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wasserstein private equity

Not the case? GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. Also, Mr. Jones served on the Board of Directors of Lazard and previously served on the Boards of Directors of Meyer Material, Odwalla, All-Clad, and IMAX, among other Wasserstein companies. and co-managed the . You should only be asked to sign in once. Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money. Competition from increasingly bigger banks was fierce. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director Wasserstein & Co. Portfolio Investments, Wasserstein & Co. Funds Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 2005-2023 Wall Street Oasis. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Contact Details Address:1301 Avenue of the Americas, 44th FloorNew York, NY 10019United States Phone/Fax:Phone: 212-702-600Fax: 212-702-635 Other Contact Details:Website: But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. degree with a double major in Finance and Accounting from Lehigh University. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. New York, NY 10036, Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. In 2004, he added New York Magazine to his media empire. Wasserstein closes biggest fund to date - Private Equity International The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. OC403953. Copyright 2023. But that is likely to change as banks shed assets to deleverage and companies need capital. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by Dresdner Bank. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. The following March, Milken was indicted for racketeering and securities fraud. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. The private equity business of the investment firm was not included in the sale and was . On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. The firm was launched in May 2013 by Rajay Bagaria with backing from Wasserstein & Co. Wasserstein & Co. is a private investment firm and the family office of the late Mr. Bruce Wasserstein, with offices in New York and Los Angeles. For its drawdown funds alone, it committed $3billion to 26 companies. The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. What Is Private Equity? - Forbes Advisor Prior to joining Wasserstein Debt Opportunities Management, LP he was Senior Product Manager at J.P. Morgan for three years in their Hedge Fund services business in the United States. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. Traders betting against the company lost money. He also serves on, and was formerly Chairman, of the Advisory Board of the Yale School of Management and is on the Board of the Cate School.Mr. Please check your spam or junk folder just in case. Working directly with CEO, funds . He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. This website uses cookies so that we can provide you with the best user experience possible. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Ibrahim holds a Bachelor of Laws and a masters degree from University of Paris I Panthon-Sorbonne, and a Bachelor of Laws from Cairo University. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (Sheffield), a Chicago-based fund with a contrarian value orientation. Depending on the product, GSO has a host of competitors, including Apollo Group Management; Ares Capital Corp. (an Apollo spin-out); Avenue Capital Group; Carlyle Group; Goldman, Sachs & Co.; J.P. Morgan Asset Managements Highbridge Capital Management; KKR & Co.; Oaktree Capital Management; and TPG Capital. At the same time, the platform gives it a lot of different eyes into potential investments. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. 1185 Avenue of the Americas, 39thFloor By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. Also, Mr. Jones served on the Board of Directors of Lazard and previously served on the Boards of Directors of Meyer Material, Odwalla, All-Clad, and IMAX, among other Wasserstein companies. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. Prior to founding Alta Semper, Afsane spent nearly five years with the Duet Group as the Managing Director of the firms African Private Equity platform, investing nearly US$200m across Sub-Saharan Africa. We have a reputation for identifying and . The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of the remainder of Wasserstein Perella by Dresdner Bank. He also advised Meridian Investment (Russia) on the investment of its stake in TBE Egypt for Payment Solutions and Services to an affiliate of BPE Partners. Wasserstein & Co. to Buy Back American Lawyer - DealBook The fund's final close was first reported . He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. There Milken was leading whats now called the democratization of capital-raising, providing funding to small and medium-size companies that were starved for financing and whetting the appetites of investors for distressed and troubled companies that showed promise despite short-term woes. Bruce Wasserstein Net Worth | Celebrity Net Worth Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. Pam Wasserstein | The Charles H. Revson Foundation But in June 2004, John Mack, then CEO of CSFB in the U.S., announced he was leaving; the Credit Suisse board had decided not to renew his contract. GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. If youve been out in the battlefield for seven years, being shot at constantly, you dont know what to do if the bullets stop flying, he told Ostrover, who left the lunch uncertain whether the CEO would agree to his plan. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. We are using cookies to give you the best experience on our website. Mr. Jones is currently Chairman of Wasserstein & Co. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. Blackstone Group's GSO Capital: Lenders of Last Resort All those covenant-lite loans will be great opportunities for GSO to step in at some point. He is a CFA charterholder. Wasserstein Debt Opportunities | LinkedIn Rescue lending has returned an annualized 15.2 percent since inception in September 2009. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. GSO and Blackstone actively share information. He also serves on, and was formerly Chairman, of the Advisory Board of the Yale School of Management and is on the Board of the Cate School. Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. He began his career at The First Boston Corporation. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Portfolio, This content is from: GSOs flagship hedge fund takes an activist or event-driven approach to credit. . Oct. 15, 2009 12:58 pm ET. As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. Mr. Jones received his MBA from the Yale School of Management and his B.S. