In the last few years, there has been a boom of investments in the world of beauty. Brands like Glossier continue to receive massive rounds of funding, and join the elite club of beauty brands that have received valuations of over $1 billion. According to Rich Gersten, a partner at Tengram Capital Partners who has been investing in beauty companies for over two decades, these success stories have created a flood of money and attention from private equity investors. In this week's episode of The Glossy Podcast, beauty editor Priya Rao sits down with Gersten to discuss what he looks for when investing, why being a clean brand is no longer a differentiator and whether massive valuations on the regular are the new norm.