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Insights & Reflections

Reflecting on 2022

We are in the middle of the fourth major macroeconomic downturn in Berkshire Partners’ nearly 40-year history. Last year we witnessed a tragic and ongoing war in Europe, significant capital market disruption, and another contentious U.S. election cycle. All of which has led to much uncertainty for business and policy leaders.

Our response has been to double down on what we know to be true. We are working to ensure our private equity portfolio of 34 companies weathers this storm of uncertain severity and duration. We are encouraging our management teams to plan for conditions worse than they expect while maintaining legitimate optimism about the long-term prospects of their companies, which continue to grow revenue. Although widespread corporate and consumer caution may deliver growth challenges, we think our portfolio is well-positioned for that possibility.

While our public equity team, Stockbridge, was not immune to the volatility of the broader market in 2022, we continue to find opportunities to invest in high-quality, sustainable businesses that we believe have long-term potential for success. Stockbridge and Berkshire Private Equity have maintained their close collaboration, particularly at the industry team level, further bolstering our firm-wide ability to deeply understand companies across a range of stages and capital structures.

In addition to enhancing our private equity portfolio value creation team, we have added investment professionals to each of our industry teams and strengthened other areas across the firm. We are delighted with our three recent Managing Director promotions: Candice Corvetti, Ted Rainaud, and Drew Walker.

Responsible Investment Goals

A specific focus of adding value within our portfolio is to address the environmental, human capital, and good-governance goals of each of our businesses, as their ecosystems (e.g., communities they operate in, customers and employees) so often expect. In 2022, we escalated our efforts with a particular focus on climate impact, notably becoming a signatory to the United Nations-supported Principles for Responsible Investment. In addition, we became a founding partner of Ownership Works, a nonprofit organization that partners with companies and investors to provide all employees with the opportunity to build wealth at work.

What’s Next?

While it would be easy to be either discouraged or paralyzed by the current world backdrop, we are excited by the opportunities that a world in flux creates. We head into 2023 with an optimistic outlook. We will be guided by our experience and our three core values that act as the foundation for all we do at Berkshire: Relationships Matter, the Power of Teams, and Winning the Right Way.

We are thankful for your partnership and look forward to continuing our collaboration in 2023.

Value Creation

Private Equity Activity

We are bullish about the $1.5 billion we invested in four new platforms in 2022, particularly while market deal volume was markedly off the peak of 2021. We are developing new opportunities that we expect will be actionable in 2023. In our experience, periods of macro uncertainty have been terrific times to invest, and our sector teams are quite active. Although realizations were off from the pace of the prior year, we distributed nearly $3 billion in proceeds to our funds’ investors.

Portfolio Companies
Add-on Acquisitions
Transaction Value
Judson Ivy, Ensemble CEO, discusses partnership and value creation
Steve Snower, Parts Town CEO, reflects on past 12 months
Berkshire Partners is proud to be a founding member of Ownership Works. Overall, approximately 6,750 employees of our private equity portfolio companies have received awards under these broad-based plans.

Value Creation

Private Equity Portfolio Support

Over the years our success has rested upon developing scaled market leaders in our portfolio. Our companies expect us to have highly effective value creation resources, and we have continued to augment these capabilities to support our companies in their growth aspirations. Priority areas over the past year have included, among others, cybersecurity, portfolio talent development, and data science and analytics.

Highlights of Expanding Portfolio Support in 2022

Conducted cyber assessment for all new companies; established baseline scorecards and resources to drive cybersecurity capabilities and reduce cyber risks across the entire portfolio.

Supported the development and promotion from within of key leaders, including CEOs, to create deep alignment with our team’s mission of “winning the right way”; expanded employee ownership and emphasized employee engagement to build more resilient and inclusive businesses.

Advanced executive and board talent recruiting; hired 30+ executives and added 40 independent board members within the portfolio, with a 50% diversity rate for directors.

Built data science and analytics capabilities at multiple portfolio companies. Examples of value creation initiatives enabled by data science include: pricing optimization, business intelligence dashboards, and customer cross-sell aimed at generating incremental growth and profits.

Value Creation

Responsible Investment

A fundamental component of Berkshire Partners’ success is adherence to our core values: Relationships Matter, the Power of Teams, and Winning the Right Way. These values guide us in our work to build enduring, sustainable value within our investments. In 2022, we advanced our commitment to key responsible investment initiatives in line with fundamental business imperatives.


Berkshire intends to lower the carbon intensity of its investments in pursuit of net zero greenhouse gas emissions across its portfolio by 2050 to help limit global temperature rise.

Diversity, Equity
& Inclusion

We believe in long-term relationships built on trust, teams that tap the full potential of every individual, and winning in a way that makes us proud. We look to advance DEI goals at our firm and at the companies in which we invest.

& Reporting

We measure our impact across these and other initiatives through the annual Survey of Responsible Investment Practices and share our progress with stakeholders.


Berkshire Partners intends to enable net zero greenhouse gas emissions by 2050 or sooner across its investments.

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Firm Activity

A Busy Year for Our Firm

Across the firm, Berkshire reflected with similar vigor the growth and activity within our portfolio.

Beyond the investing and portfolio support activities noted above, it has been a busy year at the firm. We welcomed 51 new members to our team in a variety of roles. Even as we grow, we continue to instill the culture and values that have served us well over the last 36 years, including an emphasis on supporting the communities in which we live and work.


Berkshire joined 6,300 riders in the Pan-Mass Challenge (PMC) and were thrilled to contribute to the single largest donation ever received by the Dana-Farber Cancer Institute. We have raised over $8 million in our 11 years participating in the PMC both as riders and volunteers. We have reaffirmed our longstanding support of JDRF, through Reach the Beach, and the Boys & Girls Clubs of Boston. Our Associate team also continues to lead fundraising and volunteer efforts for Access Better Learning and Education (ABLE), which provides mentorship and financial support to at-risk students in the Boston area. To learn more about Berkshire Partners in the community please click here.

Drew Walker
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Ted Rainaud
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Candice Corvetti
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