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Mr. Jones is currently Chairman of Wasserstein & Co. Thoughtful Smart Home Products Wasserstein Home It was DLJs limited balance sheet that taught Goodman, Ostrover and Smith how careful they had to be with their credit analysis and due diligence. and co-managed the company for five years until its merger. So-called PE funds may also buy out . EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . GSO is actively managing the leveraged-loan ETF, the first of its kind. Chief Financial Officer - Appointed CFO of Gabelli Group in 2001, re-joined as CFO in 2014 (after serving company as independent director / advisor from 2008). EagleTree continues to promote diverse perspectives. Mr. Dutton earned a Masters degree in Economics from University College Dublin and a joint Honors degree in Business and Economics from Trinity College Dublin. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Founded in 2001, MVision Private Equity Advisers is widely recognized as one of the world's leading independent international alternative assets advisory firms, raising capital for Private Equity, Real Estate, Real Assets, Credit and Direct transactions in both the developed and emerging markets. Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. At the same time, Blackstone had relationships with almost every major institutional investor in the world, a group that had, on average, $200million in assets invested with the firm. Part of GSOs success comes from leaving some money on the table. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. corporate development. We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. His health-related management education works includes the design and delivery of the health care management MBA and executive programs at the Indian School of Business, as well as the health care management program at Strathmore University in Nairobi. Credit geeks Goodman, Ostrover and Smith nonetheless went to Blackstones extravagant road show at New Yorks Pierre hotel in the spring of 2007, the first time that granular detail about the private equity firm was available to the public. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . But things were changing, and they would get their chance soon. GSO and Blackstone announced the deal in January 2008. The EagleTree Team has worked together for over 25 years. I fell for it hook, line and sinker, says Goodman. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. 1185 Avenue of the Americas 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. Consider whether a potential portfolio companys business aligns with EagleTrees core values. They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. Wasserstein Perella & Co., sometimes referred to as "Wasserella", was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . Wasserstein Home | LinkedIn He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. [2], Perella left the firm for Morgan Stanley in 1993. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. Grace serves as the CEO of Queen's Gambit. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. We target investments of between $30 million and $150 million. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. Writing something down to zero is not your proudest moment, Goodman says. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. from the University of California at Berkeley. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. Wasserstein Perella & Co. Wiki - everipedia.org Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. The firm seeks to create differentiated high yield exposure through primarily private equity backed, US non-large cap high yield issues, where WDO sees potential for price . But, as Smith says, its also a great place to lose money. Wasserstein & Co. - Crunchbase Investor Profile & Investments Wasserstein Perella & Co., sometimes referred to as "Wasserella" [citation needed], was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of the remainder of Wasserstein Perella by Dresdner Bank. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) March 29-30, 2023 Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. Afsane Jetha - Gaining Additional Experience. He brings more than ten years of investment banking and private equity investing experience in the consumer, healthcare and financial services sectors across the MENA region and Sub-Saharan Africa. Ostrover, who has a BA in economics from the University of Pennsylvania and an MBA from New York Universitys Leonard N. Stern School of Business, was ranked the No. . Wasserstein Debt Opportunities We decided that the banking system is a mess globally, so lets raise some money to lend to more troubled private companies that cant tap the markets and dont have access to the banks, says Ostrover. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. After six months of negotiations, Goodman and his partners said yes. The ESG Committee will meet at least quarterly. from the University of California at Berkeley. While at Duet, Afsane led the largest private equity transaction into Ethiopia, Dashen Brewery, as well as, sourced and executed on several consumer-facing transactions in Ghana, Uganda and Cote DIvoire. "It's all family, every aspect of this place," Mr. Moss, who has edited New York since 2004, said in an interview last week at . As it turned out, GSO had done thorough credit analysis and structured the debt appropriately, and it made 1.5 times its investment in two years, with every company paying off its debts. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. This means that every time you visit this website you will need to enable or disable cookies again. Mr. Montana earned a duel B.S. In the meantime, it has cut back the pace of investments and is going after only the most compelling ones, in industry sectors including shipping, metals and mining, and natural gas. The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. Prior to that time he was a Senior and Founding Member of the Merchant . He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. and co-managed the company for five years until its merger. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. Prior to founding Colle Capital, Ms. Grace was a partner at Wall Street Technology Partners LP, a mid-stage technology fund, from November 2000 to February 2014, and a director of Dresdner Kleinwort Wasserstein Private Equity Group from November 2000 to October 2004. Wasserstein Partners Acquires Northstar Travel Group - Folio: The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise.