outfit.

BUZZ: Sometimes spotted courtside at Lakers games with pal Sylvester Stallone, Gores is looking to enter the movie industry. Bidding in partnership with billionaire brother Tom for Walt Disney’s Miramax film division against financial heavyweights including Ron Burkle and Ron Tutor. Born in Israel, raised in Flint, Mich., Gores graduated from Western Michigan University. Started in tech industry selling computers from home and founded private equity firm, originally called Gores Technology Group, in 1987. Firm, which specializes in buying and strengthening mature companies, has $2.7 billion under management and has acquired 60 companies worldwide. Besides money locked up in firm’s two funds, wealth mostly in stocks, municipal bonds and several L.A.-area homes.

NET WORTH: $1.82 billion +10%

LAST YEAR: $1.65 billion

AGE: 57

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Private equity


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